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Some S Corporations May Want to Convert to C Corporations
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Some S Corporations May Want to Convert to C Corporations

Corporate Taxes, IRS, Self-Employed, Small Business, Tax Law Changes, Tax Tips, Taxes

Some S Corporations May Want to Convert to C Corporations

The following article was published by the IRS. After last year’s tax reform legislation, some S corporations may choose to revoke their S election to be a C corporation because of the new, flat 21-percent C corporation tax rate. Before taking any action, S corporations should consult their tax advisors. S Corporations and C Corporations are [...]

cozbycpa2019-06-14T12:52:02-04:00May 8th, 2019|Categories: Corporate Taxes, IRS, Self-Employed, Small Business, Tax Law Changes, Tax Tips, Taxes|Tags: avoid double taxation on corporate income, converting to a C corporation, corporate methods of accounting, Cozby & Company, new flat 21 percent c corporation tax rate, Plymouth MA CPA Heather Cozby, revocation of S election, tax reform for businesses, tax reform legislation|

Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit

People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service. The Tax Cuts and Jobs Act, the tax reform legislation enacted in December, made major changes [...]