Reasonable Compensation is the salary or wage that you, a shareholder-employee of an S Corp, must pay yourself for the work you perform for your company.
There has been a lot of information in the news regarding the IRS funding outlined in the recent IRA22 legislation. One of the key takeaways is clear - the IRS intends to audit S-corporations at a much higher rate in the near future, specifically focusing on reasonable compensation. The penalties for taking low, or no, reasonable compensation are steep for both you as the S-Corp owner.
A Reasonable Compensation analysis is an independent, unbiased report that establishes your Reasonable Compensation, using criteria outlined by the IRS and Courts, and provides a defensible position to an IRS challenge.
A Reasonable Compensation challenge can be costly. Typically, taxes, penalty, and interest are more than double the original tax that would have been owed – plus costs for amending returns (all totaled, usually in the tens of thousands of dollars).
Protect yourself, Contact us TODAY to get your analysis report.