Key Links

Message from Jonathan Godwin
Whoa! Is that my accountant on YouTube?
Expected Tax Provisions Included in Proposed Stimulus Package
Tax Law Change Addresses "AMT Patch"
Myhand Earns CPA
Tax Law Changes
Accountable Plans / Shareholder Compensation
Changes in IRS Tax Law Effective 2008 Tax Year
Small Business Work Opportunity Act of 2007
Tips for Managing Your Small Business Bank Account

ACCOUNTABLE PLANS – DO YOU NEED ONE?

Does your company reimburse its employees for out of town travel in the form of mileage reimbursements or per diem reimbursements?  If so, do you have an Accountable Plan in place for those reimbursements?  If not, you are in danger of subjecting your employees of taxation on those reimbursements, and you would then be subject to payroll taxes, penalties and interest on the reimbursements.  Please call us to see whether you need an Accountable Plan document in place!

SHAREHOLDER COMPENSATION – HOW ARE YOU PAID?

If you are a corporate shareholder and currently do not receive W-2 compensation from your corporation, you are in danger of inviting the wrath of the IRS as they heavily audit shareholder compensation.  The risks are there for C-Corporation as well as S-Corporation shareholders.  We have been talking about this for years with you, but if you are not compensating yourself in the form of wages, please come and talk with us.  The danger is very real and the audits are hitting clients right now!