December 13, 2013 | By Adam Puckett, CPA | No Comments
Health insurance premiums paid on behalf of a shareholder greater than 2%, are deductible and reportable by the S corporation as wages for income tax withholding purposes on the shareholder’s Form W-2. These benefits are not subject to Social Security or Medicare (FICA) or Unemployment (FUTA) taxes. The additional compensation is included in Box 1 […]
Read MoreJanuary 18, 2013 | By Adam Puckett, CPA | No Comments
Charitable Contribution Mr. Durden contributed $22,500 to his church and claimed it as a deduction on his individual income tax return. Under IRS audit, Mr. Durden provided the agent with written acknowledgement provided by his church. Slam dunk – right? Not so quick. Let’s review the rules. There must be contemporaneous written acknowledgement from the […]
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