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August 2018 Archives

Some S corps switching to C corps for lower tax rate

The reduction of the top tax rate for C corporations from 35 percent to 21 percent established by the Tax Cuts and Jobs Act has prompted some Subchapter S corporations in Pennsylvania to become C corporations. Because this switch might require a change from overall cash method to overall accrual method accounting, the Internal Revenue Service published Revenue Procedure 2018-44 to clarify the process.

Why social media is still an important part of business growth

More small business owners in Pennsylvania and other parts of the country are feeling optimistic about their financial situations. Results from an annual ranking of business optimism show that 80 percent of small business owners are positive about their finances. However, only 54 percent report having plans to boost social media presence. Part of the reason for this hesitation may be stats showing a decrease in users of major platforms like Facebook, Twitter and Snapchat.