Thanks so much Linda!
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Dany I am back. When we got home from Georgia, we began the new computer process. I think we are basically through with all the installations and ready to delve back into my work that is waiting for me.
So I will work on getting this information out of her material and email it to you in the next couple of days.
Sorry it took me so long.
Linda, EAComment
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S Corp Salary
The Kiplinger Tax Letter says a CPA took a $ 24,000 salary and his S-Corp made a $ 200,000 profit. The courts reclassified it as salary.
If he had only made $ 24,000 he might have been overlooked by the IRS, but that would just be a gamble that might or might not succeed.
The CPA who thought no salary was required, might have known the rules but considered the profit so small that the IRS wouldn't bother with making him change it since there are bigger fish to fry.Comment
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Being a leased employee
counts for the S Corp. The salaries and taxes are paid for by the S Corp and the stockholder has on a W-2 - $100,000 and $10,000-$15,000 of UTI. Leased employees happen in a lot of small businesses who do not want to have a staff to process payroll. It wtill counts as their payroll as THEY PAY it...
That is my story and I am sticking to it.Comment
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Thanks so much Linda. Looking forward to that email. Take your time
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