CPA Financial Advisory Services

Tax Deadline The fling deadline with the Internal Revenue Service is September 17, 2018 this year.  At that time LLC and S-Corporations will should have filed their Form 1065 and Form 1120S tax return.  If you are a single member LLC then no tax return is due until October 15, 2018 which will be in the your Form 1040 tax return.  This option is not available for the S-Corp since this is a pass through entity on its own and net income or loss is passed through to the 1040 via a K-1 reportable on Schedule E.   S-Corporations are required to have an annual shareholders meeting where minutes are taken and recorded as part of their corporate documents.  Stock 75 stock certificates should be available for transfer of ownership when needed.  By law, the corporation can not have more than 75 shareholders.  When counting the 75- shareholder limit, a husband and wife count as one.  Only individuals, estates, certain trusts, certain partnerships, tax-...

During my practice as a CPA I noticed that business owners arrive at my door step requesting tax return preparation with limited or any financial statements.  The majority of the time, business owners have their bank accounts and/or a shoe box full of receipts.  While this may be simplest way to conduct business in your business name, their is limited ability to measure the performance of your business during the year and file an accurate tax return when due.  Items such as contributions personally made, business assets, and how much it took to obtain your desired results are dilemmas business owners face. This blog is indented to address these concerns and the best ways to mitigate this risk. Personal contributions are a vital part of a small business.  These contributions come in many forms.  They can be in the form of direct contributions to the entity by making a deposit of funds earned from a job or they can be in the form of the use of a personal credit ...