Distributions from an S corporation

S corporations have grown in popularity over the last few decades and for good reason. One of the most widely known being it offers the shareholder a way to not have all the earnings subject to self-employment tax. But there are tax traps associated with S corporations that are sometimes overlooked. One of those traps …

Keep Reading

More clarity for partnership international reporting

Are you invested in a partnership that provides you with an enormous number of documents attached to the K-1? Well the recent form changes are meant to extract some of the long narratives to describe the type of foreign income items being allocated to you and streamline such disclosures to specific Schedules on the K-1. …

Keep Reading

Terminating your corporation

Unfortunately, due to COVID-19, a lot of individuals have had to make the difficult decision to close their businesses. Closing a corporation legally has several steps and boxes to check to make sure the business is permanently closed. A corporation is a separate tax-paying entity with shareholders who own capital stock. S corporations are corporations …

Keep Reading