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Knowledge Base
Purchase Price Allocation
Generally speaking when you purchase another business, you are only buying the assets of that business. In other words, you are not buying the entity. Why not? Well, the entity could have a lot of skeletons in the closet. Using our accounting firm example above, if the previous owner had made a mistake on a tax return and that mistake led... read more
Health Care Expenses, Premiums, HRAs, HSAs – Section 105
An LLC or S-Corp allows you set up a plan to reimburse shareholders (and employees) for medical premiums and expenses plus make contributions to a Health Savings Account (HSA). And this can actually save a significant amount of Social Security and Medicare taxes. Read on. Health Insurance Premiums In IRS Notice 2008-1 premiums paid under... read more