The Tax Cuts and Jobs Act (TCJA) has officially been the law of the land for a full year now and tax season is upon us – the first year in which your tax return will be prepared in accordance with the freshly overhauled Internal Revenue Code. Many actors (and other entertainment professionals) will be surprised to find that their tax bill will be higher than usual this year.
A loan-out corporation – also referred to as a loan-out company – is a corporation that is generally created by service providers in the creative and entertainment industries such as actors, producers, musicians, and the like. In short, by creating a loan-out corporation, the service provider becomes an employee of the corporation and the corporation “loans out” the services of the shareholder. Below are a few factors to consider before one decides to open up a loan-out corporation.
On Friday, December 22, 2017, President Donald Trump signed into law what is commonly referred to as the Tax Cuts and Jobs Act of 2017. This historic piece of legislation is the largest overhaul of the Internal Revenue Code since the Tax Reform Act of 1986 signed by then President Ronald Reagan. Most of the new tax provisions become effective January 1, 2018 so most taxpayers are anxious to learn how they will be affected.
Did you “throw your hat” in the proverbial “ring” of Cryptocurrency in 2017? If so, you may need to “square up” with Uncle Sam this tax season. The New Year is upon us and many of you that participated in the Cryptocurrency craze are now left wondering how to properly report your transactions to the IRS.
So you’re starting – or thinking about starting – a new business venture. Maybe you have an amazing business idea, but you’re not sure how to put it on paper. Or perhaps you’re considering whether you should find a trusted partner or go it alone. There are a number of factors to consider, but keep in mind: all businesses are not created equal. Here’s a quick look at a few of the most common business entity structures that small business owners select.
You, like many other small business owners, might be asking yourself, "Why in the world would I pay someone to manage my books when I can just do it myself?" Many small business owners adopt this mentality in an attempt to safeguard their checkbooks by avoiding yet another budget item on their laundry list of monthly expenses. Truth be told, business owners that partner with a top-notch bookkeeper do themselves (and their checkbooks) a huge favor. Here are four reasons why outsourcing your books makes sense.