Congress Passes Tax Extenders Legislation

On December 16, 2014, the Senate passed a bill to extend a package of expired or expiring individual, business, and energy provisions known as “tax extenders.” The bill, H.R. 5771, known as the “Tax Increase Prevention Act of 2014,” extends the...

S Corporation or LLC

Many business owners structure their companies as S corporations or limited liability companies (LLCs). On the surface there are several similarities. Both types of entities avoid corporate income tax. Instead, business income is taxed only once, on the tax return of...

Be Wary of Accumulated Assets

Owners of regular C corporations face double taxation. The company’s profits are subject to the corporate income tax. If some of those profits are paid to the owner and other shareholders, as nondeductible dividends, the same dollars will be taxed again, on the...