Jakari Smith is a new client and has been an investment advice provider as well as an
Question:
Jakari Smith is a new client and has been an investment advice provider as well as an income tax preparer for a well- established firm in the city. He would like to start his own firm as an S corporation and would like to save as much money in taxes as possible. He is considering not paying himself a salary so he can avoid payroll taxes. You discuss with him that the IRS has clear rules concerning this exact topic and that the IRS can impute wages even if the corporation does not pay out wages. Jakari then asks what factors are used in determining a reasonable salary.
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Hello Jakari Thank you for giving me the opportunity to explain what is considered a reasonabl...View the full answer
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Ashington Waweru
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