Recent News & Blog / Business Tax
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.
Tax tips when buying the assets of a business
If you’re buying a business, you want the best results possible AFTER taxes. You can potentially structure a purchase in two ways: 1) Buy the business assets. 2) Buy the seller’s entity ownership interest. Contact the CPAs and business tax advisors at SEK for answers to your tax questions.
The tax advantages of including debt in a C corporation capital structure
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corp that needs more capital. Be aware that the federal tax code treats corporate debt more favorably than corporate equity. Contact the CPAs and business tax advisors at SEK about your situation.
Growing your business with a new partner: Here are some tax considerations
There are several financial and legal implications when adding a new partner to a partnership. Although the entry of a new partner may seem simple, you should plan properly to avoid tax problems. Contact the CPAs and business tax advisors at SEK for more information and to answer your tax questions.
When partners pay expenses related to the business
It’s not unusual for a partner to incur expenses related to the partnership’s business. Your business should have a written firm policy that clearly states what will and won’t be reimbursed, including home office expenses. Contact the CPAs and business tax advisors at SEK for your business questions and for more tax tips.
Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? Contact the CPAs and business tax advisors at SEK for more information.
When businesses may want to take a contrary approach with income and deductions
In general, businesses want to delay taxable income into future years and accelerate deductions into the current year. But they sometimes want to do the opposite. There are ways to accelerate income into the current year and delay deductions to later years. Contact the CPAs and business tax advisors at SEK for help and to answer your tax questions.
Don’t have a tax-favored retirement plan? Set one up now
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. There are several retirement plan options for different contribution limits. We can provide information on the best one for you. Contact the CPAs and business tax advisors at SEK for more info and answers to your tax questions.
2024 Q2 tax calendar: Key deadlines for businesses and employers
Here are some key tax deadlines for businesses during the second quarter of 2024. Contact the CPAs and business tax advisors at SEK to learn more about filing requirements and to answer your tax questions.
Court rules corporate reporting law is unconstitutional but requirements remain
Under the Corporate Transparency Act (CTA), many businesses had to begin complying with new reporting requirements on January 1, 2024. But on March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the CTA is unconstitutional.