In this article, I’ll discuss the potential consequences for professional tax services providers and their clients (taxpayers) when tasks get forgotten and tax deadlines have been missed. I’ll also touch on options for resolving late filing and payment issues with government agencies.
If your business plans to sell products or services, most states will require you to obtain a seller’s permit. This seller's permit can also be called a sales tax license or sales and use tax permit. The process and fees for obtaining a seller’s permit vary by...
What Is a fictitious name? A fictitious name is a name other than your proper legal business entity name that you formally get permission from the state (or county) to use when conducting business. You may also see a fictitious business name referred to as: Doing...
Professionals like you, who help entrepreneurs navigate the challenges of starting and growing their businesses, will likely encounter clients asking about a "Letter of Good Standing." Let's take a moment to talk about what a Letter of Good Standing is and why...
If you have a high level of proficiency, expertise, and experience in a field, you may have thought about how to start a consulting business. Starting a consulting business can be a wonderful career option for individuals who want to leverage their knowledge and...
Whether you operate a Sole Proprietorship, Partnership, Limited Liability Company (LLC), Limited Liability Partnership (LLP), or Corporation, how you manage your finances is a vital aspect of running your business. While using your personal bank account for...
Whether you’re a finance major fresh out of college or have been working in an accounting firm or department for years, I’ll bet you’ve thought about being your own boss. There’s a lot to consider when exploring how to start an accounting business. Let's dig into...
If you are considering electing S Corporation status you might wonder how this will impact your existing LLC or C Corporation. One question that comes to mind quickly is the continued ability to use LLC or Inc with a business name. S Corporation election is a tax...
A single-member LLC can be taxed as an S Corporation if it meets the IRS’s eligibility criteria. In fact, both single-member and multi-member Limited Liability Companies can elect to be treated by the IRS as either an S Corporation or a C Corporation if they meet...
Statutory conversion vs. business domestication. One changes a business entity type; the other changes a company's home state. Read on to learn more!
Despite your best efforts to choose the perfect name for your company, there may come a time when that name no longer is the best fit. Perhaps the business name no longer accurately reflects your brand or there are legal considerations at play. Regardless of the...
A corporation has three main categories of stakeholders involved in the financial and management aspects of the company. While all play a crucial role, officers work more closely with a corporation’s managers and supervisors, arguably having a more direct impact on...
What business owners should know about annual meeting minutes for corporations. What are they, who must have them, and how do you create them?
No matter which state your Limited Liability Company (LLC) is located in, you will need to file documentation with the Secretary of State to establish your company and keep it legally compliant. A Statement of Information is one of the standard reporting...
One of the essential steps new business owners must take when launching their companies is to apply for an EIN. An Employee Identification Number (also known as a Federal Tax ID Number or Tax ID Number) is a nine-digit number assigned to a business for filing...
Amazon sellers, like other entrepreneurs that sell products online, should think about how their business structure affects them professionally and personally. The business entity type chosen has an impact on income tax obligations, ongoing business compliance...
When entrepreneurs want to expand their businesses, they face the important decision of how to structure that growth. One approach is to form a separate company under another registered business entity. Some restrictions exist and small business owners may be...
Choosing the best state to start a business is an important detail in your overall business plan. When it comes to launching a small business, “Location, location, location” is part of the formula for success. If you’re wondering if a specific location would give...
One of the most exciting initial tasks to tackle when starting a business is brainstorming names for your company. It’s also one of the most critical to-dos; your company’s name will be the foundation of your brand, so you need to consider it carefully. As you...
Creating a budget as a freelancer shouldn’t be any harder than it is for any other small business. And yet, the rollercoaster ride of finding and keeping clients, collecting invoices, marketing your business, and juggling all of this yourself can create major...
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