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Dear Client, If you are a shareholder of a Sub Chapter S-Corporation, it is important for you to be aware of a recent court case regarding the payment of reasonable compensation for active shareholders in the conduct of their business. Please read the attached article and consider how it impacts the compensation policy within your company. Based…
Watson, P.C. v. U.S., (CA8 02/21/12) 109 AFTR 2d ¶ 2012-483 The Court of Appeals for the Eighth Circuit, affirming a district court, has concluded that an S corporation shareholder-employee’s $24,000 salary in 2002 and 2003 was unreasonably low. As a result, it allowed the IRS to reclassify as salary over $67,000 in dividend payments…
Dear Client, Following is a list of moving-related expenses you can deduct if your moving is related to changing jobs: You can deduct the expenses for one trip (for you and your family) to the new home and for moving your furniture and household goods (see below), if you satisfy the distance and period-of-employment requirements…
Dear Client, On Jan. 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act), which the President quickly signed into law on Jan. 2, 2013. The 2012 Taxpayer Relief Act will prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable…
Authors: Alan M. Cody, Judd G. Scheider, and Marco Mura Alan M. Cody is a Managing Director, Judd G. Scheider is a Director, and Marco Mura is a Vice President of Duff & Phelps, LLC As the economy recovers and taxable profits reemerge, companies are beginning to assess whether a tax restructuring of their operations…
Businesses need to be aware of the many tax and related issues involved in becoming internationally active. Author: JERRY JONCKHEERE and RANDALL JANICZEK JERRY JONCKHEERE, CPA, is a partner with Plante Moran in Grand Rapids, Michigan, specializing in international tax planning. He is also a member of the firm’s National Tax Office, which monitors current…
Dear Client, On Jan. 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act), which the President quickly signed into law on Jan. 2, 2013. The 2012 Taxpayer Relief Act will prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable…
On Jan. 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act), which the President quickly signed into law on Jan. 2, 2013. The 2012 Taxpayer Relief Act will prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable tax breaks…
On Jan. 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act), which the President quickly signed into law on Jan. 2, 2013. The 2012 Taxpayer Relief Act will prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable tax breaks…
IR 2013-2 IRS has announced that it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30, 2013. The announcement follows on the heels of the enactment of the American Taxpayer Relief Act of 2012 (the 2012 Taxpayer Relief Act) on Jan. 2, 2013, which, apart from permanently…