Recent Articles

Internal Revenue Service

A section fo the Department of the Treasury responsible to collect taxes and enforce the laws of Chapter 26 of the Federal Code.

Owner Compensation in an S-Corporation

06/05/2015

One of the tax attributes of an S-Corporation over other forms of tax entities is the ability to reduce the overall tax obligation.  Naturally the lower the overall tax requirement the more profit generated for the owner(s).   The S-Corporation [...]

SS-4 IRS Application for an Employer Identification Number

05/09/2015

An employer identification number (EIN) is the business equivalent of a Social Security number.  A unique identifier is assigned to the business for use in communicating and complying with the Internal Revenue Service.  Just like a Social Security [...]

Capital Expenditures – IRS Definition

01/21/2014

The Internal Revenue Service uses a complex definition to identify capital expenditures (assets).  A capital expenditure is not deductible as an expense in the tax year purchased; the taxpayer or entity must use depreciation, amortization or [...]

Partnership Agreements – An Introduction

01/09/2014

There is a tremendous amount of information to convey to fully understand partnership agreements.  This is the first in a series of articles related to partnership agreements.  Throughout this series I will explain the various sections and issues [...]

What is an Audit?

03/07/2013

An audit is defined as a methodical examination.  Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure).  For the small business entrepreneur, it is almost unheard of for them to have [...]