Matters of significance to “S” Corporations and its Shareholder(s)

  In consideration of the 80,000 plus additional IRS agents in the Biden Administration’s proposed Build Back Better Legislation, we want to remind all “S” Corporation clients of three matters important to protecting yourself from adverse tax consequences. After reading, if you have any questions or need assistance please contact your resource at BFI. REASONABLE SHAREHOLDER SALARY: The IRS places a HIGH priority [...]

Matters of significance to “S” Corporations and its Shareholder(s)2021-11-30T10:16:31-06:00

Available COVID-19 Assistances for your Business

Are you taking advantage of all the Business COVID -19 assistance your business may have available? Payroll Protection Plan Loans – Rounds One and Two- loans can be 100% forgiven. Employee Retention Credits are now available to businesses that had PPP Loans. If your business has 20-50% decreases in revenue since 2019 or has been shut down or limited by government orders- you [...]

Available COVID-19 Assistances for your Business2021-04-21T16:05:25-05:00

How to Pay Yourself as an S-Corp Owner

As an S-corporation owner – how do I pay myself?? One of the biggest advantages of running your business as an S-corporation is minimizing the 15.3% Self-Employment Tax. To do that, you typically pay yourself a reasonable salary based on the work you perform for your company. The amount you pay yourself via salary tends to be much less than your total company [...]

How to Pay Yourself as an S-Corp Owner2021-03-15T11:56:02-05:00

Texas Residents Automatic Tax Extension Relief to Severe Winter Storm

Texas residents, you get a small reprieve in an extended tax deadline! On February 23rd, the IRS announced it would be extending the tax filing deadline (for Texas residents) to June 15, 2021 after the state’s weather disaster. The extended filing date applies to individual, business, and trust returns. This means filing and payment deadlines will now be due June 15, 2021. Please [...]

Texas Residents Automatic Tax Extension Relief to Severe Winter Storm2021-03-15T09:56:13-05:00
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