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L&H Insights

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Business Consulting (2)

dividend payment

2 min read

Making withdrawals from your closely held corporation that aren’t taxed as dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However,...

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married filing separately

2 min read

Married couples filing separate tax returns: Why would they do it?

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.

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2 min read

Commission fraud: When salespeople get paid more than they’ve earned

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensation...

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2 min read

Large cash transactions with your business must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

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shareholders

1 min read

Deductibility of corporate expenses covered by officers/shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being...

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1 min read

Are you holding a joint title to property with a family member?

Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may...

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2 min read

Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete...

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1 min read

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior...

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2 min read

Relief from not making employment tax deposits due to COVID-19 tax credits

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax...

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2 min read

The new COVID-19 law provides businesses with more relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here...

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