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Below is a listing of our content based on your selected topic, click on the titles below for more information. If the term is unfamiliar, see the Term Glossary<.

Avoid Improper Usage Of Schedule Cs or Sole Proprietorships

Having a Sole Proprietorship and filing a Schedule C has its place, but you need to tread carefully. Schedule C filers are among the highest risk groups for audit, and thus it is vital to keep accurate records to support your positions in case the IRS desires to confirm them. Here is a quote from the Wall Street Journal<:

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Properly Document Your Charitable Donations

Over the years, the IRS has seen numerous taxpayers attempt to claim deductions for non-cash donations which are essentially worthless. As a result, the level scrutiny these deductions are being given has greatly increased.

We have prepared a worksheet to help you document your non-cash deductions. Take photos of your items, fill out the form, and then have a representative sign your sheet when they are dropped off.

Download the worksheet here: http://www.famiglio.com/CPA-Firm-Tax-Downloads/non-cash-donation-contribution-worksheet<

Note that past a certain dollar amount you will need an independent appraisial, as well as a completed Form 8283 - Noncash Charitable Contributions<.

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W2 Wages For S Corporation Officers

See: Wage Compensation for S Corporation Officers<

When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered wages. Subchapter S corporations should treat payments for services to officers as wages and not as distributions of cash and property or loans to shareholders…

"Distributions and other payments by an S corporation to a corporate officer must be treated as wages to the extent the amounts are reasonable compensation for services rendered to the corporation."

As your accounting and tax consultants, we advise our S Corporations to pay a Reasonable Salary to its officers who work for the company.

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Avoid Improper Usage Of Schedule Cs or Sole Proprietorships

Properly Document Your Charitable Donations

W2 Wages For S Corporation Officers

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