Long Island Business News quoted Tax & Business Services Partner Robert Spielman in a column about common mistakes made by small businesses.
Long Island Business News
By Bernadette Starzee
For instance, “if you’re looking to develop the business and sell it within five or six years, you may be better off being a C corporation as opposed to a pass-through entity,” Spielman said. “You can get the advantage of qualified small business stock under IRS section 1202,” for which individual owners do not pay taxes on the first $10 million (per person) of gain upon disposition.