Tax & Accounting Insights for Irvine, CA. Expert Guidance from Bharmal CPAs
S Corporation Owners – How Much Salary is the Right Amount?
S Corporation Owners - How Much Salary is the Right Amount? You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not [...]
What Is SECURE Act and Stretch IRA?
What Is Stretch IRA? Last December, the imaginatively named Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. The SECURE Act was intended mainly to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans. Fine. Good. But the act also included a big unfavorable change that kneecapped the so-called stretch [...]
PPP Update: Two New Rules for Owners of S and C Corporations
PPP Update: Two New Rules for Owners of S & C Corporations The Payroll Protection Program (PPP) rules—they keep a-changing. During the past month, the Small Business Administration (SBA) issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the Payroll Protection Program (PPP): More forgiveness. [...]
Seven Things To Know Before You Take Out EIDL Loan
Seven Things To Know Before You Take Out EIDL Loan Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs) can be a great source of low-interest funding for businesses struggling with the economic impact of the COVID-19 pandemic. Unlike Payroll Protection Program (PPP) loans, EIDLs are not forgivable—borrowers have to pay them back. But they have a low 3.75 percent [...]
Bharmal & Associates, Inc. Receives First Reviews on Clutch, Maintains Perfect 5.0-Star Average on the Platform
We’re no ordinary accounting firm here at Bharmal & Associates, Inc.! With years of experience as a professional service organization, we offer a wide range of services for businesses and individuals. From individual tax planning services to complex corporate consulting engagements, we are ready to be your full-service CPA firm. Based in Orange County, Southern California, we received our first [...]
All About Limited Liability Companies(LLC)
All About Limited Liability Companies(LLC) LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs with two or more members multimember LLCs. Key point: LLCs are not corporations. But LLCs [...]