ALG Accounting, Inc.

A client introduced his business partner as his LLC partner last month, a phrase that doesn't quite mean what he thinks it means.

I wrote up the actual difference between an LLC and a partnership. Link below.

algaccountingblog.wordpress.com

An investor I know once rushed a decision to beat an Opportunity Zone deadline, into a deal he later admitted he hadn't vetted closely enough.

The incentive is permanent now, which changes that calculus. I wrote up what's different. Link below.

Qualified Opportunity Zones: Is the Investment Still Worth It in 2026? An investor I know pulled money out of a stock position specifically to beat an Opportunity Zone deadline in 2019, into a deal he later admitted he hadn’t vetted closely enough. That kind of …

A restaurant owner I worked with had a rough first year, a real loss on paper, and assumed it was just gone. It wasn't.

I wrote up how net operating losses actually work. Link below.

algaccountingblog.wordpress.com

A client once asked me to deduct his home renovation as a home office expansion because his cousin's accountant said it was fine. Legal-adjacent at best, and not remotely smart for his audit exposure.

I wrote up the distinction that actually mattered there. Link below.

The Two Kinds of Tax Advice A client once asked me to help him deduct his home renovation as a “home office expansion” because his cousin’s accountant said it was fine. It was legal-adjacent at best. It also…

A business owner called me on December 27th wanting to do some year-end planning. By then the plan he wanted couldn't be adopted in time.

I wrote up why now is the better time to start. Link below.

Year-End Tax Planning Starts Now, Not in December A business owner called me on December 27th last year wanting to “do some year-end planning.” By then, the retirement plan he wanted to set up couldn’t be adopted in time, and the…

A two-shareholder S corp filed one day late last year and owed $510 in penalties before a single dollar of actual tax entered the picture.

I broke down exactly how the penalty is calculated. Link below.

What Happens If You Miss the September 15 Extension Deadline for Your Business Return A two-shareholder S corp filed its return one day late last year and owed $510 in penalties before a single dollar of actual tax entered the picture. The penalty structure for pass-through entities…

A contractor worked exclusively for one company, at a desk that company assigned, on hours it set, and still got paid on a 1099 for three years before anyone questioned it.

I wrote up what changes with each classification, and what it costs to get wrong. Link below.

Hiring Your First Employee vs. Bringing on a Contractor: The Tax and Compliance Difference A contractor who’d worked exclusively for one company, at a desk that company assigned, on hours that company set, still got paid on a 1099 for three years before anyone questioned it. That& #…

September 15 is twenty-nine days out as I write this, close enough to plan around and far enough away to still do something useful about it.

I put together a short checklist. Link below.

algaccountingblog.wordpress.com

The BOI Reporting Requirement Your LLC No Longer Has to Worry About

A client who owns three rental LLCs called me in June asking if he still needed to pay his registered agent to file a Beneficial Ownership Information report. I told him to wait. On August 11, FinCEN made it official: U.S. companies and U.S. persons are now permanently exempt from Corporate Transparency Act beneficial ownership reporting, not just paused while litigation plays out. If you formed an LLC or PLLC in the last few years and filed a BOI report, or worried about the $591-a-day penalty for not filing one, this is worth five minutes of your time....

The BOI Reporting Requirement Your LLC No Longer Has to Worry About A client who owns three rental LLCs called me in June asking if he still needed to pay his registered agent to file a Beneficial Ownership Information report. I told him to wait. On August 11, FinC…

The IRA catch-up contribution stayed frozen at a flat $1,000 since 2001. That changed this year, and it's easy to miss.

I wrote up what actually changed for 2026. Link below.

Retirement Contribution Limits for 2026: What Changed and What Didn’t The IRA catch-up contribution stayed frozen at a flat $1,000 since 2001. That changed this year, and it’s easy to miss if you’re not looking closely at the 2026 numbers. 401(k) and Simi…