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S corp owners, take heed

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in Small Business Tax,Small Business Tax Deduction Strategies

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.

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