I grew up on the East Coast. When I moved to Tucson for graduate school, and later to Albuquerque, I was shocked by the lack of clouds in the sky. Growing up I knew clouds. I was young at a time without cellphones, cable TV, internet or video games. Joni Mitchell’s lyrics spoke of clouds […]
One of the first issues a business owner must resolve is what entity type, if any, will be used to operate a business. Two of the more common types in use today are the S corporation and the limited liability company. Treasury regulations classify “eligible business entities,” such as LLCs, for federal income tax purposes. […]
Q: Our son is 18 years old and works part-time for a retail store. He should make between $10,000 and $12,000 this year. I believe it is true that he will owe no income tax based on his level of earnings, but would like confirmation of that. We want to get him started on a […]
In 2015, Congress passed a law creating a new structure to handle partnership tax audits.