C Corporation – Page 7 – The Burns Firm – Advisors of Complex Financial Matters

Tax Reform: Which Changes Are Temporary vs. Permanent?

September 28th, 2018|Categories: Accounting, Burns Firm, C Corporation, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 tax year tax changes, changes to 2018 tax return filing, CPA, tax, Tax changes, TCJA, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it's sometimes hard to keep track of which changes are permanent [...]

Liquidating a Corporation? Avoid Double Taxation with Smart Planning

September 27th, 2018|Categories: Burns Firm, C Corporation, Merger & Acquisition, Sell Business, Selling a Business, Tax|Tags: avoid tax, double taxation, liquidating corporation, Planning, Sell a business, shareholders tax, tax, tax level, The Burns Firm|

Perhaps you're considering selling off your C corporation's assets and liquidating the firm. Typically, such a transaction is accomplished in three stages: The corporation makes a direct sale of its [...]

2018 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

September 13th, 2018|Categories: Accounting, Burns Firm, C Corporation, Services, Tax, Tax Preparation, Tax Return|Tags: 2017 tax filing deadline for extensions, C corp, C Corporation, FICA taxes, IRS, Q4 tax deadlines, tax, tax filing, The Burns Firm|

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]

Choosing the Right Accounting Method for Tax Purposes

August 21st, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, S Corporation, Tax, Tax Return|Tags: Accounting, accounting method, accrual method of accounting, business accounting method, cash method of accounting, CPA, tax, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — [...]

2018 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

June 19th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Planning, Tax Preparation, TCJA|Tags: 2018 tax planning, Accounting, deadline, employer tax deadline, employertaxdeadlines, Q3 deadlines, Q3 employer deadline, Q3 tax deadlines for business, Q3taxdeadlinesforbusinesses, tax, The Burns Firm|

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be [...]

How Accountable is Your Business?

June 12th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, TCJA|Tags: 2018 tax planning, accountable, accountable plan, accountableplan, Accounting, business-related expenses, business-relatedexpenses, C corp, car, deductions, Employees, exemptions, expense, IRS, payroll, payroll tax, payroll withholding, payrolltax, payrollwithholding, Planning, tax, Tax planning, TCJA, The Burns Firm|

Do Employers Have to Compensate Hourly Technicians for Travel Time?

May 22nd, 2018|Categories: Accounting, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax|Tags: business, compensation, Employees, employer reimbursement to employess, exemptions, expense, Planning, reimbursement for travel, technicians travel time, The Burns Firm, Travel compensation|

The U.S. Department of Labor's (DOL) Wage and Hour Division (WHD) has issued a new Opinion Letter on whether employers must compensate employees for travel time. These letters are issued [...]

Get started on 2018 tax planning now!

May 8th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Partnership, Retirement Plan, S Corporation, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 tax planning, Accounting, business, C corp, Denis Burns, expense, IRS, Planning, Retirement, tax, Tax planning, tax return, TCJA, The Burns Firm|

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be [...]

Stakeholders and Your Business

May 3rd, 2018|Categories: Accounting, Burns Firm, C Corporation, Partnership, S Corporation, Services, Tax|Tags: Accounting, business, Denis Burns, Stakeholders, stakeholdersandyourbusiness, The Burns Firm|

Long ago business owners believed that as long as they served their customers effectively and made sure that their stock maintained or increased its value, all was taken care of. [...]

Tax Document Retention Guidelines for Small Businesses

May 1st, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Countdown to Transition, EBITDA, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: Accounting, Acquisition, business, Buying a business, expense, Merger, merging businesses, payroll, payroll tax, Planning, Sell a business, Selling, Selling a business, tax, TCJA, The Burns Firm, The Burns Firm Venture Partners|

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting [...]

Absorbing a Business? Realize Payroll Tax Savings

April 24th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Acquisition, Assets, deductions, EBITDA, M&A, Merger, payroll, payroll tax, Selling your business, tax, The Burns Firm|

Conversely if one employer acquires another employer during the year -- and it continues to employ some of the same workers -- the successor can count the wages paid by [...]

Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions

April 19th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: business, car, deductions, Employees, expense, IRS, Mileage log, record keeping, recordkeeping, tax, tax credits, tax preparation, tax return, The Burns Firm, Vehicle expense|

Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]

No Single Factor Determines Contractor Status

April 5th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, business, contractor vs employee, employee vs contractor, Employees, Independent contractor, Planning, tax, tax preparation, tax return, The Burns Firm|

Hiring someone as an independent contractor can have many advantages for employers. Among them are that independent contractors: Can be hired on a per-project basis and let go when the [...]

2018 Q2 Tax Calendar: Key Deadlines for Businesses and other Employers

March 29th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Services, Tax, Tax Deductions, Tax Preparation, Tax Return|Tags: Accounting, C corp, deadline, deductions, Form 1040, tax, tax preparation, tax return, The Burns Firm|

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may [...]

Leasing Property to Your C Corp

March 20th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Services, Tax, Tax Credits, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, Assets, business, C corp, C Corporation, deductions, Leasing property to C corp, Loan, Property, tax, tax preparation, tax return, The Burns Firm|

It's generally not a good idea for a closely held C corporation to own assets with high appreciation potential. A classic example is real estate. If your corporation owns property, [...]