by Michael W. Blitstein, CPA S corporation stockholder-employees and their tax advisers often find themselves with conflicting goals when setting the stockholder-employee’s compensation. Typically, the stockholder-employee prefers to minimize compensation in favor of distributions to reduce payroll taxes. Tax advisers, however, are faced with a body of governing authority providing that the stockholder-employee cannot avoid […]
Business Consulting
by Larry Goldsmith, C.P.A., J.D., C.F.F.A. The Internal Revenue Service recently announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents […]
by Larry Goldsmith, C.P.A., J.D., C.F.F.A. The income tax system that we grew up with is suffering from dementia; it forgot that the purpose of taxation is to fairly tax individuals and businesses to support the funding of government services. Today, highly paid tax attorneys are retained to influence Congress to provide loop holes in […]
By: Donald J. Schaffer, CPA/ABV, CVA In recent years taxpayers and their accountants have been pushed later and later in their tax filings due to the delinquent receipt of Forms K-1 from their investments in partnerships. In may cases the forms are received only days before filing deadlines, resulting in delinquent returns or costly amendments. […]
By: Larry Goldsmith, J.D., C.P.A., C.F.F.A. The limited liability company, or “LLC”, was first introduced in the State of Illinois in 1994 and is now well known and accepted in the market place and amongst professionals. Created to be a combination of a partnership and a corporation, the LLC grants its investors/equity holders, (known as […]
By: Larry Goldsmith, J.D., C.P.A., C.F.F.A. Partner at CJBS, LLC In these difficult economic times, there will be many businesses that will no longer be able to meet their current obligations. Their lenders will refuse to advance additional capital and the financial pressures will force the closely held business owner into Chapter 7 bankruptcy. There […]