by Leif Jensen | Aug 2, 2021 | Running a Business |
Who thought this was a good idea? In this case they were treating its officers as contractors which was causing headaches for a corporation that owned and operated day care centers. The corporation didn’t pay any salary to a couple who were its sole shareholders and...
by Leif Jensen | Jul 12, 2021 | Running a Business |
Not paying salary to its owner causes headaches for an S corporation. A lawyer who was the president of her own S firm. The company did not pay her a salary but did provide her with funds, which the firm deducted as officer’s compensation on its Form 1120-S. She...
by Leif Jensen | Jul 6, 2021 | Running a Business |
Reporting hobby losses continues to be an audit red flag, it has been and will remain so. The IRS is always on the hunt for taxpayers who year after year report large losses from hobby-sounding activities on Schedule C of the 1040 to help offset other income, such as...
by Leif Jensen | Jun 29, 2021 | Running a Business |
Deducting race car expenses through a construction firm draws IRS scrutiny. A father and son owned an S corporation that built houses and developed real estate. The son enjoyed car racing, so the company purchased a race car body and parts for the son to restore and...
by Leif Jensen | Jun 21, 2021 | Running a Business |
Seemingly good news for U.S. automakers planning their future shift to electric vehicles: The recent $2 billion settlement between SK Innovation and LG Chem, following a trade-secrets dispute between the South Korean battery manufacturers. The settlement means SK...
by Leif Jensen | Jun 7, 2021 | Running a Business |
Are you one of the many who regularly purchases roasted chickens from Costco? We tend to get ours from Sam’s Club; it’s on the way home. To keep costs as low as possible, Costco opened the $450 million facility in Nebraska in 2019, which processes about two million...
