Avoid Costly Tax Mistakes: Understanding Mandatory Business Tax Filings, EIN Accuracy, and Hobby Loss Risks
Jessica I. Marschall, CPA, President & CEO of MAS LLC February 3rd, 2025 Filing the appropriate tax returns is crucial for various business entities to comply with IRS regulations. Forms such as 1120, 1120S, 1065, 1041, and 990 are mandatory for specific entity types: Ensuring the accuracy of the Employer Identification Number (EIN) determination letter […]
Read MoreThe Comprehensive Guide to S Corporation Benefits in 2025
By Jessica I. Marschall, CPA The S Corporation (S Corp) remains a powerful business structure for small business owners and entrepreneurs in 2025. While commonly lauded for its tax advantages, S Corps also offer a range of lesser-known benefits that make them an appealing choice. This article explores the core and often overlooked advantages of […]
Read MoreHarmonizing Global Climate-Related Disclosure Standards: A Comparative Analysis of SEC, EU CSRD, and California Legislation
November 22nd, 2024 In an era where sustainability and climate accountability are increasingly critical to corporate governance, regulations surrounding climate-related disclosures are becoming more expansive and globally aligned. From the SEC’s proposed rule on “The Enhancement and Standardization of Climate-Related Disclosures for Investors” to the EU’s Corporate Sustainability Reporting Directive (CSRD) and California’s SB 253 […]
Read MoreEssential Steps to Launching a Successful Small Business
July 4th, 2024 Starting a small business is a rewarding yet complex endeavor, requiring careful planning and execution. As a CPA with 24 years of experience, I have guided numerous entrepreneurs through the process of setting up their businesses. This article outlines crucial steps to help protect your personal assets, optimize tax benefits, and ensure […]
Read MoreTCJA Sunsetting: What This Means for Your Tax Bill
Caroline J. Marschall June 11th, 2024 Starting January 1, 2026, several provisions of the Tax Cuts and Jobs Act (TCJA) will expire, leading to significant changes in the tax code. Here are the key changes, along with additional important information: The tax hikes from TCJA expiration would vary across the United States, with the largest […]
Read MoreAn Argument Against Holding Real Estate in an S Corporation
As a CPA, it is crucial to understand the tax implications of different business structures for real estate holdings. One common mistake is placing real estate properties into an S Corporation (S Corp). Here are several compelling reasons why this should be avoided: 1. Taxation on Distributions When real estate is held in an S […]
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Business Assets: Section 1231, 1245, and 1250
Jessica I. Marschall, CPA, ISA AM January 23rd, 2024 Section 1231, Section 1245, and Section 1250 are provisions of the United States Internal Revenue Code that deal with the taxation of certain types of assets. What About Depreciation Recapture? Depreciation recapture under Section 1245 and Section 1250 refers to the process by which the IRS […]
Read MorePartnerships: Dissolution and/or Conversion to Single Member LLC
December 26, 2023 Partnership Dissolution When a partnership dissolves, it means that the business relationship among the partners comes to an end, and the assets and liabilities of the partnership need to be settled. In the context of a partnership, the capital accounts of each partner represent their ownership interest in the business. If some […]
Read MoreNavigating the IRS: Start-Up Expense Allowance for Small Businesses
Introduction: Starting a small business is an exciting venture that often comes with various costs and expenditures. To assist entrepreneurs in the initial stages of business development, the Internal Revenue Service (IRS) offers allowances for start-up expenses. Understanding and properly utilizing these allowances can significantly benefit small businesses, providing them with the financial flexibility needed […]
Read MoreIRS “Dirty Dozen” Tax Schemes
November 17th, 2023 The “Dirty Dozen” is an annual list released by the Internal Revenue Service (IRS) in the United States that highlights common tax scams and schemes that taxpayers may encounter. The list is meant to raise awareness and help individuals and businesses protect themselves against fraudulent activities. Keep in mind that the specifics […]
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