Reasonable Compensation, Payroll and Distributions for an S Corp Owner

reasonable compensation for S corporations

Many small businesses are formed as S corporations.  S corps have been around for many years.  Their popularity has a lot to do with the fact that s corporations offer both tax savings and a high degree of liability protection in the event of a lawsuit.  While S corps are very popular, the issue of […]

Opportunity Zone: Defer or Eliminate Capital Gains

opportunity zone

The Qualified Opportunity Zone Program has been around since 2017.  It is a valuable tax planning strategy that is available to taxpayers even if they do not own a business. The program provides tax benefits to long term investors in communities called Qualified Opportunity Zones.  These are geographic areas that need improvement or development, such […]

What is a Cost Segregation Study?

cost segregation study

A cost segregation study is a strategic tax savings tool that allows companies and individuals who have purchased, constructed, expanded, or remodeled any kind of real estate for commercial or residential use to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. Typically, real estate is depreciated over a straight-line […]

FBAR vs 8938: Which One Should I File?

FBAR vs 8938

FBAR is the Report of Foreign Bank and Financial Accounts.  Its purpose is the inform the U.S. government of financial assets held in foreign countries.  Form 8938 is very similar to the FBAR, although with a higher filing threshold.  FBAR is submitted to the U.S. Treasury.  Form 8938 is submitted to the IRS along with […]

Nonresident Alien vs Resident Alien

nonresident alien and resident alien for tax purposes

Nonresident aliens and resident aliens are required to comply with a variety of U.S. tax return rules.  This applies to individuals coming to the U.S. on business, for education, for marriage or for other personal reasons.  The rules are different for various visa types.  In this article we will discuss what is a nonresident alien […]

Heavy Highway Vehicle Use Tax: Due August 31, 2023

heavy highway vehicle use tax

The Heavy Highway Vehicle Use Tax is an annual federal excise tax on heavy highway trucks and other motor vehicles operating on public highways.  Anyone who is required to register large trucks and buses with a taxable gross weight of 55,000 pounds or more must pay the tax. The required tax return is Form 2290, […]

Family Business Ideas

Family Business Radio, Episode 47

Family business owners Olivia and Carmen Amyette, Infinity Energy Advisors, and Gary Massey, owner of Massey and Company CPA were the guests on this episode of Family Business Radio.  The subjects of the episode are family business ideas and entrepreneurship. Family Business Ideas – Podcast Olivia and Carmen, her mom, talked about Olivia’s accomplishments and […]

Solar Tax Credits

Solar Energy Tax Credit

The United States and much of the world is turning from fossil fuels to alternative forms of energy.  According to an August, 2023 article in the New York Times, this shift is found even in areas dominated by the oil and gas industries.  To a certain extent, this shift is encouraged in the United States […]

IRS Negotiation: Resolving a Tax Debt

IRS Negotiation

Negotiation with the IRS to Settle a Tax Debt IRS negotiation of tax debts is a fundamental part of our tax practice.  Typically, tax debt negotiation is required when the taxpayer owes taxes, penalties and interest to the IRS that they cannot afford to pay.   A tax debt can be for one year or for […]

Immigration and Taxes

Taxes and immigration

The Connection Between Immigration and Taxes Immigration and taxes have a lot to do with each other.  In our Atlanta, Georgia CPA firm, we assist individuals and immigration attorneys with tax issues that arise during the USCIS immigration application process. Taxation and immigration go hand in hand. Our CPAs, Enrolled Agents and tax accountants handle […]