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Jun 10, 2023 - Eli Segall won an Excellence in Financial Journalism Award from the New York Society of CPAs and a National Headliner Award for public service.

Revoke S corporation status, you trigger a taxable event. Upon revocation, distributed assets go to the S Corp shareholders at fair market value.

Multi-entity arrangement where the LLC is owned by S Corps allows for flexible revenue splitting yet provides tax efficiencies. Ask us how!

The IRS does not get alarmed when payroll is launched late for mid-year payroll. Do not be concerned with lopsidedness of your S Corp payroll.

Nov 30, 2025 - An Accountable Plan allows owners' employees to turn in expense reports for home office use. Mileage, cell phone, internet, meals, & travel.

Jan 31, 2025 - Created for CPAs! Free to use for CPAs. Use our cryptocurrency tax professional suite software to easily help your clients prepare their crypto taxes.

The quality of your tax return and the timeliness of its preparation depends on obtaining all your tax documents and information.

Jun 18, 2025 - Discover the importance of WISP for CPA firms, covering key objectives, purpose, and scope to protect client data and ensure compliance with industry standards.

Shareholder distributions in excess of basis can be easily triggered because of depreciation, loans or bad basis data, and it is taxable.

This article will take building wealth one step further and broach a topic not often discussed- paying more taxes. Wait?! What?! Why?

S Corps that lose their “S” status must wait under the 5 year rule. However, there are exceptions such as change in ownership and others.

Oct 29, 2025 - Bucknam & Conley's business advisory services will help you form your LLC, S Corp or C Corp, restructure your current business, improve cash flow, and...

In the repairs versus improvements debate the first step is knowing what you are repairing or improving? The unit of property (UOP) is considered.

Dec 2, 2025 - The PILLAR Act reauthorizes significant grants for Tribal cybersecurity. Advanced preparation is critical to secure funding.

Massaging of the S Corp equity section of the balance sheet is required when being taxed as an S corporation especially an LLC. Ask us for help.

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Tax planning services are essential for two reasons - peace of mind during summer and sound decision-making based on tax strategies.

We get calls and emails from business owners who ask about adding their spouse to payroll. Sounds like a good idea but there are things to be aware of.

There are other tricks of the trade with S Corps such as adding spouse or kids to payroll, income shifting, among others. Ask us how.

As the only shareholder of an S Corp, you think that everything the business owns you also personally own. You might have trapped assets.

Super flexible and tax efficient arrangement is a multi-member LLC that issues invoices to S Corps according to an agreement. Very common.

Nov 9, 2020 - WCS CPAs leadership - Learn more about the accounting professionals serving the Baltimore, MD community.

The quality of your tax return and the timeliness of its preparation strongly depends on obtaining all your tax documents and information.

We listed three safe harbors plus the betterment, restoration or adaptation thresholds including cost segregation. We will smash all this up with reno's.

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You might be changing depreciation between 27.5 and 39 years, and back and forth. Why? Residential versus nonresidential uses might require it.

There are several S Corp downsides and problems. Some big. Some small. Most are fixable and are not deal killers. Ask us!

Nov 1, 2025 - Artificial intelligence has a trust problem. CPAs have the credibility and skill sets to address the issue.

Jul 26, 2024 - Fully realizing the benefits of tribal self-governance and self-determination through PL 93-638 depends upon your ability to transition.

Mini portal of various real estate investment considerations including cost segregation, short-term rental loophole, real estate professional, etc.

Aug 11, 2025 - There's relief for the late S corp election (Form 2553). We can go back to January 1, 2023. Need help with S Corp vs. LLC questions? Call us!

Jan 23, 2025 - With years of experience helping local governments in Maryland, we are uniquely qualified to bring the technical skills necessary to achieve your goals while...

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Big benefit with an S Corp is the reduction of self-employment taxes. There are some other benefits are also recapped here. Check it out.

May 12, 2025 - Best Companies to Work for in New York State The Best Companies to Work for in New York State program is a partnership between the NYS-SHRM, The Business...

Sep 30, 2025 - Starting Sept 30, 2025, paper tax refund checks are phased out. Learn how refunds will arrive and what you need to know.

It is easy to form an LLC and have it taxed as an S corporation. However, an S Corp is not formed. It is a tax election. Find out more.

With an S corporation or partnership you need sufficient basis in your business for deducting losses. Learn more about deducting S Corp losses at WCG.

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Business owners, at times, want their business to owe them money; this typically does not make sense and also can set you up for problems down the road.

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While most parents can’t get their kids to clean a counter or put away dishes, perhaps putting your kids on payroll to work at the office is a good option.

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There are some over-arching themes for all small business and rental property tax deductions. The expense must be ordinary and necessary, not lavish.

If you are struggling financially and a creditor wants your assets, your interests might be safe with charging orders. But there are limits.

Jul 30, 2025 - 185 small business tax deductions & write-offs you cannot take and hot topics such as automobiles, home offices, deducting MBA's and more.

Payroll taxes on paying your children can be tricky. Children do not pay any Social Security or Medicare taxes in most cases.

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Nov 6, 2024 - Marking its 65th year of scholarship distribution, the New Jersey Society of Certified Public Accountants (NJCPA) is accepting applications

If your rental property trips vacation home rules then your rental expenses and therefore rental property deductions are limited. Learn more at WCG today.

You are able to engage in revisionist history and do a late S Corp election back to January 2021. But there are rules and required things.

Nov 7, 2023 - To securely send us your signed forms: Powered by: 1.Choose “RBT, eFile” from the recipient dropdown. 2.Make sure to let us know who you are by filling in...

To maximize Section 199A deduction requires balancing reasonable S corp shareholder salary and net business income. Magical number is 27.9%. See examples.

WCG CPAs & Advisors is thrilled to partner with BiggerPockets. Located in Denver, Colorado, BiggerPockets is the premier resource for real estate investing.

Founded by Tina and Jason Watson, WCG CPAs & Advisors has provided worldwide tax preparation and business consulting from our Colorado Springs offices.

IRS recently released Notice 2018-76 which essentially restores the business meals tax deduction for small business owners.

Given the new meals and entertainment landscape from TCJA, we believe business owners need to be aware of the possible interpretations of the new rules.

LGA, LLP provides full service accounting, and business consulting services to businesses and individuals in New England.

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Adding your spouse as a partner. Should you form an LLC with your spouse? You might be one of 3 situations. Find the best business structure.

Oct 10, 2025 - Comprehensive accounting glossary for CPAs with clear definitions of key terms to help you stay accurate, informed, and efficient in your practice.

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CLA is a professional services firm delivering integrated wealth advisory, digital, audit, tax, outsourcing, and consulting services. Learn more about CLA.

Nov 26, 2025 - Explore 2026 trends in beverage product innovation—from new flavors to NoLo drinks—and learn how the updated R&D tax deduction can boost savings for...

Due to special tax rules, you can contribute more to a solo 401k plan than other comparable retirement plans. Dump that dinosaur SEP IRA!

Working remotely was necessary for many businesses and people loved it. But research shows that 100% remote work is not sustainable.

Discover Xero for accountants and CPAs in the U.S. Streamline workflows, collaborate with clients, and grow your accounting firm with smart cloud software.

Contributing to a 401k plan does not reduce Officer Compensation to a point where the IRS might challenge your reasonable salary calculation.

Section 199A offers a 20% deduction for businesses, but are rentals considered a trade or business? The answer is Yes on Section 199A rental income.

Nov 26, 2025 - With external audits complete, NY school districts must focus on internal audits to improve compliance, reduce risk, and ensure financial integrity. Learn key...

Jun 30, 2025 - Your tax and business consultation buddies at WCG let loose from time to time, and interact with each other on a social level. Tax season can be intense!

Jan 23, 2025 - At WCS, we offer a wide range of accounting and assurance services to meet your specific financial reporting needs driven by your management, board or investor...

With a partial asset disposition (PAD) you might have a loss on the old system when you replace it.

There are several benefits of owning your rental property in an LLC such as separate checking account, compartmentalization, and more. Learn more at WCG today.

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Discover how Paycor can help your clients with year-end support, robust reporting and analytics tools and even a personal concierge service.

Use a medical C Corp to avoid the limitations of a pass-through entity and shareholders for reimbursing medical expenses.

Nov 24, 2025 - Like King George in Hamilton, “What comes next?” The S Corp transition frankly speaking can be painful. Let’s run thought some of the transition concerns.

Your S Corp questionnaire form has been successfully submitted. We will review right away! There are clearly some slam-dunk yes-you-should-do-it situations.

Oct 30, 2025 - A practical CPA guide to multi-state payroll: tax reporting agent responsibilities, reconciliations, and how to reduce multi-state payroll risk.

Aug 10, 2023 - We base our business assurance services around what we learn from client needs. Find out how we can help your organization minimize risk.

WCG's Business Formation Services Portal has everything you need to help launch your new business from entity selection to S Corp formation (election).

Nov 18, 2025 - On November 5, the IRS issued Notice 2025-62 providing penalty relief to employers and other payors required to report cash tips and qualified overtime...

Mini portal of various CRNA 1099 contractor considerations including tax deductions, traveling CRNAs doing locums, S corp election, etc.