Independent Contractor or Employee

The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high. If a worker is an employee, the company must withhold federal income and payroll taxes, pay the employer’s share of FICA […]

Keeping life insurance out of your estate

How to make sure the life insurance benefits your family will receive after your death and avoid the federal estate tax. Under the estate tax rules, insurance on your life will be included in your taxable estate if either:  Your estate is the beneficiary of the insurance proceeds, or  You possessed certain economic ownership rights (“incidents […]

Message to our Clients

Dear Client: Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and […]

Overview of Various Types of IRA’s

At one time, there was relatively little confusion about IRAs because there was only one type available. Now, however, IRAs have proliferated—there are o the “traditional” IRA, which may be funded with o deductible o and/or nondeductible contributions, o  Roth IRA, o SEP-IRA, o and SIMPLE IRA. Some of these IRAs have similar features, but […]

S corporation as choice of entity

S corporations the most suitable form of business for the new venture Here is an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation shareholders you would not be personally liable for corporate debts. In order to receive this protection, it is important that […]

S Corporation Officer/Shareholder/Owner Compensation

Reasonable Compensation How the IRS and Tax Court Assess S Corporation Officer/Shareholder/Owner Compensation S corps are pass-through entities, whereby the IRS does not tax income at the corporate level, but allows income to flow through directly to S corp shareholders. The result is that income is only taxed once on shareholders’ personal tax returns, eliminating […]

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David DennisCertified CPA