Rick Gossett
As COO of Tarkenton Companies for more than 20 years, Rick has been responsible for business software development, unique partnerships, business educational content and consulting, and more. Rick was the originator of Tarkenton Companies’s consulting service and initially handled all of the questions himself. Prior to joining Tarkenton Companies, Rick owned and operated a private practice as a CPA. Prior to that, he was a Senior Manager at Pannell Kerr Forster in tax and audit, as well as Principal in Ernst & Young's small business advisory group.
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Can I get a loan for consolidating business loans together and how do I go about applying for them?
Checking with your current lender or lenders would be the first place to inquire about the availability of and requirements for a consolidation loan. Provided that your business is financially stable and generating sufficient cash flow to service any consolidated debt, has a satisfactory credit rating, and has remained current on its existing loans, your current lender or lenders will be the most likely sources for an affordable consolidation loan.
I am the owner of a single-member LLC small business and would like to know what I can write off on my taxes this year?
An LLC is unique in that it can be taxed as a disregarded entity, partnership, C Corp or an S Corp. A single member or owner LLC can be taxed as a disregarded entity, C Corp or S corp. A multi-member or owner LLC can be taxed as a partnership, C Corp or S corp.
What info can you provide on how to set up and manage an Advisory Board?
I am the owner of a single-member LLC small business and would like to know what I can write off on my taxes this year?
An LLC is unique in that it can be taxed as a disregarded entity, partnership, C Corp or an S Corp. A single member or owner LLC can be taxed as a disregarded entity, C Corp or S corp. A multi-member or owner LLC can be taxed as a partnership, C Corp or S corp. Unless an LLC elects corporate tax classification by filing Federal Form 8832 (C Corp) or Federal Form 2553 (S Corp) with the IRS when it is formed, a single member or owner LLC is taxed as a disregarded entity and a multiple member or owner LLC is taxed as a partnership.
I’m thinking about hiring my first employee. What should I do?
When growing a business, entrepreneurs typically reach a point in the process where they must consider the prospect of adding staff. There are several important things to consider when hiring employees, which include: labor laws, compensation structure, fringe benefit programs, and workers’ compensation.
Can a three member LLC, being taxed as a partnership, place the three members on a payroll service with other employees of the company?
The members of an LLC taxed as a partnership cannot take W-2 salaries or wages like employees of the LLC and cannot therefore have their compensation processed through a payroll service. However, they make take salaries in the form of “guaranteed payments” and profit distributions from the LLC as discussed in greater detail below.
I am interested in taking my company public. How would I go about doing this?
What is the best way to determine intercompany fees when two companies share key resources and overhead expenses?
One approach to calculating intercompany management fees is to analyze the labor being spent on each business and then allocating overhead costs as a percentage of labor to determine a total intercompany fee. Also, there may be a particular legal bill or other unique costs that may be charged directly to a subsidiary or affiliate company in addition to the normal intercompany fee.
How Should I Go About Choosing a Business Entity Type?
How far back can you amend taxes, and what forms are needed?
In order to obtain a credit or refund, an amended federal or state tax return must be filed within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later.