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

An Ode to the Small Business and How To Look Ahead to 2021

One of the defining characteristics of America is the entrepreneurial spirit that has defined so much of this country. As this year comes to a close, we thought it would be pertinent to celebrate the history of small business in this country, some of the ways they can move forward, and a few things to expect in the upcoming year.

An Ode to the Small Business and How To Look Ahead to 20212020-12-21T11:35:45-06:00

Are You Ready for the End of 2020–  Year-end that is!

2020 has been an unprecedented year in so many ways, and taxes are no exception.  To assist your business, we want to make sure you aware of payroll compliance items that may need your attention before the end of the year.

Are You Ready for the End of 2020–  Year-end that is!2020-11-23T12:52:34-06:00

Estate Planning and the Profound Questions Around Inheritance 

There is a lot to consider when planning your estate and what you want to leave behind for those you love. It can complicate things, especially when dealing with different estate taxes and laws that surround a person’s estate. Let's take a look at the history of inheritance law, the estate tax, and ways to approach the planning of your estate. 

Estate Planning and the Profound Questions Around Inheritance 2020-11-24T17:15:45-06:00

Tax Relief Notices of 2020: How COVID-19 Has Affected Tax Returns and Deadlines

On March 18, 2020, the U.S. Treasury Department and the Internal Revenue Service released Notice 2020-17 and issued Notice 2020-18, clarifying the tax filing and payment relief related to the COVID-19 pandemic. We discuss what this means for you. 

Tax Relief Notices of 2020: How COVID-19 Has Affected Tax Returns and Deadlines2020-11-23T12:49:51-06:00

What You Need to Know Regarding the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”

As of March 27, 2020, the U.S. President signed a bill known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) intended to help citizens with the turmoil the pandemic has summoned by providing economic relief to individuals, families, small businesses and other sectors of the United States economy. We discuss some key CARES Act provisions for businesses and individuals to understand how it will apply to their income and earnings.

What You Need to Know Regarding the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”2020-11-23T12:46:09-06:00

Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” 

On March 27, 2020, the President signed a bill known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This bill will provide economic relief to individuals, families, small businesses and other sectors of the United States economy. The following is a summary of some key CARES Act Provisions for businesses and individuals.

Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” 2020-11-23T12:47:35-06:00
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