What is considered a “Reasonable Compensation?”

By: Tax Advisors | Jun 1, 2017

What is considered a “Reasonable Compensation?”Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income. The Internal Revenue Code establishes that any officer of a corporation, including S corporations, is an employee of the corporation for federal employment tax purposes. More ...

Nine Facts about Amended Returns

By: Tax Advisors | May 7, 2017

Nine Facts about Amended ReturnsYou can make a change or an adjustment to a tax return you’ve already filed by filing an amended return. Here are the top 10 things the IRS wants you to know about amending your federal tax return. If you need to amend your tax return, use Form 1040X, Amended U.S. Individual Income Tax Return. Use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. More ...

2017 Tax Deadlines for 2016 Tax Filing:

By: Tax Advisors | Feb 2, 2017

2017 Tax Deadlines for 2016 Tax FilingBeginning with the 2017 filing season, partnership returns will be due on March 15 (the 15th day of the third month for fiscal year partnerships).  C corporation returns will be due on April 15 (the 15th day of fourth month for fiscal year corporations).  S corporation returns will continue to be due on March 15. More ...

2017 Tax Forms Due Dates

By: Tax Advisors | Jan 15, 2017

2017 IRS Tax Forms Due DatesForm No.Reporting InformationDue Date 1099-MISC (Attorney’s fees) Attorney’s fees 8 substitute payments Jan. 31 1099-R Retirement plan distributions (including IRAs profit sharing plans) Feb. 15 1099-S (Real Estate) Information about real estate gales Jan. 31 SSA-1099 Social Security payments Jan. 31 W-2G Gambling winnings Jan. More ...

Tax Changes For 2010 Tax Returns

By: Tax Advisors | Jan 21, 2010

TAX CHANGES FOR 2010 TAX RETURNSNew Tax Relief/Job Creation Act of 2010 bill extends Bush-era tax cuts, provides payroll tax relief, and reinstates the estate tax. This reduction applies to all wage earners and self-employed individuals with no reduction for income (i.e., no AGI phase-outs). However, the amount allowed returns to the pre-2009 lifetime limit of $500 (rather than the 2009/2010 maximum of $1,500). More ...