trn: New Haven, CT: Understanding S-Corp Owner Compensation
- 01/18/23 01:47 PM
Whether you are in New Haven, Connecticut or not, what is "Reasonable Compensation" is a critical issue for S Corporation owners. We have defended both taxpayers and tax preparers on this issue before the IRS. The answer to this question depends on a variety of factors and can be complicated. This blog post will explore the concept of reasonable compensation for an S-Corp owner and provide some basic guidelines to help you better understand how to support the wage number on that 1120-S Return. Tax Implications The Internal Revenue Service (IRS) requires that S-Corporations pay their owners “reasonable” compensation" in order to avoid … (1 comments)
trn: Tax Rep Network Podcast: IRS Enforcement's use of AI: Eric’s Takeaway
- 02/20/21 05:55 AM
On this week's Tax Rep Network Podcast I discuss the impact of the IRS's use of AI. If you listened to the episode with Deputy Commissioner of SB/SE Darren Guillot you heard about how the IRS is using AI to target taxpayers who have failed to disclose assets on their 433 (Offers, CNC, etc.). It is episode 91 if you missed it. On this episode I discuss what that means and how we need to change our collection practice intakes to protect us from our client, and our client's from themselves! https://taxrepllc.com/tax-rep-network-podcast-episode-93-irs-enforcements-impact-on-our-collection-practice-erics-takeaway/ … (0 comments)
trn: What do you do when the IRS Auditor is Batshit Crazy? Free Webinar
- 12/22/20 06:09 PM
Given how wonderful 2020 has been, Tax Rep Network thought we would throw 2020 out the window and ring in the New Year with fun filled webinar designed to celebrate the IRS’s finest!Ever dealt with an auditor that you begin to realize immediately must be named Lucifer? The point of an audit, according to the IRS itself, is to check on how the taxpayer is doing in respect to their returns and reporting and use this time as an educational opportunity. Yet sometimes there are examiners who do not seem to understand this and have decided it’s a time to torture … (0 comments)
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Whether you are in New Haven, Connecticut or not, what is "Reasonable Compensation" is a critical issue for S Corporation owners. We have defended both taxpayers and tax preparers on this issue before the IRS. The answer to this question depends on a variety of factors and can be complicated. This blog post will explore the concept of reasonable compensation for an S-Corp owner and provide some basic guidelines to help you better understand how to support the wage number on that 1120-S Return.
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