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Tax Roundup, 1/20/14: If it’s not a scandal, it hurts like one. And: S...
The U.S. District Court for the Southern District of Iowa didn’t need my services as a juror this week, so I will be participating in the Iowa Bar Association webinar this afternoon on new...
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Tax Roundup, 8/15/2013: Turning on the revenue cameras honestly. And mink...
But I thought it was about safety, not money. The Des Moines Register reports: The Clive City Council today is likely to reactivate its dormant red-light camera program, but only through June 30,...
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Tax Court: even if you lose money, your S corporation needs to pay...
One thing I like about S corporations is that while corporation income is taxed on shareholder’s 1040s, income on the K-1 isn’t subject to payroll or self-employment tax. Except when it is. Mr....
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How much K-1 loss can I deduct? Start with your basis.
If search statistics for the Tax Update are any indication, one of the most pressing issues for people who end up here is “why can’t I deduct my K-1 loss?” There are three main reasons why your S...
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Bad records help stick struggling S corporation owner with extra salary
S corporation K-1 income isn’t subject to self-employment or payroll taxes. This tempts S corporation owners to take minimal salary and take earnings out as S corporation distributions instead....
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Tax Roundup, 9/21/2012: Area S corp owner knocks on Supreme Court door. And...
West Des Moines CPA asks Supreme Court to overturn employment tax assessment on S corporation income. The taxpayer has filed a petition asking the U.S. Supreme Court to overturn the Eighth Circuit...
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IRS: you aren’t allowed to escape our trap!
Flickr image courtesy Woodswalker under Creative Commons license A bunch of McDonalds franchisees in Utah were run in a multy-entity structure: the restaurants were operated in one corporation, while a...
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Tax Court: you can use distributions from one S corporation to restore basis...
An important Tax Court decision issued yesterday validates a traditional S corporation planning tactic from an overreaching attack by the IRS. Incidentally, it validates some old Tax Update advice. S...
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Tax pro’s airplane deduction misses the runway.
A man who operated tax prep businesses in California and Nevada probably felt that he knew how to arrange things to stay out of tax trouble. The Tax Court decided otherwise last week in the case of...
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So is Newt really vindicated?
While his presidential campaign seems to be fading, Peter Reilly at Forbes says that at least Newt’s tax return filings are looking better after last week’s decision on S corporation compensation by...
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So what is the right S corporation salary?
By affirming yesterday that a West Des Moines CPA had to pay FICA taxes on about $91,000 of his earnings from his professional S corporation — instead of the $24,000 he put on his W-2 — the Eighth...
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Year-end tax planning: the closing Built-in Gain Tax window
If you a taxable corporation, the tax law is designed to tax you twice: first when the income is earned, and again when the income is distributed. Taxable “C corporations” used to be able to liquidate...
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For want of a QSUB, the shelter was lost
Presidio Advisors, LLC, a boutique firm at the center of the tax shelter industry of the late 1990s, got another spot on its record last week in the Court of Federal Claims. This time, the losers...
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Tax Court: pledge of stock of one S corporation doesn’t create “at-risk”...
If you want to deduct losses from your S corporation, you need to clear three hurdles: - You have to have basis in your S corporation stock or debt from a personal loan to the S corporation; - The...
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