Category Archives: taxes

New 1099 Rules effect on Small Business

    This post provided by Paul Ikard, CPA March 17, 2012  – Some of the below rules may have been modified, check with your CPA before taking any action. Businesses and not-for-profit organizations are accustomed to IRS rules that require them to report certain payments on annual Form 1099 information returns. However, the recently enacted healthcare law […]

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Good Article on Corporation vs S Corporation in Sale of Business

Tax Issues, Benefits and Risks.  Click Here for Source Article.

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All Small Business Owners will Leave Their Business – I Guarantee it!

The question is, will you leave your small business the smart way or leave it the dumb way? Having an exit plan for your business is smart. A formal plan will look at your options, devise efficient tax strategies and create an estate plan that eliminates any disputes that might result if you suddenly passed […]

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When buying a small business – Allocation of Purchase price is important!

Allocation of Purchase Price is done for tax purposes when buying the assets of a small business. The allocation is important because it effects how the person buying a business and the person selling a business will be taxed and what deductions are possible. Always do the allocation of purchase price before closing the transaction, […]

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Due Diligence for Buying a Business – Part 3

Assuming you’ve read Part 1 and Part 2 here we go with Part 3. Sales Tax and Due Diligence in a small business purchase: Make sure the seller provides you with the Sales Tax Reports for at least 3 years. Double check those with the reports filed with the state. It is pretty unusual for […]

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Financing the Small Business in Today’s Environment

Guest post from Mr. Tim Stamps DRDA, PC Most of us have encountered a budding entrepreneur who has spent the majority of his/her career in the corporate world and then finally musters the courage to step out on a limb and start their own small business. They face a few problems, though: despite his long-standing […]

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Tax Law Changes effecting Biz Sales

The new benefits offered by congress allow small businesses to reduce their tax bill which makes the business sale more appealing for the sellers.S Corporation Built-In Gains Tax Relief. For tax years beginning in 2009 and 2010, ARRA shortens, from ten to seven years, the amount of time that an S corporation that has converted […]

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Tax law changes and business sale net values

Tax changes are on the way! What does it mean for a business owner who may wish to sell his business in the next 3 – 5 years? Here’s a link to an article you might find interesting, click here.

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