Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell […]
Business Planning
Three Important Concerns Self-Employed Individuals Should Address from Austin Estate Planning Attorney Liz Nielsen
Being self-employed is no easy task. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together, we can craft a comprehensive estate plan that will help you address three important concerns you may have. […]
Pass-Through Taxation: What You Need to Know from Austin Estate Planning Attorney John Glode
Most US businesses have a pass-through taxation structure, meaning they are not subject to corporate tax. Instead, they have their income “pass through” to their owners to be taxed on their individual income tax returns. Pass-through businesses have simpler filing and a lower tax rate than C corporations because they avoid double taxation. Pass-through business […]
What to Know about Limited Liability As You Grow Your Business from Austin Estate Planning Attorney John Glode
Owning a business involves risk. There are no guarantees that the founders of a company will get along, a product or service will sell, or market conditions or competitors will not create unanticipated barriers. While entrepreneurs must be willing to take a leap of faith, there are steps they can take to reduce risk, both for […]