An S corp is an organization that has chosen to pass its tax burden to its shareholders, rather than report income, losses, deductions and credits directly to the Internal Revenue Service (IRS).

With only a couple of months left in 2024, many business owners are preparing their year-end taxes. For some, this may include refining their financial structures, specifically working to minimize tax ...

An S corp and C corp share a number of similarities. They are both types of corporations recognized by the IRS. They can also both raise funds by issuing stock to shareholders. However, S corps are ...

If you’re looking to switch your business from an LLC to an S corporation, the first thing to understand is that an S corporation is not a separate entity. An S corporation is where you make an ...

IRC section 1363(d) generally requires a C corporation that elects to become an S corporation to include a “Lifo recapture amount” in its gross income. The amount is the difference between the ...

When you’re starting a business, picking the right corporation type can feel like a big decision. It’s not just about the name; it’s about how you’ll handle taxes, raise money, and grow your company.

If you’re self-employed, one way to help avoid higher Social Security and Medicare taxes is to organize your business as an S-corporation. If you’re self-employed, you’ll usually have to pay higher ...

In the last four years, content creation has undergone significant changes, with platforms such as Twitch, OnlyFans, Youtube, Instagram, and TikTok now serving as viable sources of income. Despite ...

As clients' businesses evolve, it sometimes makes sense for them to change how their companies are taxed. And I expect that occasionally you've encountered clients who made a change at one point but ...

CPAs can help their clients determine what is a reasonable salary to pay shareholder employees (SEs) of S corporations, thus satisfying an IRS priority to collect proper amounts of employment taxes.