What is a “Per Se” Corporation?
A "per se" corporation is a corporate entity that cannot change its tax classification. Domestic and foreign eligible entities are generally able to file Form 8832 entity classification election.
Can you Deduct Clothes for Your Business?
Some businesses may require the business owners and employees to wear specific uniforms. When can a business owner deduct the cost of clothing?
Fraudulent Form 1099 Filings – How Do I Correct the Filings?
Some taxpayers may receive a 1099 with incorrect information. The 1099 could also be issued under fraudulent circumstances. Here are some tips on how to correct the issue.
Can an S Corporation Owner Have an ITIN Instead of an SSN?
In order for an entity to qualify as an S corporation, it must only have eligible shareholders. Individuals must be US persons in order to be an S corporation shareholder.
Deductible Travel Expenses – Business vs Personal Use Travel
Business owners can generally deduct the cost of their travel if the principal purpose of the trip is for business. So, what are the rules to determine business versus personal travel?
How to Pay Yourself From an LLC?
If you're a business owner with an LLC, you'll want to know how to pay yourself from the company's accounts. The payment methods largely depend upon how the LLC is structured for federal tax purposes.
Change the Responsible Party with IRS Form 8822-B
Every business entity that applies for an employer identification number (EIN) must appoint an individual to be the responsible party. A business can change its responsible party by filing Form 8822-B.
Give Your Hobby a Boost – Use an LLC Partnership or S Corporation
The hobby loss rules for U.S. tax purposes can be quite complex and nuanced. Many business owners can form a legal entity to try and give their operation a boost in the right direction.
What are the Standard Mileage Reimbursement Rates for 2022
The IRS has recently published the new standard mileage reimbursement rates for businesses and charitable purposes.
Business Vehicle Lease Payments – How Much is Deductible?
In general, if a business leases a vehicle for business reasons, the business can deduct the cost of the lease payments and the insurance. In many cases, the business must record adjustments for an owner's personal use the vehicle.