by Joan Buchman Miller | Dec 27, 2022 | Accounting, S Corporation, tax planning
If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting... 
by Joan Buchman Miller | Apr 14, 2022 | Accounting, C Corporation, S Corporation
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax issues that you should assess before... 
by Joan Buchman Miller | Feb 14, 2022 | Accounting, C Corporation, S Corporation, tax planning
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings... 
by Joan Buchman Miller | Dec 20, 2021 | 1099"s, Accounting, deadlines, employees, S Corporation, tax planning, W-2's
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all... 
by Joan Buchman Miller | Nov 17, 2021 | Accounting, C Corporation, employees, LLC, S Corporation, tax planning
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the... 
by Joan Buchman Miller | Nov 8, 2021 | Accounting, C Corporation, LLC, S Corporation
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company...