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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 articles and videos gloss over the most important input of this decision – your reasonable salary or reasonable compensation. This figure, along with your total …

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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 with a patient who is in desperate need of medical intervention. You go to greet the patient, and start explaining the procedure and what they …

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Female accountant looks frustrated that her new client didn't take reasonable compensation last year

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 last year. What do I do?!” First things first: Reasonable Compensation only applies if the owner takes a distribution. If the owner did not take …

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Unpacking the Increased IRS Enforcement in IRA22 for S Corps

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 decade, with $127 billion of that revenue coming from increased IRS enforcement. While it will take time before we understand the full implications of the …

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