What the New Tax Bill Means for Small Businesses, Startups, LLCs, S Corps, and Sole Proprietors

*** Last Updated:  12/6/2017  The U.S. Congress is currently in the midst of attempting to pass sweeping tax reforms for businesses of all sizes. Our coverage is primarily focused on how the new tax bill will affect small businesses, LLCs, S Corps, and startups, including service-based businesses. Quicklinks:  The Latest Events |  Summary of Business [...]

Could Your LLC Save on Taxes by Converting to an S Corp?

As an LLC owner, one of the things that you should think about is whether the business should remain an LLC, or whether your business would benefit from changing its corporate structure to something else, such as an S Corp. If you’re thinking of the disadvantages and advantages of changing the corporate structure of your [...]

Top Tax Savings Tips When Paying Yourself as a Business Owner

How Should You be Paying Yourself as a Business Owner to Reduce Your and Your Business's Overall Tax Obligations? Our Guide Breaks Down the Details  Probably the most frequent question that small business owners ask their lawyers and accountants is “how should I be paying myself as a business owner” in a way that will allow [...]

The Rare Taxpayer Win: California Court of Appeals Rules Passive Investment in California Entity Does Not Constitute “Doing Business” in California

In a rare move in the favor of taxpayers, the California Court of Appeal recently issued a decision determining that passive business owners actually do not need to pay taxes to the California Franchise Board if the business is located out of state. Everyone knows about the California Franchise Tax Board's dreaded $800 minimum annual fee [...]

Top Tax Tips for California Small Businesses

"I don't care about tax savings. I want to pay the IRS more than what I actually owe," said no business owner ever. Let's face it - becoming knowledgeable about tax saving tips and implementing tax minimization strategies can be some of the most important steps to save yourself from feeling as though you are handling [...]

Are Settlement Payments to Nonresident Aliens in Civil Litigation “U.S. Source Income” ?

One of the top questions that arises for U.S. defendants making settlement payments to nonresident aliens or foreign noncitizens is how the settlement payment should be taxed and whether any amounts should be withehld from it. Every day defendants settle cases without withholding any amounts from the settlement payments. Defendants generally do not withhold amounts [...]

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