by Emelia Mensa | Uncategorized
Quick Answer: If your business falls behind on payroll taxes, the IRS has the legal authority to look past your corporation or LLC shield and hold you personally liable for the employee’s withheld portion under the Trust Fund Recovery Penalty. Because...
by Emelia Mensa | Uncategorized
Quick Answer: An LLC to S Corp conversion is an IRS tax status election that becomes financially beneficial once your business achieves $60,000 to $100,000+ in annual net profit. By preserving your legal LLC structure while splitting income into a...
by Emelia Mensa | Uncategorized
Quick Answer: The core business succession planning best practices come down to three things: giving yourself a 2-to-5-year runway, setting up your team to run the day-to-day without you, and cleaning up your financials. Before you sign any paperwork,...
by Emelia Mensa | Uncategorized
Quick Answer: If you can’t pay the IRS what you owe by the notice deadline, the IRS will not immediately seize your paycheck or freeze your bank account. Missing the date does, however, trigger a predictable sequence of automated mail notices. You...
by Emelia Mensa | Uncategorized
Quick Answer: In 2026, small business owners can instantly write off the full cost of qualifying equipment, software, and vehicles by pairing the increased Section 179 deduction limit of $2,560,000 with the newly reinstated 100% Bonus Depreciation...
by Emelia Mensa | Uncategorized
Quick Answer: A midyear review of small business profitability is a strategic financial assessment that compares your year-to-date revenue and expenses against your initial annual goals. Doing this diagnostic check in June or July allows business owners to...
