In 2020, the IRS will be looking more closely at S-Corporation’s owner compensation to determine whether the S-Corp owner is being paid a “reasonable” compensation. The IRS is looking not only whether the S-Corp is being paid reasonable compensation for … Continued
In May 2019, the Minnesota adopted most of the Federal Income Tax changes. These will affect 2019 tax returns filed in 2020. Some of these changes are retroactive to 2017 and 2018. However, the State Tax Department will automatically adjust … Continued
The IRS announced that the contribution limits for 401-K plans increased to at $19,000. For IRA accounts, the contribution limits increased to $6,000. For each of these, there are a “catch-up” provision that raises the contribution amounts by $6,000 for … Continued
The IRS announced that the contribution limits for 401-K plans remain unchanged at $18,000. However, other limits have been raised for cost-of-living adjustments, such as phase-out limits for contributions to a deductible IRA, the Saver’s Credit and Read the full … Continued
BE AWARE! The Internal Revenue Service says it has seen a 400 percent surge in phishing and malware incidents this tax season. And the IRS said this week it has observed fraudsters are more frequently asking for personal tax information, … Continued