Industry Insights

Now that tax season is officially over (any extensions you have to file aside), now is the perfect time to shift into tax planning mode for your SMB (small-to-medium business)…

If you’re a digital content creator, chances are you’ve seen something online about the potential tax savings of switching from an LLC to an S Corporation. However, most of these…

Reasonable Compensation in a Nutshell   All S-Corp shareholder-employees must pay themselves a reasonable salary (i.e. Reasonable Compensation) via W-2 BEFORE any distributions are taken. It’s the law. You should…

By Paul S. Hamann & Jack Salewski, CPA, CGMA Imagine this: You are a specialized heart surgeon who has spent the better part of 40 years training and perfecting your…

By Gabrielle Fontaine, PB, ASBC I have a question for you: Would you rather get new clients to grow your business or get paid more from your existing clients? Most…

Tax season is ramping up once again. Are you feeling less than enthusiastic about how your work and personal life will roll out over the next few months? Long hours,…

This is a question we get a lot at the beginning of the year: “I just took on a new S Corp client and they didn’t take any Reasonable Compensation…

With the last month of the year here, it’s time to reconcile Reasonable Compensation for your S Corp clients. If you are not familiar with the process of reconciling your…

When my office phone rings at 5:30 on a Friday afternoon, you know it’s probably bad. This particular call was no exception. On the other end of the line was…

Having a Reasonable Compensation figure that is “reasonable” isn't enough anymore. With the IRS turning up the heat on Reasonable Compensation compliance [See IRS TECH TARGETS S CORP OFFICER COMPENSATION],…

The Inflation Reduction Act of 2022 (IRA22) was signed into law on August 16, 2022. The goal of the package is to raise $737 billion in revenue over the next…

By Paul S. Hamann & Jack Salewski, CPA, CGMA The IRS is deploying technology and big data to combat compensation under-reporting. What does this likely mean for you and your…

By Michael Gregory, ASA, CVA, NSA, MBA, Qualified Mediator with the Minnesota Supreme Court Our guest contributor this month is Michael Gregory. Former IRS Territory Manager and key architect of…

By Stephen D. Kirkland, CPA, CMC, CFF You know that your clients may be extremely astute when it comes to manufacturing widgets. But managing business operations is a different challenge.…

By Paul S. Hamann & Jack Salewski, CPA, CGMA This is a true story. Names & identifying details have been changed to protect the innocent. Nancy had a feeling that…

In a 2017 memorandum to its examiners and appeals agents, the IRS lays out steps to keep Reasonable Compensation challenges out of Tax Court.  Great, you say, nobody wants to…