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Parent, McLaughlin & Nangle Announcements
Which tax advantaged fringe benefits are passthrough owners entitled to?
Partnerships, LLCs treated as partnerships, and S corporations are widely chosen by entrepreneurs as favored business structures due to their distinct tax and nontax advantages.However, there is a disadvantage to these structures that business owners may want to consider; the number of tax-favored or tax-free fringe benefits available to owner-entrepreneurs of passthroughs is limited compared to those that are available to shareholder-employees of C corporations.This article discusses those benefits that can be made available on a tax-preferred basis to partners, members of LLCs treated as partnerships, and substantial (more than 2%) shareholders of S corporations.Click on Full Article to read more.
By Rebecca M. Tom, CPA Parent, McLaughlin & Nangle, CPA's Inc.
Discrimination based on genetics will soon be illegal for U.S. employers. President Bush recently signed the Genetic Information Nondiscrimination Act into law, which goes into effect next year. The new law also prohibits discrimination in health insurance based on genetic information. Here is a look at how employers will be affected.