New Tax Law Enhances the Appeal of C Corporations

Many owners of private companies have been leery of operating as a regular C corporation because it exposes them to double-taxation of business income. First, a corporate income tax applies to the company’s profits. Second, any dividends that pass to shareholders are subject to personal income taxes. Making matters even more expensive, C corporations don’t Read more about New Tax Law Enhances the Appeal of C Corporations[…]

IRS Says Business Meal Deductions Still Apply

The Tax Cuts and Jobs Act (TCJA) of 2017 generally disallowed all deductions for business entertainment, amusement, and recreation. However, the TCJA did not specifically turn thumbs up or down on the deductibility of business meal expenses. Under the old law, business meals were partially tax deductible, but some questioned whether that was still the Read more about IRS Says Business Meal Deductions Still Apply[…]

Supreme Court Decision Affects Online Sellers

If your company makes sales to out-of-state buyers, do you need to collect state sales tax? Until recently, Supreme Court decisions from the 20th century said that would not necessarily be the case. Companies were not required to collect state sales tax for a state in which it had no “physical presence.” This put in-state retailers at a disadvantage to out-of-state sellers who didn’t collect sales tax.