Tax season is over (for most of us). So, what’s next for business owners and professional advisors with business clients? With so much disruption and distraction this year, you may have fallen behind keeping up with compliance for business licenses, permits, and identification numbers. Here’s a mid-year business checklist to get you back on track.

Federal Tax ID

Getting a Federal Tax ID number (or an Employer Identification Number—EIN) is optional if you’re a sole proprietorship, but if your business acts as a Corporation, Limited Liability Company, or a partnership, you and your […]

The one constant is change. Forgive the cliché, but I think it’s an appropriate introduction as I address the topic of business entity conversions.

Your clients’ businesses evolve over time — and the business environment in which they operate changes as well, especially at a time like this when the COVID-19 pandemic is having such a far-reaching impact on businesses of all kinds. As a result, the business structure they chose as a startup may no longer be the most advantageous one for their current situation. What happens at that crossroads? It might […]

When you move from one house to another, you likely have a checklist of things you need to take care of in the process…changing your mailing address, calling your cable TV provider, contacting your internet company. But when moving your business to another state, many business owners don’t know where to begin.

There are many reasons to consider moving your business to another state. For example:

• Your target market has changed—economically and/or demographically.
• The cost of real estate (including property taxes) has risen so much your business is at risk of going under.

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One of the many risks business owners face is one that rarely comes to mind—but could put your business in a dangerous position. We’re talking about trademark protection for your intellectual property. A trademark is a word, phrase, name, or symbol that identifies the source of a product or service and distinguishes it from competitors. You can trademark your company name, product names, logos, and taglines.

Running a Business Without Trademark Protection

Without the protection of a federally registered trademark:

• Your company or product name could be stolen. Without trademark ownership, it’s easier for […]
  

Businesses of all sizes and industries have been put through the proverbial ringer in 2020. No one could have foreseen the toll the coronavirus would take on entrepreneurs from independent contractors to C corporations and everyone in between. One positive thing, however, is the tax deadline has been pushed to July 15, 2020. That means there’s still time to learn about the tax issues based on your business entity and take advantage of some tax savings on your 2021 return, no matter what your legal structure.

Sole Proprietorship

In a sole proprietorship, there is […]