Professional Corporation that does not elect subchapter S – be careful of using yearend bonuses to zero out taxable income
Some professional entities are C corporations. The case of Brinks Gilson & Lione, a professional corporation v. Commissioner, TC Memo 2016-20, points out the danger in operating a professional entity as a C corporation. In Brinks, the professional corporation had a substantial number of attorneys… Read More
Stepping Over Dollars to Save Dimes: The Importance of Good Corporate Record-Keeping
Managing expenses is an issue for every business, but it is particularly an issue for small and closely-held businesses. For very rational reasons, exercises that might otherwise seem sensible, but for which there is no clear and quantifiable benefit, are typically put to the side… Read More