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Entity Section

Entity Comparison

When you want to start your own business, the very first thing you should consider…

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Setting up a Branch vs. a Subsidiary

– Foreign corporations that have overseas expansion plan must decide the initial structure for their…

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Corporation Setup

Corporation set up procedure

1. Search Corporation Name This is the first procedure to decide on a corporate name.…

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Doing Business in CA

Requirements for Money Service Business

Bank Secrecy Act(BSA) Requirements for MSBs Registration must register by the end of the 180day…

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Process and required documents to set up a Business in California

1. Fictitious Name Any business that doesn’t use its legal name (the official name of…

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Hiring Employees

Employee VS Independent Contractor

In order to account for payments made to service providers, you must decide whether those…

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Penalty for hiring or continuing to employ unauthorized aliens

Penalties for Prohibited Practices Unlawful Employment Civil Penalties DHS may impose penalties if an investigation…

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Overview of Documents to Prepare in Hiring Process

1. Form I-9: Employment Eligibility Verification The purpose of this form is to document that…

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Minimum Wage

1. Federal-Fair Labor Standards Act (FLSA) The Act applies to almost every private businesses and…

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Financing Arrangements

Setting up credit facility such as L/C, B/A, T/R, C/A & Term Loan, etc.

L/C-Letter of Credit includes the following: B/A-Banker’s Acceptance T/R-Trust Receipts C/A-Cash Advance D/A-Document Acceptance D/P-Document…

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Personal Financial Statement

Personal Financial Statement (PFS) is composed of the following: Statements of Financial Condition Statement of…

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Adequate bookkeeping and tax returns

Adequate bookkeeping is done by the following: Hard copies (paper documents) of unordinary transactions as…

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Investments

Real Estate Taxation

Hereon this article, you will find information regarding taxation of income and gain from real…

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Capital Gain VS Ordinary Income VS Worldwide Income

Capital Gain A capital gain is a profit that results from investments into a capital…

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Bring money from Korea to U.S. or vice versa

The federal income tax is levied on the worldwide income of U.S. citizens and resident…

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Accounting & Tax Service

State Enterprise Zone (EZ) and Tax Incentive

The California Technology, Trade and Commerce Agency have designated economically depressed areas in California as…

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Government Audit Representation

U.S. tax system is based on self-reporting tax measures. When starting a business, you need…

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Audit, Review and Compilation

1. Audit The term ‘audit’ has a specific meaning in accounting terms.    An audit of financial…

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Retirement

Qualified Retirement Plans

Qualified retirement plans are set up by employers to provide employees with opportunities to save…

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Cafeteria Plan

A cafeteria plan is a type of employee benefit plan offered in the United States…

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Personal Financial Planning

Nonprofit Organization

Nonprofit organizations are usually classified as either member serving (addressing the needs of only a…

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Senior Citizen’s Replacement Dwelling Benefit (Proposition 60 and 90)

Senior citizens often sell their houses to move into new house. If you’ve lived in…

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Estate Planning

Broadly speaking, it is an estate plan that encompasses the accumulation, conservation and distribution of…

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Other

Social Security Benefit

Your Social Security taxes pay for three kinds of benefits; retirements, disability, and survivors. To…

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Stop doing Business in CA Process

You are required to file Final Payroll Tax Return to IRS and EDD You must…

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Individual Taxpayer Identification Number

ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by the Internal Revenue…

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