Blog - Porterfield CPA, PLLC

COVID-19 Best Practices for Businesses

Tom G. Porterfield, CPA, CFE | March 17, 2020

There’s no doubt that COVID-19 is going to have significant impact on the U.S. economy for businesses small and large. I am going to share some of my thoughts and views on dealing with the COVID-19 ...

IRS Proposes New Rules on Meals and Entertainment Deductions (5 Minute Read)

Tom G. Porterfield, CPA, CFE | February 26, 2020

On February 21, 2020, the IRS released proposed regulations to address the ability of businesses to take deductions for meal and entertainment expenses affected by the Tax Cuts and Jobs Act of 2017...

What is the best entity type for my Franchise? (10 Minute Read)

Tom G. Porterfield, CPA, CFE | January 22, 2020

Allen replied “That’s a great question Josh, but I am afraid I can’t give you an answer until I get some answers from you”. “Allen you’re the expert, just tell me what to do and I’ll tak...

What is EBITDA and why is it important to franchise owners? (5 minute read)

Tom G. Porterfield, CPA, CFE | January 4, 2020

Whether you intend to build a business to sell or to provide income for your family, measuring and managing EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) is a key to meeting yo...

Considering Admitting a New Partner into Your Partnership?

PorterfieldCPA | November 13, 2019

Admitting a new partner may be a simple matter, but tax planning can help avoid various tax problems associated with admitting a new partner. If your partnership has any unrealized receivables or ...

Applying Research Tax Credits to Payroll Taxes

PorterfieldCPA | November 10, 2019

Recent changes in the federal tax law now allow companies to offset payroll taxes with federal research tax credits. This situation most likely applies to startup companies that are incurring payroll ...

529 Education Savings Plans

PorterfieldCPA | November 6, 2019

Do you have a child or grandchild who is going to attend college or trade school in the future? Are you concerned with how to pay for their education? If so, you are like many of us that desire our ch...

Using Stock Redemptions to Create Liquidity for C Corporation Owners

PorterfieldCPA | October 20, 2019

Shareholders of closely-held C Corporations often find themselves in a tax dilemma when it comes to creating liquidity from their investment. Generally, the shareholder is compensated for work per...

When a taxpayer can’t pay the balance due

PorterfieldCPA | October 10, 2019

It happens – You’ve had a good year and get surprised by your tax liability when your return is ready to file. The growth in your business has tied up funds that you need to pay taxes. Or maybe yo...

Meals and lodging provided by an employer may be excludable from the employee’s income.

PorterfieldCPA | September 25, 2019

In certain circumstances, an employer may provide employees with meals and lodging as part of their employment package. Generally, the value of meals and lodging provided to employees is taxable like...

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