by Leif Jensen | Nov 6, 2024 | Running a Business |
We have had some companies come to us to discuss what to do with their HR function. SO we went to look for some guidance for them, here is what we found. Outsourcing HR and payroll functions can offer both advantages and disadvantages for businesses. Careful analysis...
by Leif Jensen | Oct 23, 2024 | Running a Business |
Pay Yourself a Reasonable Salary: As an S Corp shareholder, pay yourself a reasonable salary to minimize payroll taxes and take advantage of lower tax rates on distributions. The IRS requires that salaries be reasonable for the services provided to the company. ...
by Leif Jensen | Sep 30, 2024 | Running a Business |
A written information security program, known as a WISP, is the foundation of an effective information governance strategy. By outlining policies and procedures, a WISP can help organizations mitigate the risks of cyberattacks and inadvertent data breaches....
by Leif Jensen | Aug 12, 2024 | Running a Business |
Business owners need to get Independent contractors to complete Form W-9 for several important purposes: Providing tax information to clients: The W-9 allows contractors to provide their legal name, address, and taxpayer identification number (TIN) to the companies...
by Leif Jensen | Jul 24, 2024 | Running a Business |
Corporate Transparency Act (CTA), which was enacted by Congress in 2021 and became effective on January 1, 2024. This legislation mandates that businesses report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau...
by Leif Jensen | Jul 3, 2024 | Running a Business |
If you own and run an S-Corporation you are supposed to pay yourself a reasonable salary. Granted the IRS does not define reasonable salary, but there should be a salary. I work with a client whose son-in-law is retired an receives no Social Security, he had run his...
