Many Tax Preparers and Advisors, and Tax Return Reviewers at do not prepare a Balance Sheet as part of Schedule L on a partnership, regular C corporation or a subchapter S corporation return because it is not required with certain thresholds promulgated by the Internal Revenue Service. This is the case even when there is a Balance Sheet available to input into the income tax return.   The States of New Jersey and California, and possibly other states, require a Balance Sheet without any regard for the threshold limitations the Internal Revenue Service has.

Real Estate property is classified in two categories: Residential and Non-Residential. Residential Property is depreciated over 27.50 years and non-Residential property is depreciated over 39 years. Both are depreciated on a straight-line basis and not on an accelerated basis.   There are two accelerated methods of expensing depreciation that the Internal Revenue Service provides – bonus depreciation and section 179 expensing. These accelerated depreciation methods are NOT available for real estate property operated as part of a trade or business.  

So, you want to start a business where you are in control to provide those engineering services that you have been offering to your employer for 20 years.

Regular C corporations can own subsidiaries, either wholly or partially.What about subchapter S corporations? Can a subchapter S corporation own a subsidiary?The answer is Yes. The subsidiary is known as a Qualified Subchapter S Corporation subsidiary, or a Qsub for short, after it obtains its own subchapter S corporation status.A Qualified Subchapter S Corporation subsidiary can be merged into its subchapter S corporation parent. The parent must own 100.00% of the qualified subchapter S corporation subsidiary.

Investors in digital assets like cryptocurrency and non-fungible tokens (NFTs) have been on a wild ride these last few years.

Here's a list of the World's richest entrepreneurs in 2022. Still not convinced if entrepreneurship is worth it? Then, this post will change your perspective. Get inspired by the success stories of these amazing entrepreneurs. They've changed the world. Now, it's your turn. An entrepreneur is a person who sets up a business or an organization by taking a financial risk.

When the Covid-19 pandemic began, and businesses were forced to shut down their operations, Congress passed programs to provide financial assistance to companies.

The euro and the U.S. dollar are exchanging at a 1-to-1 rate for the first time in nearly two decades, when the European currency was in its infancy.

Employee Retention Credit Limitation The Infrastructure Investment and Jobs Act, enacted on November 15, 2021, amended section 3134 of the Internal Revenue Code to limit the Employee Retention Credit only to wages paid before October 1, 2021, unless the employer is a recovery startup business.

Many business owners who have small businesses and/or start up businesses may find it annoying that their Accountant and/or Tax Professional asks them too many questions to file their business income tax returns, or Schedule C.  They may think that the question or questions are irrelevant or too analytical.  Amazingly, there are Accountants and Tax Professionals who think the same way.  These Accountants and Tax Professionals need to be properly trained.