by Pedro Gonzalez, CPA | Oct 7, 2022 | Tax Planning & Preparation, Tax Strategies
At first glance, the corporate tax rules for forming an S corporation appear simple. However, they are not. You are already aware the tax code is full of hidden rules. The IRS knows these rules and you need to know them, too. In this article, we do two things: We help...
by Pedro Gonzalez, CPA | Aug 1, 2021 | Tax Planning & Preparation, Uncategorized
Corporations, limited liability companies, and certain other business entities can make an election with the Internal Revenue Service to be taxed under Subchapter S of the Internal Revenue Code. If such an election is made, the business entity becomes an “S...
by Pedro Gonzalez, CPA | Nov 19, 2020 | Business Consulting, CARES Act, Tax Planning & Preparation
On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing desperately needed guidance on the timing issues related to Paycheck Protection Program (PPP) loan forgiveness and the deductibility of the related PPP expenses. Since May 2020...
by Pedro Gonzalez, CPA | Mar 26, 2020 | Tax, Tax Planning & Preparation
Commissioner Chuck Rettig announced the IRS People First Initiative to provide immediate relief to help people facing uncertainty over taxes during the health crisis. Highlights of the key actions in the IRS People First Initiative include: Installment Agreements...
by Pedro Gonzalez, CPA | Mar 26, 2020 | Tax, Tax Planning & Preparation
Yesterday evening, the Senate passed an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. This bill is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated...
by Pedro Gonzalez, CPA | May 7, 2019 | Tax, Tax Planning & Preparation
We are all familiar with the annual tax filing ritual; around January, most people collect their tax documents to file their tax returns by the deadline. However, some people sometimes or always need an extension. All of the information is gathered after the tax...
