by ABIP | Oct 2, 2019 | News
As a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. The IRS audited 0.6% of individuals in fiscal year 2018. Businesses and high-income people are more likely to be audited, but audit rates...
by ABIP | Sep 25, 2019 | News
Right now, football teams are trying to put as many wins on the board as possible to make this a special season. Sports can highlight important lessons for business owners about profitability. One is that companies must learn from their mistakes and adjust their...
by ABIP | Sep 18, 2019 | News
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution is taxable to you as a shareholder but it’s not deductible by the corporation. But there are...
by ABIP | Sep 11, 2019 | News
abip CPAs & Advisors is proud to announce Michael Landers has been named Partner. Michael will provide audit as well as transaction and technical advisory services. Michael graduated from the University of Houston with a Bachelor of Science in Accounting. He is a...
by ABIP | Sep 9, 2019 | News
Here are a few key tax-related deadlines for businesses and other employers during Quarter 4 of 2019. OCT. 15: If a calendar-year C corp. that filed an extension, file a 2018 income tax return. OCT. 31: Report income tax withholding and FICA taxes for Q3 2019 (unless...
by ABIP | Sep 4, 2019 | News
If you’re a small business owner, you may want to set up a retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages, including 401(k)s, Simplified Employee Pension (SEP) plans and SIMPLE IRAs. For 2019, the maximum amount...
by ABIP | Aug 28, 2019 | News
The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the...
by ABIP | Aug 21, 2019 | News
Operating a business as an S corporation may provide advantages, including limited liability and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes. But not all...
by ABIP | Aug 14, 2019 | News
In recent months, many businesses and employers have received “no-match” letters from the Social Security Administration (SSA). These letters alert employers if employees’ names and Social Security numbers (SSNs) don’t match the data reported on W-2 forms, which are...
by ABIP | Aug 7, 2019 | News
More businesses are accepting bitcoin and other virtual currency payments, and the IRS is taking notice. The agency just announced it is sending letters to taxpayers who potentially failed to report income and pay tax on virtual currency transactions or didn’t report...
