Duffy Kruspodin, LLP’s Post

Pitfalls under the centralized partnership audit regime Six years of the Centralized Partnership Audit Regime have elucidated a central understanding: the Bipartisan Budget Act provisions present plenty of potential pitfalls for partnerships, partnership representatives and the partners. The BBA creates a fictitious partnership level tax, imbues the partnership representative with authoritarian control, threatens to create conflict between partners, and overhauls the partnership examination requiring key decisions at various stages of the examination process. https://lnkd.in/eB62syPc #tax #taxes #business #company #firm #sable #sablegroup #sablegroupllc #accounting #accountant #accountingfirm #taxfirm #accountingbusiness #taxbusiness #accountingcompany #taxcompany #entrepreneurship #entrepreneur #irs #internalrevenueservice #taxpayers #taxseason #audit

Thank you Damian Ebzery from Tax Advisory Strategists Pty Ltd for teaching us at Key Business Network Brisbane North about the importance of businesses having the correct structure in place. You want to avoid risk and liability as much as possible as a business owner and structuring can greatly assist with this. Structuring can also assist with tax savings. For more information on setting up the right structure for your business then please reach out to Damian and his team for more advice. #taxadvisory #accountant #keynotespeaker #networking #taxstrategies

🔍 Understanding Business Legal Structures: Making Informed Choices 🔍 Choosing the right legal structure for your business is a pivotal decision that can impact your operations, taxes, and liability. Let's break down the various types of business structures and explore their tax advantages and disadvantages. Sole Proprietorship - Advantages: Simple and cost-effective to establish, single layer of taxation where income is taxed at the personal level. - Disadvantages: Unlimited personal liability, limited ability to raise capital. Partnership - Advantages: Easy to form, shared financial commitment, single layer of taxation (profits taxed at individual partner’s rates). - Disadvantages: Joint liability, potential for disputes among partners, profits must be shared. Limited Liability Company (LLC) - Advantages: Limited liability protection, flexible tax treatment (can be taxed as sole proprietorship, partnership, or corporation), simple administrative requirements. - Disadvantages: Self-employment taxes may apply, varying state regulations can complicate operations. Corporation (C Corp) - Advantages: Limited liability, unlimited lifespan, easier to raise capital through stock, potential tax benefits. - Disadvantages: Double taxation (profits taxed at corporate level and again as shareholder dividends), more regulatory requirements and corporate formalities. S Corporation - Advantages: Limited liability, avoids double taxation (profits taxed at the shareholder level), can write off business losses. - Disadvantages: Stringent qualification requirements, limits on number and type of shareholders, additional IRS scrutiny. Selecting the right business structure isn't just about minimizing taxes—it's about balancing liability protection, management flexibility, and future growth prospects. 🏢💡 #Business #Entrepreneurship #TaxPlanning #BusinessGrowth #LegalStructure #SmallBusiness

Here are six things business owners should do to avoid an audit: https://lnkd.in/g22JqYe7 #avoidanaudit #audit #taxaudit #taxattorney #taxes #businessfinances #businesstaxes #businessownership #smallbusiness #growingabusiness #entrepreneurship #bookkeeping #profitandloss #hobbyloss #businessblog #taxdebt #taxhelp #boeshaarlaw

LLC Benefits Explained: Discover how forming an LLC can help protect your personal assets while offering key legal and tax advantages! 🛡️💼 Take control of your business with the right structure and safeguard what matters most. #aba #appliedbehavioranalysis #abatherapy #abainbusiness #abaconsulting #businessblueprint #businessgrowth #entrepreneurship #cfo #accounting #tax

Here are six things business owners should do to avoid an audit: https://lnkd.in/gBJvsmtx #avoidanaudit #audit #taxaudit #taxattorney #taxes #businessfinances #businesstaxes #businessownership #smallbusiness #growingabusiness #entrepreneurship #bookkeeping #profitandloss #hobbyloss #businessblog #taxdebt #taxhelp #boeshaarlaw

Did you know certain industries and professions require the business to be formed as a professional corporation?

IRS update: Boosting alternative dispute resolution, and more The Internal Revenue Service is concerned that not enough taxpayers are taking advantage of its alternative dispute resolution process for resolving disputes. https://lnkd.in/dZqYyj8J #tax #taxes #business #company #firm #sable #sablegroup #sablegroupllc #accounting #accountant #accountingfirm #taxfirm #accountingbusiness #taxbusiness #accountingcompany #taxcompany #entrepreneurship #entrepreneur #irs #internalrevenueservice #taxpayers #taxseason

Take advantage of the small business CGT concessions to reduce, disregard, or defer capital gains from an active asset used in your small business. 💸 #xceladvisory #business #finance #CGT #tax #Brisbane #accounting

🌟 Why Choose an LLC for Your Small Business? 🌟 LLCs have become a top choice for small business owners, and here's why: Limited Liability: Protect your assets! An LLC shields owners from business debts and legal actions. Your finances stay safe. 🛡️💼 Tax Flexibility: Enjoy simplified taxation! LLCs are pass-through entities, meaning profits and losses are reported on personal tax returns, avoiding double taxation. 📈💰 Management Flexibility: Run your business your way! LLCs offer flexible management structures, allowing owners to manage directly or appoint managers. 🏢🔧 Ease of Formation and Maintenance: Save time and money! Forming an LLC involves less paperwork, lower fees, and fewer compliance requirements compared to corporations. 📝💡 Considering an LLC for your business? Let Attorney Joette guide you through the process with expert advice and support. Contact her today! (860) 249-1399. 📞🌐 #trinhlaw #attorney #smallbusiness #businessattorney