If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters… Read More »Emil @ CPA Daytraders: Divorcing business owners should pay attention to the tax consequences
Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor… Read More »Guaranteeing a loan to your corporation? There may be tax implications
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will… Read More »Planning ahead for 2024 by CPA Daytraders: Should your 401(k) help employees with emergencies?
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and… Read More »CPA Daytraders: Receive more than $10,000 in cash at your business? Here’s what you must do
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets.… Read More »Emil @ CPA Daytraders wrote: The advantages of using an LLC for your small business
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for… Read More »Emil @ CPA Daytraders: A tax-smart way to develop and sell appreciated land
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up… Read More »Corporate officers or shareholders: How should you treat expenses paid personally?
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE… Read More »Use an S corporation to mitigate federal employment tax bills
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through… Read More »Emil @ CPA Daytraders wrote – That email or text from the IRS: It’s a scam!
In the construction industry, supply-chain challenges are nothing new. They’ve just gotten much more media attention over the last few years. Increased globalization, a pandemic… Read More »Emil @ CPA Daytraders gives you 3 big inventory issues for construction companies
The U.S. Department of Labor (DOL) recently announced that a jury in a landmark case, Walsh v. East Penn Manufacturing Co, Inc., DC-PA, has awarded… Read More »Daytraders CPA: Jury awards more than $22 million in back pay to manufacturing employees
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But… Read More »Daytraders CPA: The best way to survive an IRS audit is to prepare