Sub-chapter S Archives - Page 4 of 6 - John R. Dundon II, Enrolled Agent

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Sub-chapter S

28 Sep IRS Implications of Paying Yourself

Posted at 00:00h in Paying Taxes, Payroll Tax Problems, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation

Another fabulous question came my way today from a small business owner that is actually proving to be monetarily successful and wants to know how to pay herself while minimizing her tax burden. Basically the answer depends first on the type of business structure elected, sole proprietorship,...

14 Sep Are Cell Phone Expenses Tax Deductible?

Posted at 00:00h in Deductible Expense, Small Business, Sub-chapter S, Tax Guidance & Preparation

I've been getting asked this question quite a bit so I put it directly to the IRS. My guess is that I wasn't the only one who asked because today the Internal Revenue Service issued guidance designed to clarify the tax treatment of cell phones. The...

22 Aug Personal Guarantee of Corporate Debt Does NOT Add to Basis (Investment)

Posted at 00:00h in Cost Basis, Disallowed Expenses, Entity Classification, NOL, Self Employ, Small Business, Sub-chapter S

Taxpayers who own shares in an S corporation are allowed pass-through losses to the extent of their basis (also commonly referred to as investment) under §1366(d) in their entity. Shareholders can obtain basis in a variety of ways such as direct investment, loaning the corporation money, contributing...

29 Jul IRA’s Cannot Hold Sub-Chapter ‘S’ Stock: Trusts Can Though

Posted at 00:00h in Abusive Tax Shelter, Entity Classification, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Abuse, Tax Court, Tax Fraud, Tax Guidance & Preparation

To be taxed as an S corporation, a C corporation must elect S status by ﬁling IRS Form 2553. Electing S status is fairly simple for a new or existing corporation, but meeting the requirements for S status can be more complex when the C corporation is not owned...

08 Jul Home Office Deduction: IRS Publication 587

Posted at 00:00h in Business Expense, Cost Basis, Deductible Expense, Home Office, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Abuse, Tax Guidance & Preparation

Okay I'm taking another case to IRS appeals regarding the home office deduction. In preparation I reviewed IRS Publication 587: Business Use of Your Home and I pulled some relevant quotes. "You can have more than one business location, including your home, for a single trade...

27 Jun Time Period for Collecting Taxes

Posted at 00:00h in Appeals & Audit Resolution, Back Taxes Owed, Bankruptcy, Cancelled Debt, Self Employ, Small Business, Statutory Notice of Deficiency, Sub-chapter S, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

By law, the IRS has the authority to collect outstanding Federal taxes for 10 years from the date your tax liability was assessed. The 10-year collection period is suspended: ● while the IRS and the Ofice of Appeals consider a request for an installment agreement or an offer in compromise. ● from...

24 Jun Financial Statements: Compilation Vs. Review (SSARS) No. 19

Posted at 00:00h in Accounting Method, Net Operating Loss, NOL, Self Employ, Small Business, Sub-chapter S, Tax Abuse, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Yesterday I had the pleasure of attending a tax conference sponsored by the Public Accountant Society of Colorado. This particular topic presented by Dr. Pat Seaton of the University of Northern Colorado caught my attention. The following is a compilation of my notes from this...

24 Jun IRS Centralized Insolvency Operation

Posted at 00:00h in Back Taxes Owed, Bankruptcy, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Penalty and Interest Abatement, Non-filed Tax Returns, Offer In Compromise, Paying Taxes, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Relief

Call 800-913-9358 to reach the Centralized Insolvency Operation. Hours are 7 a.m. to 10 p.m. eastern time. If the IRS is a creditor in a bankruptcy case, and you determine that IRS was not originally listed as a creditor, notification of the filing should be sent...

21 Jun Business Ownership Succession Planning

Posted at 00:00h in Retirement, Self Employ, Small Business, Sole Proprietor, Stock Options, Sub-chapter S, Tax Guidance & Preparation

Consideration 1: Selling your business interest outright. When you sell your business interest to a family member or someone else, you receive cash (or assets you can convert to cash) that can be used to maintain your lifestyle or pay your estate taxes. You choose when to sell—now, at your...

10 Jun Small Business Health Insurance Credits-Patient Protection-Affordable Care Act 2010

Posted at 00:00h in Business Expense, Disallowed Expenses, Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses, Tax Relief

The Tax Credit for Employee Health Insurance Expenses of Small Employers is part of the Patient Protection and Affordable Care Act which was signed into law in March of 2010. The Act makes a credit available to small employers who pay at least 50% of...