In a recent Tax Court case, Maggard v. Commissioner, the court ruled that unauthorized, disproportionate distributions within an S corporation did not terminate its S corporation status, highlighting the importance of proper documentation and governance for business owners. S Corporations and Classes of Stock One of the key requirements for a corporation to qualify for…
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Let’s be honest, no one likes filing a tax return. This is heightened for those in real estate due to the volume of information that needs to be gathered. Most in the real estate industry have multiple entities with many transactions happening each year – it can truly be overwhelming. I am here to offer…
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A new reporting requirement for businesses, The Corporate Transparency Act, is officially in place with the potential for very high penalties. Do not ignore this legislative change—meet with your legal advisors as soon as possible to develop an action plan for the Beneficial Owner Information Reporting. This is part of the federal government’s anti-money laundering…
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We are pleased to announce that Wiebe Hinton Hambalek, LLP has successfully completed its recent Peer Review process with the utmost distinction, receiving the highest level of commendation from the American Institute of Certified Public Accountants (AICPA). This accomplishment is a testament to our unwavering commitment to excellence and adherence to the highest standards of…
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Published: October 16, 2023 November 16th New Tax Deadline For California Storm Counties On Monday, October 16th the IRS announced a further extension of time to November 16th for most California individual and business taxpayers. This is an automatic filing and payment penalty relief–you do not need to do anything to take advantage. The details…
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If you are looking to take a few extra steps in order to prevent internal accounting fraud, then you may want to try dividing up tasks. First of all, accounting fraud can happen to anyone–even business owners who are smart, actively involved, and meticulous. Therefore, if it can happen to them, it can definitely happen…
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