Category Archives: Tax Tips

Unreimbursed Corporate Business Owners (Shareholders) Expenses

Please be aware that the IRS requires that specific documentation be maintained and made available regarding the deductibility of business expenses in the event that an examination is performed. When out-of-pocket expenses are incurred by shareholders of corporate businesses, an accountable plan … Continue reading

2016 and 2017 tax planning suggestions

The following tax planning strategies through out the year and close to the end of year for consideration: During the 2016 tax year, taxpayers in the 10% and 15% tax brackets will continue to enjoy no tax on LT capital gains … Continue reading

General Rules for 1099’s

Generally, your company may be required to file form 1099 misc if you had made payments typically to sub-contractors for $600 or more during the year. 1099’s must be filed with the IRS and mailed to recipients no later than January … Continue reading

Organizing Your Business Tax Return Information

Presenting your business tax return information in a complete and organized manner will expedite the completion of your tax return and will reduce the amount of time necessary to prepare the return.  What is the benefit to you of organizing … Continue reading

S Corporations – Critical Information Re: Shareholder Compensation

Salary The IRS requires that all S Corporations must pay a salary to shareholder/employees(if profit supports it), or risk recharacterization of shareholder distributions and be subject to penalties.  We strongly recommend that all of our S-corporation clients pay a reasonable salary to all … Continue reading