Tax Monitor

Business Planning

Cash Flow Considerations During the Coronavirus Pandemic

March 23, 2020

Your business was shut down over night for at least two weeks if not longer. What should you do to help preserve cash flow and help keep the doors open post coronavirus shut down?

Here are a couple of suggestions. Note, with regard to employees and paths taken, please refer to recent articles from Justin Harrison that address a number employee issues.

First, if you have loans, talk to your bank.…

Increased Limited Liability Company Tax Audits Are Coming

January 7, 2016

The increase in usage of limited liability companies (“LLCs”) as the business form of choice has led to changes in the IRS statutes concerning audits of LLCs. On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (“BBA”) into law. The BBA brings drastic changes to the audit process of partnerships which will allow the IRS greater enforcement and collection authority in…