RIVES CPA PLLC
TAX PLANNING AND COMPLIANCE
TAX SERVICES: Consultative tax planning to reduce taxes Proactive tax ideas Tax reporting for US federal Tax reporting for all 50 states 1099’s W2’s Sales tax reporting LLC, C Corporation, S Corporation
CLIENT ACCOUNTING SERVICES
ACCOUNTING SERVICES: Spend less time on the back office and gain insight into your business. Collaborate with us in real time about your finances and drive business success.
RIVES CPA PLLC
My passion is owner operated businesses and I believe they are key to any successful economy. My firm's goal is to help you succeed by providing knowledge, expertise and peace of mind.
Tax planning and compliance
Cloud based accounting and payroll solutions
HELPFUL ARTICLES
Where to form your new business entity
There is a lot of misinformation about forming a new business entity in the US. Some would have you believe that Delaware is always the best choice for a new entity, but that is simply not accurate. We have developed a decision chart to help you decide.
100% Deduction for business meals from a restaurant
You may have heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details. In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, Read more about 100% Deduction for business meals from a restaurant[…]
Owner liable for corporate tax debt
Generally, a corporation, and not its shareholders, is liable for its own debts. Under Texas law, a court may ignore the corporate form when the corporation is the alter ego of its owners or shareholders. The alter ego principle applies when there is such unity between corporation and individual that the separateness of the corporation Read more about Owner liable for corporate tax debt[…]
When to hire a tax professional
Here are my criteria of when you should consider using a tax professional instead of DIY software. -Any time you have an unusual transaction such as buying/selling real estate, exercising stock options, receiving an inheritance, rental or royalty income. It may be you only go to the tax professional the one year you have the Read more about When to hire a tax professional[…]
Stimulus Check FAQ
Who is eligible for a recovery rebate? All U.S. residents with adjusted gross income under $75,000 ($112,500 for head of household and $150,000 married), who are not the dependent of another taxpayer and have a work-eligible Social Security Number, are eligible for the full $1,200 ($2,400 married) rebate. They are also eligible for an additional Read more about Stimulus Check FAQ[…]
Additional Details about Tax Changes During Covid
We have put together some additional details on tax changes that have taken place to assist US taxpayers during the Covid-19 pandemic. There have been a lot of changes for US taxpayers to assist them during the Covid-19 outbreak. We think you might find the following information helpful. Information for Business Taxpayers Information for Individual Read more about Additional Details about Tax Changes During Covid[…]
Stimulus Payments are Approved
By now you have certainly heard that Congress and the President approved a huge economic stimulus package for taxpayers impacted by Covid-19 virus. What is the payment? The stimulus payment is actually an advanced tax credit for your 2020 taxes. Who qualifies? Single taxpayers with less than $75,000 Adjusted Gross Income Married filing jointly taxpayers Read more about Stimulus Payments are Approved[…]
Covid-19 Resources
We thought you would find the following information helpful if you own a small business and are impacted by Covid-19. SECTION 139 DISASTER RELIEF PAYMENTS General Rule — Gross income shall not include any amount received by an individual as a qualified disaster relief payment. Qualified Disaster Relief Payment Defined — For purposes of this section, the Read more about Covid-19 Resources[…]
Change in process to obtain an EIN affects non-residents
IRS news release IR-2019-58 announced a change in procedures for obtaining an Employer Identification Number (EIN )for a US business entity. This will impact non-residents with US based entities. Beginning May 13, 2019, only individuals with a Social Security Number (SSN) or International Tax Identification Number (ITIN) will be able to request an EIN. The Read more about Change in process to obtain an EIN affects non-residents[…]
Best way for an LLC to be taxed
What is the best way for an LLC to be taxed? Seems like a simple question, right? The truth is it is not that simple. By best way, I assume you mean the way resulting in the least amount of tax being owed. Unfortunately there is no one size fits all answer when it comes Read more about Best way for an LLC to be taxed[…]
