“Reasonable Compensation Horror Stories: The Tax Man Cometh“
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Most S corporation owners know they need to pay themselves a reasonable salary—but few realize the tax preparer can also be on the hook.
Here are three quick takeaways:
- The IRS Office of Professional Responsibility can challenge tax preparers on low—or even zero—owner salaries, creating costly tax consequences.
- The risk applies to business owners as well.
- Tax Tip: Identify and put reasonable compensation in writing before year-end. Good documentation can make all the difference during an IRS examination.
To get the full story don’t miss my latest issue of the Tax Reduction Letter.
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