C-Corporations
BOI Reporting: Deadlines, Penalties, and How We Can Help
As of January 1, 2024, many businesses in the United States must comply with a new federal reporting requirement: Beneficial Ownership Information (BOI) reporting. This requirement, part of the Corporate Transparency Act, mandates that businesses
Understanding Imputed Interest: Avoiding IRS Penalties
What Is Imputed Interest? Imputed interest refers to the interest the IRS assumes should have been paid on a loan, even if no interest was charged or if the interest rate was below the market
What Is Accumulated Earnings Tax and How Can You Minimize It?
Managing your corporation’s finances involves balancing profits and strategic reinvestment. However, accumulating too much profit without distributing it to shareholders can lead to additional tax burdens, specifically through the Accumulated Earnings Tax (AET) under Internal
Bonus Depreciation and Its Phaseout: Essential Insights
As a business owner, staying ahead of tax changes is crucial, especially when it comes to maximizing deductions that directly impact your bottom line. One such deduction that has been a game-changer for many businesses
Section 179 Expensing: A Guide for Small Businesses
As a small business owner, maximizing your tax deductions is crucial for managing your finances efficiently. However, the world of taxes can be complex and confusing, especially when it comes to understanding specific provisions like