Publications
The Biggest Issue You Have Never Heard of - Complying with the Corporate Transparency Act
Are you an owner of a business, of real estate, or of other property organized as a corporation, limited liability company, limited partnership or other entity created by filing with a Secretary of State office? If yes, then you and your company will need to file information with the Treasury Department on yourself, your company, and every beneficial owner of an interest in your company starting January 1, 2024. If you do not, you face a fine up to $10,000, up to 2 years in jail, or both for each failure to report. Get started now. how to comply with the strict requirements of the new Corporate Transparency Act. (CTA). Determine whether the CTA applies to you and your company and if so, what you will need to report
Forbes: Planning Checklist For S. Corp. Shareholders
When income is distributed to stockholders of U.S. corporations there are two levels of taxation: one at the corporate level (as adjusted net income) and one at the stockholder level (as dividend income). If the corporation and shareholders elect, the distributions to stockholders are treated as adjusted net income to the stockholder and the corporation pays no income taxes. This election is limited to small business corporations (a so-called S. Corp.) which are defined as a domestic U.S. corporation, which is not an ineligible corporation (a financial banking or DISC corporation), which does not have more than 100 eligible shareholders, all stockholders must be eligible persons or entities, and has only one class of stock outstanding.