Tax Implications When Converting Corporations

TAX IMPLICATIONS WHEN CONVERTING CORPORATIONS If you’re considering switching your C corporation into a S corporation, there are many things to think about. An S corporation could give you more tax advantages than a C corporation, but there are many tax implications that could negate the possible savings. Here are four of the most common issues business owners run into when converting their corporations. LIFO: If your C corporation uses … Read more

4 Key Business Tax Law Changes

As the 2018 tax season quickly approaches us – now is a great time to start gathering documentation and making an appointment to meet with your CPA. Once the tax year has ended, it is typically too late to apply any strategy to reduce your 2018 business tax. Therefore, as a business owner, shifting your focus to assess whether you will owe taxes or receive a refund is essential.  It … Read more

Do you know the tax implications of your C corp.’s buy-sell agreement?

Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand. Buy-sell basics A buy-sell agreement sets up parameters for the transfer of ownership interests following stated “triggering events,” such as an owner’s death or long-term disability, loss … Read more