Tax Warrior Chronicles

"Back to Basis"- Basis Schedule of S Corporation

Posted on Fri, Jul 26, 2019

By: Febby A. Sugianto

 

Since the sweeping changes in the Tax Cuts and Jobs Act of 2017 went into effect, many businesses have rethought how they are structured. S Corporations have a certain appeal and may be a good fit for some. Today, we’ll help you understand the importance of tracking your basis in an S Corporation.

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Estimated Tax Payments for Individuals – The Who, What, When and Why

Posted on Thu, May 25, 2017

By: Tiffany Diaz, CPA

 

In today’s edition of the Tax Warrior Chronicles, we will explain when it is necessary to make estimated tax payments and the rules for paying the minimum amount of estimated tax without triggering the penalty for underpayment. There is a lot to know, so put on your learning caps.

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NJ, MD and PA See Changes in Laws That Affect Taxes

Posted on Thu, Aug 28, 2014
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S Corp Shareholders Not Entitled to Basis for Guaranteeing Corporation Loans

Posted on Tue, Oct 29, 2013

There was a recent Tax Court Memorandum (T.C. Memo 2013-151) addressing S Corporation basis limitation (issue #2) of S-Corporation owners.

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Avoiding the Tax Traps of S Corporation Status for an LLC

Posted on Mon, Apr 22, 2013

 

Popular over the last few years, and clearly the entity of choice in recent years, has been the LLC. Offering incredible flexibility as to distributions, filing requirements,  flexible tax laws, etc., many new businesses were advised to form as an LLC over the former ‘entity du jour’, the S Corporation.  But, that may be changing. The Tax Warriors at Drucker & Scaccetti expect conversions from LLC status to S Corporation may grow increasingly popular in the coming years.  The payroll tax treatment of shareholder/employees- as well as taxation based upon the entity approach- can make the S Corporation entity type more desirable than the LLC.

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