Elvis tells the IRS “Don’t Be Cruel”…
- July 1, 2018
- Posted by: RCR Admin Team
- Category: Archived
By Stephen Kirkland, CPA, CMC, CFC, CFF (Guest Author)
It has been more than 40 years since Elvis Presley faked his own death so that he could become a deserted-island based tax advisor. Back then, the IRS was auditing hundreds of C corporations, looking to see if they were over-compensating their shareholders. Elvis wanted to help.
Later, privately-owned C corporations started to become less common as more businesses elected S status. Elvis got all shook up to see the IRS begin to focus its sights on underpaid shareholder-employees at S corporations. He was on it like a hound dog.