Considerations for Business Entity Selection Under Tax Reform

  |  September 10, 2018

Ever since Congress enacted the Tax Cuts and Jobs Act in December, many business owners are reconsidering which business entity makes the most sense for their particular business. With the new, lower tax rate for C corporations, many pass-through entities, including S corporations, are reconsidering their structure to take advantage of the substantially reduced 21% corporate tax rate.

The Act also provided tax relief to S corporations (and other pass-through entities) in the form of a temporary business income deduction (with some limitations), so that’s what makes it complicated. It may not be worth switching after all. When it comes to choosing business entities, one thing hasn’t changed—it all depends on a number of factors. Read more. Read More

Watch Out for the W-2 Email Scam

  |  August 22, 2017

The IRS is urging businesses to beware of a recent increase in email scams targeting employee Forms W-2. The W-2 scam – called a business email compromise or BEC – is one of the most dangerous phishing email schemes trending nationwide from a tax administration perspective. The IRS saw a sharp increase in the number of incidents and victims during the 2017 filing season.

A business email compromise occurs when a cybercriminal is able to “spoof” or impersonate a company or organization executive’s email address and target a payroll, financial or human resources employee with a request. For example, fraudsters will try to trick an employee to transfer funds into a specified account or request a list of all employees and their Forms W-2. Read more. Read More

New IRS Tax Scam Focuses on Electronic Payments

  |  July 27, 2017

The Internal Revenue Service issued a warning on June 15 about a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where scammers call to demand an immediate tax payment through a prepaid debit card. This fraud is being reported across the country, so all taxpayers should be alert to the details. Read more. Read More

New Indian Tax Extenders Offer Investment Incentives

  |  January 7, 2016

Just before its year-end recess, Congress approved its anticipated tax-extender package, which President Obama has since signed into law. The package makes permanent – or extends authorization for – a number of tax provisions affecting economic development in Indian Country.

The Indian Tax Extenders are designed to motivate both direct investment in projects on Indian lands and the hiring of Indian people. Read more. Read More