business – The Burns Firm – Advisors of Complex Financial Matters

The Clock May Be Ticking on Corporate Stock Redemptions

September 24th, 2019|Categories: Accounting, Burns Firm, C Corporation, Partnership, S Corporation, Services, Tax, Tax Deductions, Tax Return|Tags: business, corporate stock redemption, corporate stocks, CPA, Dallas CPA firm, stocks, tax, Tax planning|

Favorable individual federal income tax rates established by the Tax Cuts and Jobs Act (TCJA) are scheduled to expire at the end of 2025. But some analysts think that they could [...]

Limitations Based on W-2 wages and the Basis of Qualified Assets

December 27th, 2018|Categories: Burns Firm, Business, C Corporation, Partnership, S Corporation, Services, Tax, Tax Planning, Tax Return|Tags: business, CPA, qualified assets, tax, The Burns Firm|

Limitations on the deduction for qualified business income (QBI) begin to phase in when an individual's taxable income (calculated before any QBI deduction) exceeds the threshold of $157,500 or $315,000 [...]

What is a Non-Service Business?

December 27th, 2018|Categories: Burns Firm, Business, C Corporation, Partnership, S Corporation, Tax, Tax Credits, Tax Cuts, Tax Return, TCJA|Tags: business, CPA, Nonservice business definition, tax, Tax planning, tax returns, TCJA, The Burns Firm, what is a nonservice business|

Tax Planning for Investments Gets More Complicated

October 9th, 2018|Categories: Accounting, Burns Firm, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: business, CPA, dividends, investments, investors and tax planning, long-term capital gains, tax, tax deductioin, Tax planning, tax return, TCJA, The Burns Firm|

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine [...]

Watch Out for Unfavorable ‘Related Party’ Rules

August 9th, 2018|Categories: Accounting, Burns Firm, Business, Tax, Tax Deductions, Tax Planning, TCJA|Tags: 'related party' rules, business, business assets, C corp, Denis Burns, owner interest, Sell a business, Selling, The Burns Firm|

Beware of the tricky "related party" tax rules if you are considering buying or selling business assets or an ownership interest (corporate stock or a partnership or LLC interest).The Internal [...]

Close-up n the New QBI Deduction’s Wage Limit

July 31st, 2018|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Return, TCJA|Tags: 2018 tax planning, Accounting, business, C corp, Close-up n the New QBI Deduction’s Wage Limit, deductions, IRS, New QBI Deductions, Planning, QBI, QBI wage limits, tax, Tax planning, tax return, The Burns Firm|

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The [...]

New Tax Law Boosts Appeal of Qualified Small Business Corporations

July 26th, 2018|Categories: Accounting, Burns Firm, Business, Tax, Tax Planning, TCJA|Tags: 2018 tax planning, Accounting, business, business stock sale, invest, QSBC, sell your stock, small business, small business corporation, stock, tax, tax-free gain, The Burns Firm|

Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that's acquired [...]

How Far Will it Go?

July 12th, 2018|Categories: Burns Firm, Business, EBITDA, Merger & Acquisition, Sell Business, Selling a Business|Tags: Acquisition, business, business for sale, M&A, Merger, merger&acquisition, mergers, Planning, sell my business, Selling a business, The Burns Firm|

In this article we will discuss current M&A activity and Private Equity activity. Lets first look at some of the national statistics and translate that to how it affects our [...]

Saving Tax on Restricted Stock Awards With the Sec. 83(b) Election

June 7th, 2018|Categories: Accounting, Burns Firm, Tax, Tax Credits, Tax Cuts, Tax Deductions, Tax Planning, Tax Return, TCJA|Tags: 83(b) election, Accounting, business, exemptions, IRS, Planning, restricted stock awards, stock election, tax, TCJA, The Burns Firm|

Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, [...]

The TCJA Changes Some Rules for Deducting Pass-through Business Losses

June 5th, 2018|Categories: Accounting, Burns Firm, Business, Services, Tax, Tax Cuts, Tax Deductions, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 tax planning, Assets, business, business losses, business tax, business taxes, expense, Loss, pass-through losses, Planning, tax, TCJA, The Burns Firm|

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs [...]

Do Employers Have to Compensate Hourly Technicians for Travel Time?

May 22nd, 2018|Categories: Accounting, Business, C Corporation, Law, Partnership, S Corporation, Services, Tax|Tags: business, compensation, Employees, employer reimbursement to employess, exemptions, expense, Planning, reimbursement for travel, technicians travel time, The Burns Firm, Travel compensation|

The U.S. Department of Labor's (DOL) Wage and Hour Division (WHD) has issued a new Opinion Letter on whether employers must compensate employees for travel time. These letters are issued [...]

Capital Gains Rates Before and After the New Tax Law

May 15th, 2018|Categories: Accounting, Burns Firm, Business, Merger & Acquisition, Services, Tax, Tax Credits, Tax Cuts, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: Accounting, Assets, business, Capital Gains, Capital gains and my business, deductions, expense, IRS, Loss, new tax law, Planning, tax, tax credits, tax preparation, tax return, TCJA, The Burns Firm|

Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you're not alone. Here's what you [...]

Get started on 2018 tax planning now!

May 8th, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Merger & Acquisition, Partnership, Retirement Plan, S Corporation, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: 2018 tax planning, Accounting, business, C corp, Denis Burns, expense, IRS, Planning, Retirement, tax, Tax planning, tax return, TCJA, The Burns Firm|

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be [...]

Stakeholders and Your Business

May 3rd, 2018|Categories: Accounting, Burns Firm, C Corporation, Partnership, S Corporation, Services, Tax|Tags: Accounting, business, Denis Burns, Stakeholders, stakeholdersandyourbusiness, The Burns Firm|

Long ago business owners believed that as long as they served their customers effectively and made sure that their stock maintained or increased its value, all was taken care of. [...]

Tax Document Retention Guidelines for Small Businesses

May 1st, 2018|Categories: Accounting, Burns Firm, Business, C Corporation, Countdown to Transition, EBITDA, Merger & Acquisition, Partnership, S Corporation, Sell Business, Selling a Business, Services, Tax, Tax Planning, Tax Preparation, Tax Return, TCJA|Tags: Accounting, Acquisition, business, Buying a business, expense, Merger, merging businesses, payroll, payroll tax, Planning, Sell a business, Selling, Selling a business, tax, TCJA, The Burns Firm, The Burns Firm Venture Partners|

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting [...]