S Corporation Shareholder-Employee: Are You Paying Yourself Reasonable Compensation? An S corporation is a corporation that elects to pass its corporate income, losses, deductions and credits through to its shareholder(s). A shareholder of an S corporation reports the flow-through of income and losses on their personal tax returns and are assessed tax at their individual […]
Financial
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Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP): We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for […]
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The IRS issued Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, which clarifies some provisions for extended tax returns: The due date for filing Federal income tax returns is automatically extended from April 15, 2020 to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, […]
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by Rob Britton CFA, CFP & Nicole Albrecht EA, CTC The Senate passed the legislation 96-0 and the bill now heads to the house for a vote tomorrow. If passed the bill would be the largest aid package in US history. The key points of the bill are as follows: The most anticipated piece of […]
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“Professional Women Toastmasters provides a supportive and positive environment where members have the opportunity to overcome their fear of public speaking and sharpen presentation skills,” says Mary O’Dwyer, President for Professional Women Toastmasters. “Other benefits include the opportunity to increase one’s confidence, build critical thinking skills and become an effective listener,” says Kathy Sizemore, Vice […]
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The number one audit risk that S-Corporations have to deal with is salary and wages paid to officers of there corporation. One of the fastest ways for the IRS to audit an S-Corporation is to file an 1120S tax return with no amount showing on Line 7. It is assumed by the IRS that no […]
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A Form W-4, formerly known as “Employee’s Withholding Allowance Certificate”, is filled out by employees to tell employers how much tax to withhold from each paycheck. The employer uses the W-4 to calculate certain payroll taxes and remits the taxes to the IRS on the employee’s behalf. You’ll fill out a W-4 when you start […]
