If your company is currently working with the government, or thinking about jumping into the government space, a GSA Schedule Contract can open up additional opportunities and make your business more attractive to federal buyers. A GSA Schedule is a contract that can be used by federal agencies to purchase a company’s products and services; it contains pre-negotiated pricing, terms, and conditions which streamline the government sales process. More importantly, a GSA Schedule Contract allows small businesses to capture some of the $32 billion in annual spending through the program – over 37% of which was spent with small businesses last year. Agencies can even set aside contracts exclusively for small businesses through the GSA Schedule program.
For the most part, you can submit a proposal to obtain a GSA Schedule Contract at any time. However, before you begin the process, take the time to assess your current situation. Where does your company need to be in terms of your organizational structure, financials, and past performance in order to obtain a GSA Schedule Contract? What is your plan for when you receive a GSA Schedule Contract? What resources and structure do you need in place to successfully utilize the contract? Continue reading →
While most people think of fitness goals when making their New Year’s resolutions, it’s also smart to get your personal and business financial documents in shape. After the holiday season is out of the way, it seems like tax time is right around the corner for your small business. It’s never too early to start getting your documents in order in case you want to buy a business or recapitalize your existing one. Continue reading →
For our third installment of the ABC’s for small business, we decided that we liked the letter “C” so much that it had to stay in our word of choice – literally! C-corps are organization structures for businesses that provide non-tax benefits with profits taxed separately from its owners. Beyond just taxing profits separately, c-corps also have the distinction of being separate entities from their owners entirely in both control and management and as such, may go public and raise investment capital, engage in business, and initiate lawsuits.
Last March we did a post on C-Corp 101 and the four considerations to making your business tax efficient, provided below for a quick recap: Continue reading →
For the last installment in our series on the tax treatment of entity types we’re going to cover the Partnership. If you’ve been keeping up with our posts, this will seem eerily familiar. Why? Because the LLC is typically treated just like a Partnership!
If you’ve been following our blog for the past couple of Fridays, you know that we’re covering four basic tax tips to consider when forming a new entity. If you missed the first two, read up on the C-Corporation and S-Corporation.
No one will argue with this little piggybank – money plus money is more money. In fact, that’s the best part of paying taxes – It means you’ve made money! But did you know the type of entity you select can affect your taxes?
As we mentioned last Friday, we’re doing a series on four tax considerations that may help you pick the best business type for you and help your business become more tax efficient. The considerations are: Continue reading →
With the tax season upon us, we’d like to help shed some light on tax issues. Every Friday for the next several weeks we will discuss how the following tax considerations apply to different business entities. (Look for the little piggies!) The considerations are:
1. Pass through of gains
2. Pass through of losses
3. Transfer of assets to the entity, and
4. Transfer of assets from the entity
This week we’re going to cover the S-corporation.
What is an S-corp?
For starters, an S-corporation starts just like a normal C-corporation. The letters (S & C) are designations from subchapters of the IRS code. Most corporations are C corporations. An S corporation is a corporation that has made a special election to be taxed in a certain way. Because of this special treatment, there are additional rules and restrictions on top of the standard corporate law requirements. Continue reading →