18th Annual Wildlife Control

Instructional Seminar

January 16 - 18, 2012

Las Vegas, NV

Sponsored by:

Supported by:

Business Structure & Taxes

By Natalie Arnold, MT, CPA

I.  Cash v. Accrual

        A. Bad Debt: cash – no; accrual – yes

        B. Inventory: cash – no; accrual – yes (few exceptions, see IRS.gov)

        C. Gross receipts: cash – average annual receipts less than $1,000,000 (see

            Revenue Procedure 2001-10 for complete rules)

II.  Business Structure

        A. LLC - not recognized by the IRS, state level only

        B. LLC is a sole proprietor, but a sole proprietor is not necessarily an LLC

        C. Must file paperwork with IRS to be recognized as a Corporation, S-D.

            Corporation or Partnership if not filing form Schedule C with personal return

III. Employment Taxes

A.    Self-Employment tax (Schedule C & Partnership income)

B.    Matching funds (Social Security & Medicare) – wages expense

IV.  Estimated Taxes

A.    Not a business expense if sole proprietor, S-Corporation or Partnership

B.    Not tax deductible if a C Corporation unless state or local taxes

V.   Questions

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