You need to be extremely careful on how you get in business with. You might end up being liable for ghost income, funds stolen from your partners and many other issues. In the Maggard v. Commissioner, (TC Memo 2024-77), James Maggard co-founded an engineering consulting partnership, the initial co-partner left buying him out, and then,
At the end of August 2024, a Federal judge from Texas put a hold to all the ban on non compete agreements. As you might remember, the Federal Trade Commission released a nationwide ban on noncompete agreements on April 23rd, 2024 as reported in our previous blog post from early May 2024 - FTC implementing
One of the best advice is to contribute to your private retirement as the contribution is a tax deduction (lower taxable income in your w2) and then, it will be taxed at the distribution time in the case of traditional retirement plans. This is extremely relevant as social security payments are expected to be partial
As the IRS is increasing the attention on partnership returns, especially those with higher asset value or more complexity, we should keep into consideration the first results of the partnerships audits subject to Bipartisan Budget Act that are now ending. The Bipartisan Budget Act (BBA) was passed in 2015, but it was effective from 2018.
If you are a visual person, probably, you are aware of Visual Capitalist, a website that contains great graphics in almost any topic (i.e. Economy, Wealth, Automotive, Healthcare, etc.). This website is always posting interesting graphs, tables and other visual elements. Recently, they posted two tax related ones that are worth mentioning: 1) What Frustrates
On April 4th, 2024, the IRS shared that the Federal Communications Commission issued a cease and desist letter to Veriwave Telco as the company was making millions of calls (prerecorded message) regarding a National Tax Relief Program. "... The FCC’s Enforcement Bureau today issued a cease-and-desist letter against Veriwave Telco. The letter ordered Veriwave Telco
If you are a small business owner with an EIN or State registration, you are probably required to file identifying information about the individuals who directly or indirectly own or control your company with the Financial Crimes Enforcement Network in order to satisfy requirements under the Corporate Transparency Act. The Beneficial Ownership Information Reporting Rule
From January 1st, 2024, any new company (exemptions are listed below) will have 30 days to file their initial Beneficial Ownership information (BOI) report. For the companies already in business before that date, the BOI has to be filed before January 1st, 2025. Also, you should be reporting any changes in the BOI within the
A few months back, I was giving a small training for small businesses in LAEDA's office in Camden, New Jersey. While going over my presentation, I try to make it interactive and allow participants to ask questions on the topic being discussed or similar ones (at the end, there is always a Q&A portion for
The Employee Retention Credit (ERC) is a fully refundable credit that targets businesses with employees (w2s) in 2020 and 2021. These businesses must have been impacted by the pandemic, mainly either 1) reduction of sales (50% reduction in 2020 quarter versus 2019 quarter or 20% reduction in 2021 quarter versus 2019 quarter) or 2) partial
