If you operate as an S corporation, you already know that you need to set a salary for shareholder-employees. A reasonable one. And you hear lots … [Read more...] about IRS S Corporation Shareholder Salary Data
S corporation
Covid-19 Late S Corporation Elections
Like most small business CPA firms, we love S corporations. Oh, no, it’s true. Call us crazy. But we love the way they help entrepreneurs reduce … [Read more...] about Covid-19 Late S Corporation Elections
Late S Corporation Payroll Hacks
This time of the year, tax accountants confront a common problem. That problem? Well, okay, this is awkward… but somehow, no one quite knows how, … [Read more...] about Late S Corporation Payroll Hacks
S Corporation Home Office Deduction Revisited
My oldest friend (since 5th grade) is also a CPA. At lunch last week, he made a great observation. If you run your business as an S corporation and … [Read more...] about S Corporation Home Office Deduction Revisited
Section 199A S Corporation Dissolution
Some S corporation owners are starting to ask about Section 199A S corporation dissolution. In other words, should an S corporation dissolve to … [Read more...] about Section 199A S Corporation Dissolution
Pass-through Income Deduction: Top 12 Things Every Business Must Know
Late in 2017, Congress passed the Tax Cuts and Jobs Act of 2017, an enormous, complicated 500-page chunk of tax law. Among other things, the new law … [Read more...] about Pass-through Income Deduction: Top 12 Things Every Business Must Know
Pass-through Entity Tax Cut Rules Are Complicated
Last week, House Republicans passed the “Tax Cuts and Jobs Act.” The law gives many sole proprietors, partnerships and S corporations a tax cut by … [Read more...] about Pass-through Entity Tax Cut Rules Are Complicated
Subchapter S Election Timing Tips & Tricks
You want to understand how Subchapter S election timing works. Understand the timing, for example, and you avoid common mistakes. Further, understand … [Read more...] about Subchapter S Election Timing Tips & Tricks
S Corporation Reasonable Compensation
Businesses often struggle with the "S corporation reasonable compensation" question. Set the number too low and you risk the wrath of the IRS. Set … [Read more...] about S Corporation Reasonable Compensation
S Corporation Paperwork Problems
Right before New Year’s Eve, a tax court vaporized an S corporation and its shareholder due to what might only amount to poor S corporation … [Read more...] about S Corporation Paperwork Problems