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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The term “R&D Tax Credit” for Fresno business owners might conjure images of lab coats, high tech manufacturing lines, or in-depth computer research and cause them to think the credit couldn’t apply to them. This common misconception may be keeping some businesses from reaping thousands (or possibly even hundreds of thousands) of dollars in tax…
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Qualified Opportunity Zones (QOZ) is a new benefit created with the new tax reform legislation and is one of the largest incentives to taxpayers that we’ve seen in a long time. Although fairly complex in terms of timing, they are simple to set up and maintain—absolutely worth the effort in terms of tax savings. (View…
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If you’re planning to utilize the benefits of a Qualified Opportunity Zone (QOZ), you must invest your gain into a Qualified Opportunity Fund (QOF). They are fairly simple to create, but be cognizant of the tests to stay certified and the deadlines for avoiding penalties. Read on to learn more about how, when, and why…
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At the very end of December 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 21) into law. This included the second draw of PPP loans, stimulus checks, plus a list of tax deductions, credits, and extensions. In order to best assist you in sifting through the mountain of available information, we have curated…
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Do you know if your worker is technically an employee or an independent contractor? The line can be blurry. The IRS provides guidelines to help you figure it out, but sometimes it’s not enough. The choice you make will have a significant impact on your staff and your taxes. It’s important that you’re accurate. Consider…
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