Tag: S Corporation

SBA issues surprising new PPP guidance addressing rent-related costs and owner-employee compensation 

On August 24, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) addressing the Payroll Protection Program (PPP) as it relates to the ownership percentages that trigger the applicability of the owner compensation rules and limitations on the eligibility...

Guest Author Steven Enwright: Choosing the right corporate structure for your business

Selecting a type of business entity is often the first step in the business establishment process. The choice is often dictated by the short and long term goals of the owners and the eventual operation plan for the business. The...

Tax court rejects theft deduction loss

In a recent Tax Court ruling (McNely v. Comm'r, T.C. Memo. 2019-39), the Court held that a couple could not deduct theft losses of more than $400,000 that they alleged were incurred by their wholly owned S corporation in 2011...

IRS issues final regulations under section 199A (20% deduction)

The U.S. Department of the Treasury has issued final regulations and other guidance on a substantial provision of the Tax Cuts and Jobs Act, which allows owners of sole proprietorships, partnerships, trusts, and S corporations to deduct up to 20...

Choice of entity considerations: LLC or Corporation?

Are you considering whether to set up your company as an LLC or corporation? Here are few insights to help you make your decision. As a practical matter, the protection for LLCs might be stronger than that for corporations. While...

Reminder: Do Not Forget the Health Insurance Deduction if You Are Self-Employed

If you are self-employed, there are still deductions for medical, dental or long-term care insurance premiums that are paid for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the...