California’s Franchise Tax Board is extending the hours of its call center and several field offices because technical difficulties blocked many callers from getting through Monday.
McGladrey’s Jeffrey Collins discusses which companies should consider switching from corporations to LLCs to avoid franchise taxes.
It might be in the political interest of the GOP majority in Congress to implement federal corporate tax reform based upon facts and serious analysis. Some members of Congress from both sides of the aisle and lobbyists may want to gum-up the discussion with political rhetoric that feels good to the public at large. But political posturing may not be in the best interest of businesses, taxpayers and the country. Before discussing issues for tax reform let me present a brief history and other features of federal corporate tax.
As an entrepreneur, the best gift you give yourself this holiday season may not have been under the tree. In fact, most of us will have spent more time decorating for the holidays than we will allocate to tax planning during the Christmas season, yet taxes are the biggest expense most small companies face. So as a final present, here are some words of advice on year-end tax planning that I’ve gathered with the help of Aaron Young, CEO of corporate solutions service and education provider Laughlin Associates, of Reno, Nevada. I met Young several weeks ago as he presented at the December CEO Space business growth conference in Las Vegas. As disclosure, I have been invited to join the faculty team of CEO Space as a future coach and presenter.
Should you choose an LLC or S-Corp for your business? Learn about the pros and cons of each.
Choosing the right business structure can be a daunting task for the small business owner or entrepreneur. You may have heard that the traditional C Corporation is overkill for most small businesses, and results in higher overall tax payments through something known as double taxation. But if the C Corporation isn’t right, then what is?