493 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 19 of 21, newest first.
Partnership taxation under Subchapter K of the Internal Revenue Code (IRC 701-777) is the most complex area of business tax law.
Small Business & BookkeepingRelocating a business from one state to another creates a complex set of tax consequences that go beyond simply changing a mailing address.
Small Business & BookkeepingConverting a C-Corp to S-Corp triggers the built-in gains (BIG) tax: a corporate-level tax on appreciation that existed at conversion.
Small Business & BookkeepingWhen a property owner converts a rental property to personal use or converts a personal residence to a rental property, the tax treatment of depreciation.
Small Business & BookkeepingCrowdfunding has become a common way to raise capital for new businesses, but the tax treatment varies dramatically depending on the type of crowdfunding.
Small Business & BookkeepingBusinesses that accept cryptocurrency as payment for goods or services must recognize ordinary income equal to the fair market value of the cryptocurrency.
Small Business & BookkeepingWhen a lender forgives or cancels a debt, the borrower generally must report the cancelled amount as ordinary income (cancellation of debt income.
Small Business & BookkeepingEmployee fringe benefits are one of the most tax-efficient ways for business owners to compensate themselves and their employees because many fringe.
Small Business & BookkeepingThe Employee Retention Credit (ERC) under IRC 3134 was one of the largest business tax credits in US history. ERC eligibility requirements.
Small Business & BookkeepingTips are taxable income to employees. Employers must collect and report tips on Form 8027 (for food/beverage establishments).
Small Business & BookkeepingBefore the Tax Cuts and Jobs Act (TCJA), business owners could trade in equipment, vehicles. post-TCJA equipment trade-in treatment.
Small Business & BookkeepingThe distinction between a hobby and a business determines whether losses from the activity can offset other income (W-2 wages, investment income.
Small Business & BookkeepingJoint ventures between two or more businesses create different tax consequences depending on whether the arrangement is structured as a partnership.
Small Business & BookkeepingConverting an LLC to a corporation (or vice versa) is one of the most common entity restructuring transactions for growing businesses. Under Rev. Rul.
Small Business & BookkeepingLLC to S-Corp conversion mechanics: 1. Form 2553 (Election by a Small Business Corporation). Filed with the IRS to elect S-Corp tax treatment.
Small Business & BookkeepingMixed-use property creates some of the most complex tax calculations in the individual and small business tax code because the same property serves.
Small Business & BookkeepingBusiness loan interest is deductible under IRC 163. Loan proceeds are NOT income. Business loans create several tax events that are frequently.
Small Business & BookkeepingWhen a partner exits a partnership, the tax consequences depend on whether payments are for the partner's interest in partnership property (IRC 736(b)).
Small Business & BookkeepingPartnership distributions are generally tax-free to the extent of the partner's basis under IRC 731. Distributions exceeding basis trigger capital gains.
Small Business & BookkeepingPartnership distributions are generally tax-free to the extent of the partner's outside basis, but the rules governing when a distribution triggers gain.
Small Business & BookkeepingGuaranteed payments under IRC 707(c) are payments made by a partnership to a partner for services or the use of capital.
Small Business & BookkeepingPartnerships file Form 1065 (informational) and issue K-1s to partners. Partners pay self-employment tax on their distributive share.
Small Business & BookkeepingWhen two or more partnerships merge, or when one partnership divides into two or more separate entities. Partnership merger mechanics.
Small Business & BookkeepingRemote employees in other states create payroll withholding, income tax, and unemployment insurance obligations. Which states have the strictest rules.