ATTN: S-Corporation shareholders

Dear S-Corporation shareholder,

[By Cindy Freking, CPA]

The year is coming to an end and we would like to send you a few important reminders.

Be certain that you have taken an adequate salary from your S-Corporation. The practice of taking cash distributions from your S-Corporation without drawing a salary or without drawing an adequate salary is increasingly being challenged by the IRS. The IRS is winning.

If the company is paying your health insurance premiums, please be sure that those premiums will be included in your W-2. If they are not, you will lose the self-employed health insurance deduction that is available to you on your own personal income tax return.

Assessment

If you need help to determine your salary, the appropriateness of your salary and the health insurance premiums that should be included in your taxable wages, please contact your local CPA.

Have a wonderful holiday!

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