Category Archives: U.S Taxes and Businesses

S-Corporations- Overview, Filing Mandates, Pros & Cons and Termination/Revocation

Q: What is an S-Corporation? Why choose S-Corporation Status? First of all, S-Corporation is not an entity type. Its an election that needs to be made on Form 2553, Election by a Small Business Corporation. An LLC or a sole proprietorship can elect to file as an S-Corporation. Q. When to make the S-Corporation election? […]

What type of records should businesses maintain for tax purposes?

tax records management

Some of the common questions that I get are– How do I do record keeping for my business transactions? What kind of proof is required at the time of an IRS audit? What constitutes efficient recordkeeping? And I tell my clients that there are three main types of business records: income, expenses and capital expenditures. […]