Author Archive | Sonya Foster

Portrait of successful, cheerful, cute, young man presenting start up, new product showing copy space on his palms in two sides, looking at camera, standing over grey background

Manage Your Working Capital

Working capital is calculated as the difference between a company’s current assets and current liabilities. For a business to thrive, working capital must be greater than zero. A positive balance enables the company to meet its short-term cash flow needs and grow. And, too much working capital can be a sign of inefficient management. As […]

Continue Reading
image of IRS 1040 form

Taxpayer Filing Status

For tax purposes, December 31 is more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December […]

Continue Reading
converting from a C to S corporation

Switching from a C to S Corporation

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an […]

Continue Reading
construction hat and plans with words cost segregation study

What is a Cost Segregation Study?

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a […]

Continue Reading
cartoon of a happy business man

Valuing Profits Interests in LLCs

The use of so-called “profits interest” awards as a tool to attract and retain skilled workers has increased, as more companies are being structured as limited liability companies (LLCs), rather than as corporations. But accounting complexity has caused some private companies to shy away from these arrangements. Fortunately, relief from the Financial Accounting Standards Board […]

Continue Reading
torn piece of paper with word Trust on it

Fix a “Broken” Trust

There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax laws. While it’s relatively simple to change a beneficiary, what if an irrevocable trust no longer serves your purposes? Depending on applicable state law, you may have options […]

Continue Reading