2,121 plain-English guides on cross-border moves, US and Canadian returns, and small-business money. Each one ends in what to do next, and says when a written Diagnostic is the smarter first step.
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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.
CFO & AdvisoryTransferring a family business to the next generation involves complex tax, legal, and operational decisions that must be planned years in advance.
CFO & AdvisoryBusiness succession planning creates different tax consequences depending on whether the business is transferred to family members (gift or inheritance).
CFO & AdvisoryClosing a business triggers final tax return filing, asset disposition, debt cancellation income, and employment tax obligations.
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 & BookkeepingExcluding forgiven debt under IRC 108 isn't free: it cuts your NOLs, credits, capital loss carryovers and asset basis, in a set order, reported on Form 982.
Small Business & BookkeepingIRC 132 excludes eight kinds of fringe benefits from employee income, including working condition, de minimis and qualified transportation fringes, each with its own test.
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.
Tax PlanningFranchising presents unique tax rules that differ from starting an independent business. Franchise cost tax treatment. Includes IRS rules, documentation.
CFO & AdvisoryWhen a business is acquired, a significant portion of the purchase price is often allocated to goodwill and other intangible assets.
Small Business & BookkeepingAs a hobby, the income goes on Schedule 1 with almost no deductions. As a business, it goes on Schedule C, losses can offset other income, and SE tax and the QBI deduction apply.
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 is usually tax-free under IRC 351, but liabilities over basis can trigger gain, and going from a C-Corp back to an LLC is taxed twice.
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.
CFO & AdvisoryThe tax structure of a business acquisition determines how much the buyer pays in taxes over the next 15 years and how much the seller keeps after tax.
Small Business & BookkeepingHow to split expenses on property used for a home office, rental, and personal use: the IRC 280A day tests, allocation methods, the 14-day rule, and the tax on a sale.
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)).