New Developments The new hot button for the IRS is shareholder loans in S-Corps because there is usually a lack of documentation or interest being paid on these loans. It can be tough because if it is reclassified by the IRS as a shareholder distributions or salary it can dramatically increase the shareholder’s income tax.  Success based [...]
Time is running out on many tax savings and lucrative business credits. Extensions have been slow in materializing as Congress focuses its attention on Healthcare legislation while business is taking a back seat, at least for now. There are still opportunities for tax saving strategies that can be implemented before the final bell on December [...]
Greg Lewis Offers Planning Tips for Roth IRA Conversions For tax years beginning after 2009, the $100,000 modified AGI limit on conversions of traditional IRAs to Roth IRAs is eliminated. Additionally, married taxpayers filing a separate return will be able to convert amounts in a traditional IRA into a Roth IRA. As a result, 2010 [...]