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Reasonable Compensation for Social Media Personalities

These clients are aggressive in expanding their businesses, and developing multiple streams of revenue, as such, they need to be sure to not only pay appropriate income taxes, but also to pay adequate payroll taxes, too.

Best Practices October 19, 2023

What is an S Corp and is it Right for My Business?

Whether you're forming a new company or contemplating changing your business structure, the decision between opting for an S Corporation or an LLC for tax purposes is a crucial one.…
Client Advisory Services October 18, 2023

What S Corp Owners Should Know About the Reasonable Compensation Requirement

For an S Corporation, staying viable means continually evaluating the reasonable compensation requirement. Taking distributions from your company without paying reasonable compensation to all eligible shareholders can land you in…
Tax Compliance, Client Advisory Services October 18, 2023

A Guide to S Corporations 401(k)s

One of the things S Corporation owners should think about is setting up a  401(k) plan. These tax-advantaged accounts can be an important and effective tool to set aside the…
Tax Compliance October 17, 2023

The Auditors Are Coming: Updates from the IRS on Enforcement Efforts

With the passing of the IRA22 last year and the ongoing battle over the funds allotted to the IRS in that legislation, there have been numerous updates about how the…
IRS News, Updates & Guidance October 12, 2023

5 Proactive Tax Strategies to Maximize Client Value and Revenue in the Face of IRS Audits

With the September and October tax deadlines behind us it’s time to think ahead to the next tax filing season which is really only a few weeks away! As we…
IRS News, Updates & Guidance October 6, 2023

5 Simple Wins to Grow Your Bookkeeping Business

Download our Simple Wins Guide today and learn how a reasonable compensation analysis can add value to your clients, discover how reasonable compensation affects everything from payroll taxes, tax planning strategies and so much more!

Best Practices August 22, 2023

Between a Rock and a Hard Place: What To Do When the Client Won’t Get a Reasonable Comp Report

You are probably aware that taxpayers who own a C Corporation and Subchapter S Corporation who provide services in that corporation are required to take a “reasonable salary.”  But what…
Client Advisory Services June 27, 2023

6 Tax Tips for Small Businesses

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)…
Tax Planning May 25, 2023

Maximizing Tax Savings for Digital Content Creators: Understanding Reasonable Salary for LLCs and S Corps

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…
Best Practices May 3, 2023

What is Reasonable Compensation? A Primer for S-Corp Owners

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…
Best Practices May 3, 2023

The Risks of Letting your Clients Set Reasonable Compensation: Cautionary Tales

Imagine this: You are a specialized heart surgeon who has spent the better part of 40 years training and perfecting your craft. This morning, you have a tricky procedure scheduled…
Tax Compliance April 6, 2023

Simple Win– Grow Your Bookkeeping Practice The Simple Way

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 of us think we need…
Best Practices March 1, 2023

A Step-by-Step Guide to Starting a New Accounting Practice

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,…
Tax Compliance February 1, 2023

Help! My New Client Didn’t Take Reasonable Compensation Last Year

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…
Tax Compliance January 1, 2023

Simple Guide To Reconcile S Corp 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…
Tax Planning December 1, 2022

Learn why RCReports is the #1 reasonable compensation tool for accountants.

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