Small Business
Converting an S Corp to a C Corp
Whatever structure your clients launched with, at some point, for various reasons, changing structures may become a valid consideration.
Nellie Akalp
CEO, CorpNet Inc.
Nellie Akalp is a passionate entrepreneur, business expert and mother of four. She is the CEO of CorpNet.com, a trusted resource and service provider for business incorporation, LLC filings, and corporate compliance services in all 50 states. Nellie and her team recently launched a partner program for accountants, lawyers, and business professionals to help them streamline the business incorporation and compliance process for their clients.
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Small Business
Changing Legal Structures: LLCs and C Corps
Business change is constant, so it wouldn’t be surprising if, at some point, your clients considered changing their legal structures.
Payroll
2022 Independent Contractor Update
Employers consistently misclassify workers, which could land them in big trouble with state and federal labor departments, resulting in heavy fines and possibly having to compensate workers for back pay and benefits.
Payroll
S Corp Salary Guidelines - What is Reasonable Compensation?
Although the definition of what constitutes a “reasonable” wage may seem subjective, the IRS scrutinizes the S Corp’s source of income—its gross receipts—and then determines if (and what tasks) the owner/shareholder performed for the S Corp to assist ...
Accounting & Audit
3 Trends for Accounting Firms in 2022
Firms willing to adopt new technologies and prioritize employee and client experiences will be in an ideal position to attract new clients and keep current clients happy. Here are three trends to know for the coming year.
Small Business
A 2021 Year-End Checklist for Your Small Business Clients
Contributors
The Digital Nomad Client
Do your clients want help setting up their new business as a “digital nomad”? Digital nomads are people who use tech to work remotely from anywhere they hang their hats, whether it be a beach, a foreign country, or a recreational vehicle....
Small Business
Everything You Need to Know About LLCs to Help Your Clients
Popular for its owner liability protections and flexible tax options, the Limited Liability Company (LLC) is a legal structure option worth exploring for clients who are starting or growing businesses.
Small Business
Do You and Your Clients Have the Correct Permits and Licenses to Run a Business?
Running a business keeps you so busy, it’s easy to forget about obtaining and renewing the many permits and licenses required to keep up with federal and local regulations. The following is a helpful checklist to make sure you and your clients’ ...
COVID-19
Ready for the 2021 Tax Season? Here’s How the Coronavirus Pandemic Affected Your Business Clients
As some of your business clients prepare to reopen their doors while ensuring the safety of their employees and customers, it’s your job to nudge them to start gathering their tax documents and financials for the April deadline.
COVID-19
PPP Forgiveness and Your Clients
Although the CARES Act Payroll Protection Program’s (PPP) loan application period closed last August, you most likely have clients who received funding and now need to plan for loan forgiveness. The rules changed since the program began.
Small Business
The Accountant’s Entity Guidebook
Ready to start your own accounting firm? Here's how to decide which entity type is best if when starting a new practice.
Small Business
What is a Series LLC and Why Your Clients Should Care
The series LLC allows business owners to divide multiple investments and debts and to operate each LLC as a separate entity with its own name, bank account, and recordkeeping. Under the master LLC, each separate entity can ...
Small Business
What’s the Best Entity Type for a Family Business?
Most of your clients probably started their family business solo and with little thought to what happens to the business when the owner gets married and has a family. Smaller owner-operator businesses are usually structured as sole proprietorships with...
Contributors
What to Know When Your Clients Want to Expand Their Businesses to Another State
Are your clients looking to expand their businesses to another state or states? If so, that’s a great indication of success and they’ll probably turn to you for financial guidance to help them make the move. However, they’re also likely to need your ...
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Contributors
How California's New AB5 Law Affects Your Clients
Attempting to refine and contain current nebulous rules for independent contractors, California’s new AB5 requires a new test be used to determine whether workers in California fall under employee or independent contractor status.
Small Business
How to Incorporate a Business in a Different State
Many of your clients may be wondering about incorporating their businesses in a different state from where they are based. It’s true that doing so may save new businesses a bit of precious startup capital when it comes to filing fees.
Product & Service Guide
What Entity Structure Is Best for Active Income vs. Passive Income?
When it comes to passive vs. active income concerns, you should be ready to advise which structure makes the most sense for them and offers the best tax advantages.
Small Business
Why Small Businesses May Want to Consider Electing S Corp Status
With all the decisions your clients are expected to make when starting a business, which legal structure to choose might not get as much consideration as it should. Most business owners choose to form a sole proprietorship in the beginning, since ...
Small Business
Corporate Biz 101: A Refresher Course on Legal Structures for Business Clients
Now that we’ve passed the mid-year point, it’s a good time for a quick refresher course on what your business clients need to know about choosing their legal structure. Your clients’ business entity type has legal, financial and administrative ...
Firm Management
How to Prepare for Summer in the Office and Not Leave Your Firm Stranded
Since summer is a popular vacation season and because we don’t want to see you crash and burn, here are a few ideas to help you and your staff get some time away from your business—without skipping a beat.
Small Business
Time for a Change: How to Help Your Clients Switch Business Structures
There are several reasons your clients may want to switch entities in the course of their business lives. When they started their businesses, a Sole Proprietorship may have been the default selection, but over time your client may need ...
Small Business
Moving Forward: How to Plan Right for Succession
Incredibly, three in five small businesses do not have a business succession plan in place, according to a Nationwide Small Business Survey. Of those, 47% don’t have a succession plan because they don’t think it’s necessary, while 14% don’t have a ...
Small Business
Helping Business Clients Stay Compliant
Owning your own business means staying current on new laws, requirements and filings. That’s a lot to tackle, and in many cases your clients rely on you to keep them compliant. Do your clients even know they need to maintain their corporation or LLC ...
Firm Management
Are You Ready to BYOB? Be Your Own Boss
If you’re not confident about your ability to come up with marketing ideas, you might want to outsource to a marketing expert. Consider using online marketing, social media, in-person and online networking, and community-based marketing to help you ...
Firm Management
How to Build a Talented Bench of Workers
It’s important to reward employees for their achievements and encourage them to learn more skills they can put to use at your company. Even if you can’t promote them right now, be sure to recognize their achievements. At CorpNet, for instance, we ...
Product & Service Guide
7 Last Minute Tips to End Tax Season Strong
Can you see the light at the end of the tunnel? Right about this time, we bet you’re up to your eyeballs in tax returns, so it may be tough to think about how to make sure the tax season ends on a high note. Here are a few tips we think will help you ...
Small Business
7 Tips To Help Small Corporations Maintain Compliance
If your clients are running a business as a corporation or LLC, they may be wondering what they need to do to maintain that LLC or corporation each year. Running a corporation/LLC is more involved than running a sole proprietorship/partnership, but it ...
Small Business
6 Legal Must-Dos After Incorporating A Business
Whether you incorporate or form an LLC, creating a formal business structure is a huge milestone for any small business. However, legal obligations aren’t done once you file the incorporation/LLC paperwork.
Small Business
The Top 5 Things To Know About Incorporating a Business
For any new business, deciding to incorporate is typically the first big legal decision. It can be a confusing (and sometimes stressful) question for the new entrepreneur and small business owner. If you need to help your clients incorporate a new or ...