S corp owners, take heed — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
The IRS continues to turn up the heat on S corporations. For starters, it has completed 1,200 audits of S corp returns for 2003 as part of a program to update audit-selection data. Furthermore, almost 4,000 more S corp returns for 2004 are scheduled for intensive line-by-line examination. In particular, the IRS says it is looking for firms that have paid little or no salary to owner/employees as a way to evade federal employment taxes.
Mindy Mayo, an employment tax expert and frequent speaker on this topic, will explain which workers are entitled to travel time pay and at what rate. She will explain the tracking and paperwork necessary to compensate the traveling employee correctly....Click here to find out more.