by meesekhan | Mar 23, 2020 | 2020 Tax Information
C corporations cause double taxation for business owners, so you probably think you want to avoid them at all costs. And for many of you, this is true, as the S corporation often provides the lower overall tax outcome. But for some business owners, the C corporation...
by meesekhan | Mar 16, 2020 | 2020 Tax Information
Husbands and wives often participate together in business ventures. “What are the tax implications of unincorporated husband-wife business activity?” you ask. Good question. Partnership Tax Status is Unfavorable for Husband-Wife Business when both members of a...
by meesekhan | Mar 9, 2020 | 2020 Tax Information, Blog
The Section 105 medical reimbursement plan was a great option for small businesses that wanted to provide health care coverage to their employees—until a change destroyed much of the benefit by requiring the plans to provide the Affordable Care Act (ACA)-compliant...
by meesekhan | Mar 2, 2020 | 2020 Tax Information
Be sure to follow the special IRS rules that allow you to deduct your health insurance premiums. These rules are particularly important if your S corporation employs your parents and/or non-dependent children who don’t own any stock in your corporation. And be...
by meesekhan | Feb 24, 2020 | 2020 Tax Information
What is an accountable plan? An accountable plan is an expense reimbursement or allowance arrangement that requires employees to substantiate expenses and return unsubstantiated advances. With the plan, the reimbursements are tax-free to recipient employees. And the...
