Understanding Qualified Small Business Stock (QSBS): Tax Requirements, Limitations, and Long-Term Benefits
Jessica I. Marschall, CPA May 1st, 2025 The Qualified Small Business Stock (QSBS) provision under Internal Revenue Code §1202 provides one of the most powerful tax benefits available to founders, early employees, and investors in eligible startup companies. For taxpayers who meet specific requirements, gains from the sale of QSBS may be excluded from federal […]
Read MoreInstallment Sales of Small Businesses: A Practical Guide for Sellers
By Jessica I. Marschall, CPA April 26th, 2025 Selling a small business can be one of the most significant financial transactions a business owner will experience. When the buyer is unable to pay the full purchase price upfront, installment sales can serve as a viable solution, allowing the seller to spread the gain over multiple […]
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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 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 […]
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What is a Tax Short Year?
A short tax year is a tax period that covers less than 12 months. This can happen for various reasons, such as when a business is established or terminated in the middle of a calendar year, when a taxpayer changes their accounting period, or when there are other circumstances that result in a tax period […]
Read MoreSmall Business Tax And Accounting Updates: Ending 2022
Article: Small Business Tax and Accounting Updates: Ending 2022 Category: 1040 income tax, IRS, Small Business Small Business Tax and Accounting Updates: Ending 2022 Jessica I. Marschall, CPA Tax Season 2022 is just around the corner. Our firm put together the most important and prevalent tax and accounting issues pertaining to small businesses. We have […]
Read MoreS Corps-The Quick Facts
Article: S Corps-The Quick Facts Category:1040 income tax, S Corps, Small Business Jessica I. Marschall, CPA January 7th, 2023 Businesses may choose S-Corp taxation on the date they start or may elect the tax treatment at a later date moving from a single member LLC or “Disregarded Entity”, or a partnership or multi-member LLC. An […]
Read MoreTax Notes From 2022 Tax Season
Article:Tax Notes from 2022 Tax Season Category: 1040 income tax, IRS, Small Business Jessica I. Marschall, CPA April 21st, 2023 The bulk of tax season 2022 is over. As a group, CPAs are exhaling and questioning our career choices. As a group, we are fading fast. The AICPA estimates that 75% of CPAs will retire […]
Read MoreOpening A Small Business-The Basic Steps
Article: Opening a Small Business-The Basic Steps Category: 1040 Income Tax, Small Business Opening a small business involves several steps to ensure you comply with tax regulations and reporting requirements. Here are the general steps to open a small business and handle tax-related matters: Here are the general steps to open a small business and […]
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