Blog - Philadelphia CPA
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Every buyer of a small business needs to consider the following 3 issues when purchasing a business"Buy Assets and Not Liabilities. "Asset Purchases" are recommended whereby the buyer acquires the assets of the business only. The assets include goodwill, name, equipment, supplies, inventory, customer lists,...

While the tax law may not always require receipts, the tax law always requires proof. If you do not have receipts, you have to prove your expenses in some other way.-which may mean reconstructing your business deductions several years after the fact. You will make...

Strategy for C CorporationHave your C Corporation provide company-paid qualified long-tern care coverage as an employee benefit for selected employees, such as yourself. This coverage is eligible for the same tax-advantaged treatment as a regular company-paid health insurance program. The result is the corporation can...

Borrowing payroll tax withholding funds is stealing. Why? It's not yours. When you or your corporation withhold money from the employees, you individually act in a fiduciary capacity and have the responsibility to remit that money to the government timely.Your willful failure to accomplish this,...

Most entertainment expenses are 50% deductible. However, the IRS allows you to write off  100% of entertainment expenses, if you are using it to grow your business and you follow the rules.The IRS uses the term "associated entertainment", but its really fun. That's right, such as...