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What is an S-Corporation

WebWhat is an S-Corporation? Contact Us According to the IRS: “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through …

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How Do Health Insurance Benefits Work for an S Corporation

WebShareholders who own more than 2% of the S-Corp cannot receive accident or health insurance as a tax-free benefit. If an employee-shareholder receives health insurance …

Category:  Health Go Health

How Should S-Corps Reimburse Employees and Deduct Expenses

WebIt is a reimbursement plan that is set up by the business, in this case an S-Corp, which reimburses employees for their personally paid business expenses, and in …

Category:  Health Go Health

Asset Sale vs. Stock Sale

WebAsset Sale vs. Stock Sale Contact Us As we know from our previous article, What is an S-Corporation, s-corps have major tax savings for business owners, most …

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How to Start Using an Accountable Plan for Your S-Corp

WebHow to Create a Written Accountable Plan for your S-Corp. First up, write out an official business document that details how the Accountable Plan will operate for your …

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When to Make the S-Corp Election

WebAssuming a standard tax year, this means March 15th is the deadline to elect S-Corp status and have it applied immediately to the current year. Example: A small business decides …

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Flowchart for Maximizing Health Insurance Deductions and Tax

WebHealth Insurance Benefits and Deductions in an S-Corp. Download our PDF Version. We hope you found this helpful! Although his chart provides an overview of …

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Asset Allocation in an S-Corp Sale – The Seller’s Perspective

WebThe seller’s preference may depend on the type of assets falling under this class. For personal property assets such as furniture, fixtures etc., a low amount in …

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Who Can Make the S-Corp Election

WebOnly Allowable Shareholders. The S Corp election comes with specific rules about who can be shareholders and all stock must be owned by allowable shareholders in order to make …

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Retirement Plan Options for S-Corps

WebThe solo 401k is a great option for self-employed s-corp owners who want to save for retirement. It allows you to contribute up to 25% of your salary (just like a SEP) as the …

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Can an S-Corp have Subsidiaries and Partnerships

WebThat said, if the S-Corp owns more than 50% of the corporation’s stock, then the S-Corp has the right to control the subsidiary C-Corp. Ownership of 80% or more of the C-Corp stock …

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Who is Considered Allowable Shareholders in an S-Corp

WebNon-profit businesses that have been recognized by the IRS as being tax-exempt by virtue of its charitable programs and qualifies under 501 (c) (3) is considered …

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How to Take Minutes at your S-Corp or Small Business’s …

WebHow to Take Minutes at your S-Corp or Small Business’s Shareholders’ and Directors’ Meetings Contact Us If you’re the owner of an S-Corp or small business, …

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How to Take “Minutes” for Sole Proprietorships or Single Owner …

WebEvery business owner should take minutes, regardless of how small the business is. Minutes help protect against courts “piercing the corporate veil”. Minutes are …

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Retirement Plans for Small Business Owners

WebYes. 100% of compensation up to $14,000 (in 2022) Plus, an additional $3,000 catch-up contribution for employees over 50. Yes. up to $20,500 (for 2022) Plus, …

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Can an S-Corp Own Interest in a Foreign Subsidiary

WebAs you know, there are specific rules about the eligible shareholders in an S-Corp, but that doesn’t address the question of when the roles are reversed and the S …

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How Does the Inflation Reduction Act Apply to S-Corps

WebInflation Reduction Act- Corporate Stock Buyback Tax Impact on S-Corps. The Act imposes a nondeductible 1% excise tax on the fair market value of corporate …

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