A major issue for most S corporations is the matter of shareholder compensation and  benefits.  One of the advantages of an S corporation is the ability to avoid self-employment taxes on the earnings of the corporation.  However, payroll taxes cannot be totally avoided as the IRS requires that an employee/shareholder be paid a “reasonable” salary.  [...]

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When a business operates as a sole proprietorship or as a partnership, there are few legal and tax regulations that must be followed.  However, if that business converts to a corporation, a number of things change and the owner(s) must adhere to these new expectations or run the risk of having the corporate form of [...]

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The recently enacted Small Business Jobs Act of 2010 (Act)has a number of provisions that are intended to assist small businesses.  Provisions are included that expand loan programs through the Small Business Administration, strengthens certain small business preference programs, provides incentives for exporters, and contains numerous tax breaks and revenue raisers.  This article will focus [...]

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