The Internal Revenue Service has eliminated the requirement regarding how credit -and debit card payments are accounted for on tax returns. The IRS would have required companies to explain the differences between the 1099K numbers and their own …
S Corporation shareholder’s compensation must be reasonable.
A recent court decision reported that an S corporation shareholder's salary should be a reasonable compensation. Despite the fact that there is no statute, rule or regulations requiring minimum compensation to be paid, the compensation should be …
S Corporation shareholder’s compensation must be reasonable.Read More
New Tax Treatment of Cell Phones for Business
Lifts Record Keeping Burden for Small Business The IRS categorization of mobile phones as listed property required business owners and their employees to keep detailed records listing exactly which phone calls were personal. Many employees needed …
Common Tax Errors to Avoid
COMMON TAX ERRORS 1. If you had a baby during 2011, you must get a Social Security number for the child before filing your tax return. You will not be able to claim a child dependency exemption, child tax credit or earned income credit without a …