When you own a small business structured as an S corporation, it’s crucial to understand the rules that govern your corporation’s status. One key aspect of maintaining your S corporation
Understanding the Nuances for Business OwnersFor many small business owners in the U.S., forming a limited liability company (LLC) or a partnership is a common way to structure their businesses.
When it comes to legal settlements, the general rule is that payouts related to personal injury or illness are not subject to federal income tax. However, as with many aspects
One of the perks of running your own business is the ability to employ family members, but this comes with unique tax implications that every business owner should be aware
In the world of business, maintaining compliance with tax laws is as crucial as delivering quality services to clients. Yet, many business owners, overwhelmed by the myriad responsibilities that come
In a recent case that highlights the severe consequences of tax evasion, a Newark construction business owner admitted to evading taxes by using a check-cashing scheme and failing to collect
A recent case involving a Rochester businessman pleading guilty to a tax charge has highlighted the serious consequences of failing to meet tax obligations. This case serves as a cautionary
In a recent case that underscores the critical importance of tax compliance, Alabama chiropractor Gary Forrest Edwards was indicted on charges including tax evasion and filing false tax returns. Edwards
Owning and leasing an aircraft can be an effective way to offset the high costs of ownership. However, as beneficial as this strategy might seem, it’s not without its challenges—particularly
Charles Sorenson, a retired Delta Airlines pilot, was recently found guilty of multiple serious tax-related offenses, including tax evasion, filing false tax returns, failing to file tax returns, and making