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    RE: S Corp with no salary

    Although I haven't seen it happen, the IRS could collect the self-employment tax on the 1099 AND still go after payroll tax on the S Corporation. I have seen many tax practitioners go that route, but I wouldn't chance it. Since there was significant...

  • So, it is a capital investment in the new business, much like seed money. What makes this a deductible expense? It is basis when the equity in the business is sold. Bill ------------------------------ William Delaney EA, ATA

  • Mark, I don't think that we disagree. The income distribution isn't taxed twice. Sch. B, Line 10. Bill ------------------------------ William Delaney EA, ATA Westwood MA (781) 551-9252

Main Street Practitioner

In this issue of Main Street Practitioner:

  • You Can’t Be Everything to Everyone
  • Domestic Production Activities Deduction - Planning and Practicality
  • 24 Tips for Passing the Enrolled Agent Exam the First Time – Part 1
  • 24 Tips for Passing the Enrolled Agent Exam the First Time - Part 2
  • Changes in Financial Reporting: The Simplification Initiative
  • How to Grow Your Firm the Easy Way
  • Despite a Messy Season, Professionals Close the Office on Time
  • May-June President's Message
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