Tax preparation for S Corporation shareholders is quite complicated. While there are substantial advantages for many owners or shareholders of an S Corporation there are also substantial risks which can lead to an IRS audit. Corporations which elect subchapter S tax status allow income to pass through to the shareholders...
IRS Audits Target S Corporation Losses
Two additional campaigns result in focused examinations as IRS audits target S Corporation losses and "Basket" transactions. A separate "campaign" has been structured to target S Corporation losses that exceed basis for that company. The IRS has organized internal professionals with specialized expertise to target heavy losses and deductions in...
Evaluating the Tax Implications of Your Divorce
What are the tax implications of your divorce and how can you maximize net income after taxes? Many San Diego divorces involve significant assets such as ownership of a closely-held business or professional practice, retirement assets such as a 401(k) or IRA, equity in the family home and other real estate...