Loans between a business and its owner

It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS. Why loans are better When an owner withdraws funds from the company, the transfer can be characterized as compensation, a distribution … Continued

TCJA Prompting Entity Change for Some Business Owners

TCJA Prompting Entity Change for Some Business Owners For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. Meanwhile, the TCJA also reduced individual income tax … Continued

QuickBooks Tricks to Know

By: Linda Lehman, Senior Assistant Accountant We all use software which may contain helpful features that we are either not aware of or have forgotten about from our initial training. Here are a few of my favorites in QuickBooks… Find What would I do without this handy tool! Let’s say you just entered a transaction … Continued