Audits on Reasonable Compensation for S-Corp Owners Are On the Rise (& closely held c-corporations)
Audits on Reasonable Compensation for S-Corp Owners Are On the Rise (& closely held c-corporations) The U.S Treasury has urged the IRS to increase S-Corp audits on reasonable compensation due to compliance studies (see IR-2005-76) showing a large amount of underreporting. The underreporting is typically done to minimize employment taxes. S-Corps can be great tax […]
Why Your LLC May Be Worthless (Part 1)
Why Your LLC May Be Worthless (Part 1) Congrats! On starting your Limited Liability Company (LLC) and embarking on your journey as an entrepreneur. While LLC’s have become extremely popular and have many benefits there are some key highlights you may want to look out for. LLC’s provide the legal liability of a corporation yet […]
Inflation Reduction Act: Winners & Losers
Inflation Reduction Act The Inflation Reduction Act of 2022 was officially passed on August 16, 2022 with the aim of curbing inflation by lowering drug costs, promoting green energy, promoting domestic production and reducing the nation’s current deficit. With many new changes to the tax code, naturally certain groups tend to benefit more than others. […]
Business Tax Strategies to Implement Before Year-End
Business Tax Strategies to Implement Before Year-End Year-End tax planning shouldn’t just be a thought, it should be an automatic routine once the 4th Quarter rolls around. There are some last-minute tax strategies that all small businesses should consider implementing before the year ends. Here are a few: Tax Loss Harvesting: Tax loss harvesting should […]