Pros and cons of an S-corporation vs. a single member LLC

Posted Posted in Small Business, Tax Planning

An S-corporation and a single member LLC taxed as a “disregarded entity” share many things in common. The post focuses on some of the differences. What’s the best reason to consider S-corporation over single person LLC? Liability: Many people would say that it limits the owner’s legal liability. But that’s not supported by actual case […]

Overview of American Rescue Plan Act of 2021

Posted Posted in Aquaculture, Farming, Financial Planning, News and Politics, Tax Planning

Background In February 2021 the U.S. Senate, The House of Representatives and the Executive Branch led by the White House took a series of actions designed to address the pandemic recession by allowing a huge proposed economic stimulus bill to move through to approval without relying on Republican party votes. The Democratic Party members of […]

Pattern on PPP2 loan applications?

Posted Posted in Accounting

I noticed a pattern on PPP round 2 applications these past few days and wonder if others are experiencing the same. This morning I posted the observation on a NJCPA peer private discussion group and a Facebook public nonprofessional group seeking feedback. I know of 9 small business clients that applied for PPP round 2 […]

Tax planning for teachers

Posted Posted in Tax Planning

This post is inspired by a social media post I read this morning by a person purporting to be searching Facebook for tax saving vehicles for teachers. The topic of tax planning for teachers is not within my target business marketing strategy but I’m writing this short blog post to illustrate a point; how the […]

The 2021 investment shakeup

Posted Posted in 401(k), Financial Planning, Investment, Tax Planning

After more than a decade of one-way intense focus in the stock market, investors are now changing strategies. We see more wisdom and opportunities in the broad investment asset reallocation than ever before. A number of clients are diversifying into asset these classes for the first time. These decisions have significant long term consequences on […]

Political support policy for 2021 and 2022

Posted Posted in Government, News and Politics, Values

I’ve been an advocate of written policies in aspects of financial management, whether investment policy, expense approval policy, charitable donations and more. This post is about my own political support policy for the next couple of years. I’m probably in the majority of Americans concerned with the actions by a minority of more radical but […]

Update on new Bitcoin reporting requirement

Posted Posted in Accounting, Cryptocurrency

This blog post uses “Bitcoin” in the title that actually could refer to all types of virtual currency. On December 23, 2020 the Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rules that would require money service businesses (“MSBs”) to keep records and submit reports that verify the identity of customers involved in […]

January 2021 Paycheck Protection Program update

Posted Posted in Accounting

This information reposted from the Journal of Accountancy: The SBA and Treasury issued guidance late Wednesday night (1/6/2021) for the new PPP, which shares many of the same rules as the old PPP but also has some significant differences. The guidance came in the form of three documents: An 82-page interim final rule (IFR) called “Business Loan […]