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Business Entity Selection and the Tax Consequences of Converting

Business Entity Selection and the Tax Consequences of Converting

Business Entity Selection and the Tax Consequences of Converting

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Posted in Business Structure, Corporation, LLC, Sole Proprietor, Sub-chapter S

Requirements for Nonrecognition of Gain (or Loss) on Transfer of Property to a Corporation IRC 351

If property is transferred to a corporation by one or more people solely in exchange for stock in the corporation and immediately after the exchange the person or people engaged in the exchange are in control of the corporation then

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Posted in 351, Capital Gain, Capital Loss, Corporation, Like/Kind Exchange, Tax Guidance & Preparation

*****S Corporations and Self Employment Tax

The American Jobs and Tax Loopholes Act, currently in Congress, would subject to Self Employment Taxes (FICA, FUTA, SUTA) all distributions from S Corporations which are "personal service" corporations. This is HUGE. This is not good for the small business

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Posted in Employment Tax, FICA, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation
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