If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why.
Nick Wheeler, CPA
Recent Posts
Choosing an Entity for Your Business? How About an S Corporation?
Posted by Nick Wheeler, CPA on Apr 07, 2023
Posted in Business Advisory
In a nutshell, according to the SBA, the HUBZone program fuels small business growth in historically underutilized business zones. The idea is to award at least 3% of federal contract dollars to eligible companies each year.
Posted in Business Advisory
Manufacturers will continue to face supply chain headwinds in 2023, a cause for concern following a turbulent few years. Economic uncertainty, supply shortages, rising costs, and frustrated customers threaten to impede growth.
Posted in Business Advisory
Accounting is a critical element when launching a successful business venture. Unfortunately, it’s also an area where startups tend to make mistakes. Here are some common (and avoidable) errors that entrepreneurs should watch out for.
Posted in Taxation
Most U.S. states require businesses to collect and remit sales and use taxes even if the business has no in-state physical presence, only an economic presence within their state. Remote sellers, licensors of software, and other businesses that provide services or deliver their products to customers from a remote location must comply with state and local taxes.
Posted in Taxation
Crypto's Wild Ride in 2022: Understanding What's at Stake
Posted by Nick Wheeler, CPA on Dec 06, 2022
What a difference a year makes. In 2021, cryptocurrency markets reached all-time highs. Broader institutional adoption continued with the likes of BlackRock, Fidelity, JPMorgan Chase, Morgan Stanley, Deutsche Bank, and Goldman Sachs investing in the space and offering their clients crypto assets. Interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) was at an all-time high.
Posted in Business Advisory
Computer Software Costs: How Does Your Business Deduct Them?
Posted by Nick Wheeler, CPA on Nov 15, 2022
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the expenses of buying, leasing, or developing computer software.
Posted in Business Tax
2023 Limits for Businesses That Have HSAs - Or Want to Establish Them
Posted by Nick Wheeler, CPA on Nov 08, 2022
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits:
Posted in Business Tax
The federal government's Employee Retention Credit proved to be a lifeline for many businesses and their employees. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all owners may have been able to figure out whether they were eligible; however, the IRS is giving them a break: Even though the program has ended, employers are still able to file for tax relief retroactively.
Posted in Business Tax
Four Reasons to Align Your Supply Chain and Tax Strategies
Posted by Nick Wheeler, CPA on Sep 19, 2022
Did you know that 45% of tax executives say they are not involved in supply chain planning?
That’s according to BDO’s 2022 Tax Outlook Survey, which found that business leaders do not always consult with their tax departments on decisions that can affect their companies’ total tax liability.
But do tax executives really need to be involved in supply chain planning?
Posted in Business Tax