Cameron Keng runs the New York-based Keng Group, a CPA firm. Previously he worked for PwC and KPMG. He has founded a nonprofit voluntary income tax clinic called the Keng Institute.
You probably didn't hear about the changes in tax law affecting entrepreneurs because it looks like Congress didn't want you to.
The IRS has an unofficial policy of cutting entrepreneurs a one-time break on late filing fees, but it's better not to count on it.
Working without a salary for equity might feel like pitching in at your neighbor's barn raising but the government doesn't see it that way.
Selling a Business
You worked hard to build your business. Realize all the fruits of your labor when it comes time to file your return.