Comparison of Subchapter K v. Subchapter S

Comparison of Subchapter K v. Subchapter S Both Subchapter K and S of the Internal Revenue Code (IRC) are pass-through tax structures in which the members of the entity are taxed for the entity’s income, gains, losses, and expenses on their individual tax returns.  That is where the similarities end.  There are several differences discussed below… Read more »

Ownership Restrictions Relating to Tax on a Businesses

Ownership Restrictions Relating to Tax on a Business When you decide to start a business venture, there are a myriad of things to consider.  We regularly assist small business owners, especially start-up businesses, walking them through the steps that need to be taken in order to make the business official and legal.  There are many… Read more »

The Tax Consequences of Capital Contributions in a Business

The Tax Consequences of Capital Contributions in a Business When you decide to start a business venture, there are a myriad of things to consider.  We regularly assist small business owners, especially start-up businesses, walking them through the steps that need to be taken in order to make the business official and legal.  There are… Read more »

What Factors Should You Consider When Starting a Business?

What Factors Should You Consider When Starting a Business? When you decide to start a business venture, there are a myriad of things to consider.  You have possibly already chosen the purpose of your venture and what it is you are going to make, do, or sell.  You have probably also played around with what… Read more »

2015 Small Business Tax Update

2015 Small Business Tax Update In the height of the economic downturn, Congress enacted several temporary tax incentives to spur economic growth.  Congress votes yearly whether to extend these incentives, make them permanent, or let them expire.  This year, several incentives were kept and some were allowed to expire.  This article provides general information on… Read more »

Servicemembers’ Civil Relief Act and Foreclosures

Servicemembers’ Civil Relief Act and Foreclosures In this video, Attorney Jason McGrath of McGrath & Spielberger discusses how members of the US Armed Forces may have some specific protections and rights in relation to foreclosures and related court proceedings.  Mr. McGrath and McGrath & Spielberger, PLLC handle both foreclosure cases in multiple states, including North Carolina and South Carolina.… Read more »

Mortgage Loan Debt Forgiveness

Is Canceled Mortgage Loan Debt Income that you are Taxed on? As an attorney with specific tax law knowledge who also works with borrowers to avoid foreclosure and/or to otherwise resolve mortgage loan problems, I deal with short sales, deeds in lieu of foreclosure, loan modifications, and mortgage loan settlements on a regular basis. Borrowers… Read more »

Do I Need a Trust?

Do I Need a Trust? There are multiple uses for a trust agreement.  They can be used for tax planning, privacy reasons, and to provide asset protection from the creditors of beneficiaries. Traditionally, trusts have been used mostly for tax planning; prior to the 2000s and the most recent tax changes, many more Americans needed… Read more »

S-Corp Tax Election for LLC

S-Corp Tax Election: Is it Right for Your LLC? As an attorney who happens to have an MBA and some specific tax law knowledge, and one who advises businesses on both day to day issues and tax matters, I know that if you’ve chosen (or will choose) an LLC as your business structure, it’s likely… Read more »

What are the tax implications of issuing reward points or coupons to your customers?

What are the tax implications of issuing reward points or coupons to your customers? This issue was recently discussed at the 2015 Tax Law Conference held by the Federal Bar Association in Washington, DC.  According to treasury regulations, a business that issues rewards, coupons, and the like with the sales of merchandise may deduct the… Read more »