Call Us: 801-802-9020

Blog

Pass Through Entity

There is a lot of confusion about pass-through entities.  I have people all the time tell me that one of the advantages of an LLC is that it is a pass-through entity.  The confusion comes because people don’t separate the legal aspects of an entity with the […]

Read more

The Myth of Business Credit

Don’t get caught in a web of deceit. Business credit almost never is what it is cracked up to be by the promoters who are pitching programs to get you business credit. There are a lot of seminars, webinars, and other programs out there asking you to […]

Read more

Ten Things You May Not Know About an LLC

Read more

Double Taxation

A lot of people misunderstand or get confused when we talk about double taxation.  The double tax commonly talked about only occurs in the context of a corporation or LLC taxed under Chapter C of the IRS Code.  This is commonly called a C corporation.  Please note […]

Read more

Corporation vs LLC Terms

The operation of a corporation and LLC is very similar, but but in order to make it clear which entity you are talking about, a distinct set of terms has been created for each entity. Consider the following list of terms for corporations and their counterpart terms for […]

Read more

Why Business Owners Need to Also Have an Estate Plan

Ninety-five percent of businesses do not survive the death of the business’ founder.  Apple may not survive the death of Steve Jobs.  Yes, the founders and CEOs make a difference, but there is another reason businesses fail after the founder’s death.  The little businesses get caught up […]

Read more

Your Business Needs Stuff

To keep the legal sharks from piercing your corporate shield, you need to be able to demonstrate that you have treated your company like a real business.  In order to convince the judge, when you are sued, that you have treated your company like a real business, […]

Read more

Expense Reimbursement Forms

#23 on Lee’s formalities checklist is “Has your LLC adopted an expense account form for official company use that meets IRS guidelines?” When the company is reimbursing you or any employee, the expense is deductible to the company and the reimbursement is not income to the employee.  […]

Read more

Catching Up on Paperwork

#22 on Lee’s formalities checklist is “Are you current on the above formalities and paperwork? If you’re behind, do you know how to catch up?” Mistakes happen. Required formalities in operating an LLC or corporation can be missed. In fact, most small company owners just ignore all […]

Read more

Questionable Deductions

reThis article is written by Ben Rucker, a former special IRS auditor.  The video, of course, is of Lee Phillips. #21 on Lee’s formalities checklist is “Do you have a resolution documenting the business purposes for any questionable deductions?” Large, Unusual, or Questionable deductions (LUQs) on your […]

Read more
Page 1 of 1212345...10...Last »