Who Is Required to Pay Estimated Taxes? Taxpayers with income not taxed at the source generally have a quarterly estimated tax obligation. This includes those receiving income from the following sources: Self-employment Interest Dividends Alimony Capital gains from selling stock, bonds, cryptocurrency, and other assets A business, including rental property income Prizes and awards According…
The Limited Liability Company (or LLC) is a popular form of organization for new businesses in the United States. LLCs generally provide the same personal liability protection as a corporation, but without the additional layer of taxation or burensome administrative requirements. These requirements, commonly referred to collectively as “the corporate formalities,” generally include naming a…
Equity based compensation such as options or restricted stock has grown tremendously in popularity in recent years. For startups and small businesses, equity can be a valuable and effective means of compensating key employees (and incentivizing retention) during early growth periods when cash flow is tight. We are frequently asked by clients to help determine…
At the end of 2020, Congress passed a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary and necessary expenses paid…
One of the most important decisions faced by an entrepreneur with a growing business is when to start hiring outside help. Carefully selected and trained employees can be an invaluable asset to the business, returning many times their own cost in sales or productivity gains. On the other hand, the wrong people (or the right…
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