Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that understands your business, that works in all 50 states and is there for you when you need him?

start business tax rulesFive Tips for Starting a Business

Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are five IRS tax tips that can help you get your business off to a good start:

  1. Business Structure. An early choice you need to make is to decide on the type of structure for your business. The most common types are sole proprietor, partnership and corporation. The type of business you choose will determine which tax forms you file.

business expense self employedSelf Employed? Check Out These IRS Tax Tips

If you are self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return.

Employee or Independent Contractor?: The Worker Classification Dilemma

By Susan C. Allen, CPA/CITP, CGMA, Durham, N.C.
October 1, 2015

The worker classification issue persists due to the inherent tug-of-war between workers, who tend to prefer employee status, and payers/businesses, which often prefer to classify their workers as independent contractors. The reasons are simple: Workers want payers to be held responsible for payroll taxes and employee benefits (pensions, insurance, etc.), and payers/businesses want to shift that responsibility to their workers to save money and lessen their administrative burdens. The proper classification of workers has for decades affected many businesses and workers as well as taxing authorities and other agencies such as the U.S. Department of Labor and similar state labor regulators.

Avoid the Seven Pitfalls of Family Businesses

godfather business 7 pitfalls

Brian Greenberg

Entrepreneurship is rarely easy but having family in the mix can add multiple layers of complexity, barriers and challenges that competitors don't have. On the other hand, the unique dynamics of a family-run business can result in extraordinary success, as evidenced by Wal-Mart, BMW, Ford and Tyson—all highly accomplished family firms.

Proposed Regulatory Changes to Valuation Discounts for Family Partnerships and Family Businesses

The Treasury Department continues to state that Regulations will be issued shortly to curtail the use of valuation discounts for transfers of property among family members.

Valuation discounts are a major tax planning tool to reduce and eliminate federal estate and gift taxes. Clients have used valuation discounts to transfer substantial amounts of their wealth tax-free from one generation level to the next. Discounts for lack of marketability (meaning the inability to quickly sell or monetize an asset) and for a minority interest (meaning the inability to control the entity’s asset’s distributions, the timing of the distributions and the management of the entity’s assets) have enabled clients to discount the values of gifts to family members and to discount an estate’s value at the client’s death. Valuation discounts have generally ranged between 25% to 55% of the entity’s underlying property’s value, depending on various factors.

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