Incorporation offers the benefits of limited liability, which can mean the difference between a small business owner losing just his company in a lawsuit or losing his personal property as well. But, ...

An S corporation differs from other corporations for tax purposes only. An S corporation does not pay corporate taxes. Instead profits or losses are passed through to shareholders, who are required to ...

CPAs can help their clients determine what is a reasonable salary to pay shareholder employees (SEs) of S corporations, thus satisfying an IRS priority to collect proper amounts of employment taxes.

The deadline for existing limited liability companies and C Corporations to elect S Corporation tax treatment for the tax year 2022 was March 15. So, what happens if a business missed the S Corp ...

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Despite a lack of promissory notes, interest, or repayment terms, the Tax Court treats an owner’s advances to his business as loans and its payment of his personal expenses as repayments. Income from ...