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New Tax Developments for S Corporations

New Tax Developments for S Corporations

An important tax court decision was recently passed down that addresses a common audit trigger for S corporations: Payments to sole shareholders. Are they considered wages or distributions? The answer to that question can alter a business owner’s tax obligation by...

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Can a Retroactive Tax Hike Happen This Year?

Can a Retroactive Tax Hike Happen This Year?

There’s talk about the potential for a retroactive tax hike for capital gains. Is it possible? Yes. But is it likely? That question is much more difficult to answer. Legally, the U.S. President and Congress hold the power to raise taxes retroactively, meaning that the...

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Why File a Business Tax Return If I Didn’t Make Money?

Why File a Business Tax Return If I Didn’t Make Money?

There’s much more to lose than gain when failing to file a business tax return. You must file if you make money, of course, but it’s also essential to file when you break even or when you lose money. The rules on filing taxes depend on how your business is structured....

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Taxes on Collectibles

Taxes on Collectibles

Many valuable coins, stamps, artwork, cars, and other collectibles are considered alternate investments by the IRS. With the pandemic reportedly sparking new interest in memorabilia and the trading of collectibles going digital–some using online tokens as...

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6 Family Business Succession Tips

6 Family Business Succession Tips

There is only one certainty for business owners: You won’t be able to stay at the helm forever. You’ll exit, either by choice or by circumstance. Some business owners prepare years in advance for that day, but family business owners don’t often have such a clear...

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Why the IRS Isn’t Taking Your Call

Why the IRS Isn’t Taking Your Call

Although our Texas Tax Day was delayed an entire month longer than the rest of the country, it has still been a chaotic mess for those needing answers from the IRS. The agency is backlogged so severely that help or swift refunds shouldn’t be expected anytime soon. How...

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