L&H Insights

2 min read

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

Scott Henvey: Feb 16, 2022 3:21:30 PM

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,...

2 min read

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

Maurice La Verdure: Feb 16, 2022 3:19:32 PM

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

2 min read

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

Scott Henvey: Jan 20, 2022 11:00:00 AM

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

2 min read

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

Scott Henvey: Aug 24, 2021 11:00:00 AM

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

1 min read

Deductibility of corporate expenses covered by officers/shareholders

Maurice La Verdure: Jul 26, 2021 11:00:00 AM

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...

1 min read

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

Maurice La Verdure: Jul 1, 2021 10:00:00 AM

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...

2 min read

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

Scott Henvey: Jun 29, 2021 10:00:00 AM

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

1 min read

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

L&H CPAs: Apr 21, 2020 10:05:13 AM

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

2 min read

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

L&H CPAs: Apr 13, 2020 10:23:31 AM

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

2 min read

The new COVID-19 law provides businesses with more relief

L&H CPAs: Mar 30, 2020 1:55:25 PM

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

2 min read

Naming a trustee - It's one of the most important decisoins of your life

L&H CPAs: Jan 16, 2020 7:54:42 AM

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Estate planning and business succession planning - The lines blur when a family business comes into play

L&H CPAs: Jan 16, 2020 7:06:44 AM

2 min read

Running your personal finances like a business

L&H CPAs: Jan 16, 2020 6:17:54 AM