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Provision Business Services LLC

A Professional Bookkeeping Firm

Located in Albuquerque, Serving all of New Mexico

505-269-3783

S-Corp Shareholder Compensation

S-Corp Shareholder Compensation

Many small businesses are organized as S-Corporations (or S-Corps).  There are tax benefits for being organized as an S-Corp as opposed to being organized as a sole proprietor.  If you are a sole-proprietor or single member of an LLC, you can elect to be taxed as an...

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Separating personal and business funds

Separating personal and business funds

Most business owners understand the importance of being a corporation, whether it's an LLC, S-Corp, or C-Corp.  Forming a corporation makes your business a separate legal entity - separate from you the individual owner or individual partner or individual shareholder. ...

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Covid Related Tax Credits:  Employee Retention Tax Credit

Covid Related Tax Credits: Employee Retention Tax Credit

Sometimes, reading all the details of tax programs can be overwhelming.  Here's a brief summary of the Employee Retention Tax Credit.  It is a refundable credit against some employment taxes with a limit of 50% of qualified wages.  This applies to wages paid between...

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Not paying payroll taxes can result in criminal charges

In the July 2015 issue of The General Ledger, a newsletter published by the American Institute of Professional Bookkeepers, they warn that the IRS is now pursuing criminal charges against businesses that fail to pay payroll taxes.  This is a new, harder approach than...

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