As part of an annual underwriting renewal, my small C corp company is being audited by BCBS. Their guidelines require that a minimum of two full-time employees (including owners/officers) be on my small group medical plan, with full-time employees defined as those working 30 or more hours per week. How can I prove to BCBS that I, as the sole owner/officer, satisfied the 30+ hours a week requirement in those months where I didn't pay myself a salary?

April 23rd, 2023

Will I be able to offset the withdrawal from my SEP IRA with the loss of the write-off of the loan I made to my California C-Corp?

March 5th, 2024

I send my 21-year-old college undergraduate student money to pay for tuition. I do not claim him as a dependent; his mother does. Is there any way I can get a tax benefit for the almost $7.5k I send per year?

July 12th, 2024

My daughter is 32 years old and a full-time student. She is unemployed and earned only $2800 last year. I pay her rent of $500 per month and help with some food. Can I claim her as a dependent even though she does not live in my house?

March 29th, 2024

I want to set up a website to sell services to US customers. Which corporation configuration would maximize tax savings: 1. Incorporate at an offshore location like the Cayman Islands and set up a US subsidiary, or 2. Incorporate in a corporate-friendly US state like Nevada and set up a controlled foreign company in the Cayman Islands? Additionally, will revenues earned by the non-US entity be subject to US corporate income tax, and if the corporation distributes dividends to US shareholders, will they be subject to personal income tax? If the company is sold, will US shareholders be subject to capital gain tax? Are these options viable, and if so, which is better for tax savings, or is there another option to maximize tax savings?

January 2nd, 2023