Recent News & Blog / Business Tax
Closing a business involves a number of tax responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If yours is among them, we can help you take care of various tax obligations. Contact the CPAs and tax advisors at SEK with questions and to discuss these issues.
If your business has co-owners, you probably need a buy-sell agreement
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can: 1) transform your business ownership interest into a more liquid asset, 2) prevent unwanted ownership changes, and 3) avoid estate tax hassles with the IRS. Contact the CPAs and business tax advisors at SEK about setting up a buy-sell agreement.
Be aware of the tax consequences of selling business property
If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Contact the CPAs and tax advisors at SEK with your tax questions.
Consider borrowing from your corporation but structure the deal carefully
If you own a closely held corporation, you can borrow from it for personal purposes at rates below those charged by a bank. But be sure to set up a bona-fide loan to avoid adverse tax consequences. Contact the CPAs and tax advisors at SEK to answer your tax questions.
2024 Q3 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax-related deadlines for businesses and other employers during the third quarter of 2024.
Hiring your child to work at your business this summer
Are you hiring your child to work at your business this summer? Certain noncorporate entities can hire an owner’s under-age-18 children and their wages will be exempt from the following federal payroll taxes: Social Security tax, Medicare tax and federal unemployment (FUTA) tax. Contact the CPAs and business tax advisors at SEK to learn how to take advantage of these tax tips.
Figuring corporate estimated tax
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses. (The normal June 15 due date falls on a Saturday, so it’s extended until Monday.) Let’s review the rules for computing corporate federal estimated payments.
Inflation enhances the 2025 amounts for Health Savings Accounts
The IRS recently released the inflation-adjusted amounts for Health Savings Accounts (HSAs) next year. Contact the CPAs and tax advisors at SEK with your tax questions.
Erroneous notices issued by IRS and PA Department of Revenue
Some clients are receiving late notices about their 2023 tax bill from the IRS. This is an error in the IRS systems.
Should you convert your business from a C to an S corporation?
The most common business structures are sole proprietorships, partnerships, LLCs, C corporations and S corporations. Choosing the right entity has many implications, including the taxes you pay. If you’re interested in an entity change, contact the CPAs and business tax advisors at SEK to learn about the tax implications.