One of the most significant issues facing S Corporations is whether they pay their shareholder-employee(s) a reasonable compensation. Unfortunately there is no definition of “reasonable compensation” … [Read more...] about HOW TO AVOID IRS ASSESSMENTS – S CORP SHAREHOLDER-EMPLOYEE NEEDS TO BE PAID A REASONABLE COMPENSATION
Best College Savings Plans for 2013
A favorite tax planning strategy for many families is to contribute to a College Savings Plan. What some donors do is automatically make a contribution to the 529 plan in the state where the recipient … [Read more...] about Best College Savings Plans for 2013
Asset Protection – Auto Insurance Coverage
We recently were told the following story. Parents bought their son a car as a graduation gift (titled in parents’ names). When the parents called their auto insurance carrier and requested quotes, … [Read more...] about Asset Protection – Auto Insurance Coverage
Why IRS Form W-4 Results in Underwithholding of Taxes
Every tax season we hear a familiar question: “Why didn’t my employer withhold enough federal income taxes from my paycheck and what can I do about it?” Why am I subject to underwithholding … [Read more...] about Why IRS Form W-4 Results in Underwithholding of Taxes
IRA 60-DAY ROLLOVER DEADLINE MISSED – TAXPAYER, NOT BANK, IS HELD RESPONSIBLE
We continuously see new clients who had been using a tax preparation software package to prepare their personal tax returns and discover that preparation errors have been inadvertently made by the … [Read more...] about IRA 60-DAY ROLLOVER DEADLINE MISSED – TAXPAYER, NOT BANK, IS HELD RESPONSIBLE
IRS AGENTS – SAD BUT TRUE STORIES
Apparently, not all IRS employees believe in proper tax planning and tax preparation. A former IRS supervisory and group manager has been fined $20,000 and sentenced to a year in prison, followed … [Read more...] about IRS AGENTS – SAD BUT TRUE STORIES
