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 [...]
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 [...]
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 [...]
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 [...]
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.
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.
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.
There are many things that society is learning about what really matters and the importance of taking care of ourselves and our families. Aside from many other things, we learned some valuable lessons about the importance of financial planning and how proper preparedness can save you in a crisis.
Those whose doors remain closed today, or are barely reopening, probably have a lot of questions about what to do and how to move forward. Over the years, Biel Fisette Iacono has helped dozens of small businesses across various different industries with their wealth management. We thought we’d take a moment to look at some solutions for small businesses.
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.