If you operate your small business as a sole proprietorship, you may have considered forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be a good choice for your business.

Reasonable compensation for owners of S Corporations is an IRS audit issue.

You own and operate a small-to-medium-sized business and have devoted your life to making this company profitable. You have sacrificed and dedicated yourself to seeing your business succeed. You know your business, revenue, payroll, taxation status, and expenses so well that you would notice if there were a discrepancy in your books.

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks.

Building a successful business over time takes consistency and dedication. Your team and day-to-day accounting operations are working well to deliver the business’s current level of success.

According to the National Weather Service, an estimated 190 million Americans have recently been under heat advisory alerts. That may have spurred you to think about making your home more energy efficient — and there's a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may benefit from an enhanced residential energy tax credit to help defray the cost.

There is no single process that everybody follows when purchasing a business, and many factors determine whether a business, once bought, will fulfill its desired purpose. But if there is one thing that will mitigate the chances of failure and increase the chances of success, it is conducting detailed due diligence on the company you intend to buy – before making the purchase permanent and irreversible.

The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts. The guidance in IRS Notice 2023-54 also extends relief already granted to taxpayers covered by the so-called “10-year rule” for inherited IRAs and other defined contribution plans.

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers.