by O'Connor & Drew, P.C. | Feb 25, 2020 | Tax
TAX How Business Owners May Be Able to Reduce Tax by Using an S Corporation 25 February 2020 Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax....
by Ryan J. McDonell | Jan 7, 2020 | Tax
TAX Repeal of Parking UBTI Ryan J. McDonell, CPA 7 January 2020 The Tax Cuts and Jobs Act tax reform in 2017 added (to the dismay of many) IRC section 512(a)(7) which effectively created unrelated business taxable income (UBTI) for the expenses of providing qualified...
by Lucy Luo | Dec 17, 2019 | Tax
TAX Year-end Navigation for Individual Tax 2019 17 December 2019 Lucy Luo, CPA Tax reform significantly altered the U.S. taxation system for the 2018 tax year. We have completed our initial pass through the maze and now it’s time to navigate the tax issues for the...
by O'Connor & Drew, P.C. | Nov 20, 2019 | Tax
TAX Thinking about Converting from a C Corporation to an S Corporation? 20 November 2019 The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some...
by O'Connor & Drew, P.C. | Sep 25, 2019 | Tax
TAX Uncle Sam May Provide Relief From College Costs On Your Tax Return 6 January 2020 We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at...
by Ryan J. McDonell | Jul 1, 2019 | Tax
TAX Reminder: Sales Tax Landscape Continues to Change 28 June 2019 Ryan J. McDonell, CPA What Has Changed? Sales tax nexus is the minimum amount of interaction with a state requiring a business to collect and remit sales tax. Put more simply, if a business...
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