Service Update - COVID-19

Due to the rapidly evolving situation with COVID-19, our office has established a business continuity plan and will continue to serve our clients in the safest way possible.

Our staff will be working remotely and will be closing our office until further notice. We will resume in office operations and will be available for phone calls once our government agencies deem it safe. We ask that you please remain patient and consider the following: The IRS has granted taxpayers relief by giving extensions on all income tax payments up to July 15th. The extensions will be valid once an electronic extension is filed, which we will do for you.

We assure you that we will continue to work all files diligently and timely.

If you should have an emergency, we are providing Steve Whyte's contact information where he can be reached. PLEASE be extremely considerate and thoughtful on whether your matter is truly an emergency prior to calling. Steve Whyte's PH: 909-720-6876

Business Continuity Plan

Here is how you can check on your stimulus payment

Sincerely,
Steve Whyte, E.A

Incorporations

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Incorporations

Are you thinking of starting a new business? We can help. We offer services similar to many of the online companies that help you incorporate and start your business. One crucial difference is that we will interact face to face, which will make it easier for us to provide you with feedback and guidance on choosing the entity that is best for you. Each entity type has its benefits & drawbacks and you must be informed before making the final decision. Once your corporation is all set up and ready to go, our bookkeeping and payroll specialists are available to help you on all other accounting aspects that will get your business on the proper path to success.

Types of corporations

There are many types of corporations and many different structuring options within each type. The three primary types are

LLC – The incorporation process and operation of an LLC is simpler than other types of corporations. In this structure, the corporation is not taxed as an entity; instead, the taxes are levied against the individuals among whom the earnings are divided. However, the operating structure is limiting in some ways.

S-Corp – This type is a corporation that has qualified to operate under the S subsection of the IRS code. It is similar to an LLC in that it has a pass-through tax structure, meaning taxes are levied against individuals rather than the corporation. It allows for members and shareholders but is limited to a single class of stock. Additionally, members are required to be citizens of the United States.

C-Corp – This is the most complex, and most flexible option. It is taxed as an entity, and dividends paid to members are taxed as personal income. Therefore, a C-Corp can result in double taxation with certain business models. However, it can continue to exist and operate after the departure of a member. It also has the flexibility of allowing multiple classes of stocks, and there is no citizenship requirement associated with membership.

When incorporating your business or non-profit organization, many of the decisions that you make early in the process will have a considerable impact on your financial structure and operations in the future. Let us help you make smart choices for a solid foundation for a successful future. Call us today!


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