Archive for the ‘business’ Category

If You Were My Client…End of Year Tax Strategies

Posted by John Ellsworth, Esq November 23rd, 2012

Call your tax lawyer or CPA.  Why?  Because big federal tax changes that would kick in January 1 could boost your tax bill. As I write this and the so-called “fiscal cliff” looms, it’s anyone’s guess exactly what 2013 taxes will be. In less than two months the Bush tax cuts expire.  Congress must decide what [...]

How a Reverse Audit Works

Posted by John Ellsworth, Esq August 23rd, 2011

Use of Reverse Audit In our law practice we are often asked about the reverse audit strategy and whether it might be good to do in a certain case. The answer is Yes, quite often it is a good thing to undertake when there is the suspicion that sales and use taxes may have been [...]

What to Do When Faced With a Sales Tax Audit

Posted by John Ellsworth, Esq August 4th, 2011

Sales tax audits can be one of the most harrowing circumstances for a business owner to have to endure. This is especially true if the business owner has not kept track of all records and did not save all the original documents pertaining to all of their business transactions. Business owners must keep hard copies [...]

Form of Doing Business

Posted by John Ellsworth, Esq January 13th, 2010

Business Structures 101 What exactly is an LLP? What’s the difference between an LLC and a corporation? What about S-corps and C-corps? Sorting through the legal jargon and tax codes defining these business structures can be daunting for entrepreneurs – but picking the right structure for your company brings vital tax benefits and legal flexibility [...]

Taxation LLC

Posted by John Ellsworth, Esq July 2nd, 2009

Limited Liability Companies: An Interesting Tax-Reporting Entity A state-registered limited liability company (LLC) can be taxed as a partnership for federal income tax purposes. However, its members, like corporate shareholders, are not personally liable for the entity’s debts or liabilities. Under the check-the-box rules, an LLC can choose partnership status to avoid taxation at the [...]

Subchapter S Considerations

Posted by John Ellsworth, Esq May 30th, 2009

Subchapter S Considerations HOW THE NEW TAX LAW WILL AFFECT SUBCHAPTER S CORPORATIONS Following months of political wrangling, President Bush signed the Small Business and Work Opportunity Tax Act of 2007, which is part of a much larger and more controversial bill, the U.S. Troop Readiness, Veterans’ Care, Katrina Recovery, and Iraq Accountability Appropriations Act [...]