S Corporation Income Taxation

Topics

June 27, 2017

Boston Bruins can deduct full cost of meals for team’s away games

The Tax Court held that the owners of the Boston Bruins could deduct the full cost of their team’s pregame meals for away games as a de minimis fringe benefit.

March 1, 2017

S corporation’s sole owner had unreported income but not constructive dividend

The Tax Court cites a lack of earnings and profits.

January 1, 2017

LLC’s sole member is held liable for employment taxes

An LLC is treated by default as a disregarded entity, the Tax Court holds.

December 1, 2016

Forfeited deposits are ordinary income

Income from forfeited deposits of terminated contracts related to Sec. 1231 property is not eligible for capital gain treatment under Sec. 1234A.

December 1, 2016

S corporation’s payments on its owner’s behalf are held not to be wages

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.

June 1, 2015

Helping S corporations avoid unreasonable compensation audits

The IRS aggressively audits S corporations to make sure they do not disguise compensation as distributions to shareholders. Here’s what tax preparers need to know to avoid red flags in S corporation returns.

April 13, 2015

Sec. 4980D excise tax relief is available for certain small employers

IRS gives limited transition relief for employer payment plans and 2% S corporation shareholder arrangements.

February 2, 2015

FASB proposes two changes to simplify accounting for income taxes

FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.