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  • Paying for Payroll Taxes With Form 8109 Coupon to End December 31st August 22, 2010
    The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09).  The paper 8109 coupon payment system will be shut down at the end of 2010.  Taxpayers currently still using the paper coupons to make [...] […]
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  • President’s budget proposal calls for quarterly W-2 reporting May 12, 2010
    There is a provision in the President’s fiscal year 2011 budget (Oct. 1, 2010 to Sept. 30, 2011) that would require quarterly W-2 reporting, rather than annual. The budget document says that increasing the timeliness of wage reporting would enhance tax administration, improve program integrity for a range of programs, and facilitate implementation of [...] […]
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  • 2010 Health Insurance Reform Tax Credit Calculator for Small Business May 11, 2010
    Found this handy calculator if you’re wondering if your business qualifies for the new small business tax credit on health insurance. Courtesy of National Federation of Independent Businesses. […]
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LLCs Explained – A 101 for Small Business Owners

So many myths, misconceptions, and rumors abound about the benefits, disadvantages and requirements of being a limited liability corporation (LLC).

Yes, becoming an LLC can provide legal protection and operational ease, but depending on your circumstances it can also  present disadvantages.

Here are some FAQs to help you ascertain whether becoming an LLC is right for you, and pointers on managing your business and legal obligations once you are established as an LLC entity.

Read more from the Business.gov website.

Steve Trojan, CPA is owner of SMT & Associates, Inc, a Crystal Lake IL based tax and accounting firm, and Complete Payroll Inc, (www.completepayrollinc.com) a payroll processing firm.

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May 5th, 2010 | Tags: , | Category: Choice of Entity | Leave a comment

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