Category Archives: Entity Formation

When the IRS “Helpfully” Changes Your EIN…

Your personal tax records are noted under your Social Security Number. That won’t work for businesses, so years and years ago the IRS came up with Employer Identification Numbers (EIN) to track business accounts. If you form a new business … Continue reading

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Tax Law Signed; New Year Likely to Bring Lots of New S-Corporations

President Trump signed the tax reform legislation into law. While there are many changes for 2018, one of the biggest is the new Section 199a deduction. This allows a 20% writeoff of net income for sole proprietors, owners of S-Corporations, … Continue reading

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To C Or Not To C, That Is The Question

Robert Flach announced his newsletter, The Schedule C Letter. Robert notes, THE SCHEDULE C LETTER is a bi-weekly newsletter that provides tax planning and preparation advice, information, and resources for sole proprietors and one-person LLCs who report their business activity … Continue reading

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Ask Your Attorney and Accountant and Then Act

Joe Kristan has an excellent post this morning on why your first should talk to your business attorney and accountant and then act on a change to your business entity. If you act first you may very well end up … Continue reading

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What Kind of Business Entity is Right For You (Part 1)

You’ve decided to go into business for yourself! Congratulations. If you’re like most new entrepreneurs, you start your business first, and ask questions later. If you do that, I can guarantee that unless you’re incredibly lucky, you’ll have a bunch … Continue reading

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LLCs vs. S Corps in California

In my practice, I see a lot of S Corporations, but very few LLCs (I can count the number on one hand). Yet, according to Christopher Hoyt of the University of Missouri at Kansas City (writing in the TaxProf Blog), … Continue reading

Posted in California, Entity Formation | 4 Comments