Remove accounting and finance Remove income tax Remove management accounts
article thumbnail

S Corporation Owners – How Much Salary is the Right Amount?

Bharmal&Associates

First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes on the too-low amount, but also both payroll and income tax penalties that can cost plenty. Getting the S corporation salary right is important. Cost Approach.

article thumbnail

AICPA News – March 2023

CPA Practice

The 61 recommendations in the compendium include proposals related to employee benefits, individual income tax, international tax and tax administration, among others. 41); refunds of any remaining minimum tax credits from the prior corporate alternative minimum tax (AMT) regime (pg.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

CPAs: Make Direct Indexing Your Estate Planning Secret Weapon

Going Concern

Traditionally, the role of accounting professionals in estate planning has been tertiary at best, with clients consulting CPAs only on the tax implications of select decisions—or simply leaving them out of the process altogether. . Wealthy investors often include charitable gifts in their wills.

cpas 59
article thumbnail

4 Ways CPAs Can Explain the Tax Benefits of Direct Indexing to Clients

Going Concern

(If you’re reading this in the bathroom right now after searching “what is direct indexing tax benefits PLEASE HELP ME OH SEARCH ENGINE GODS and I promise never to Google myself again,” then this article is especially for you.). Yield consideration : Advising on the treatment of dividend income.

cpas 52
article thumbnail

Friday Footnotes: EY Pulls Out of Winston-Salem; Clients Exposed in Data Breach; Deloitte Olympians | 7.14.23

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The Office Ernst & Young out of Triad market after closing Winston-Salem office [ Triad Business Journal ] The Triad now has offices for only two of the Big Four global accounting firms.