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CPA - medium firm
CPA - large firm
Enrolled Agent
For two decades, the IRS has been preparing an assault on reasonable compensation for S corps. Their arsenal is now fully locked and loaded with everything from commonsense tools to obscure memos. We will explore key court cases, IRS guidelines, preparer penalties, and some of the obscure weapons the IRS has put in place. We will debunk common myths on how reasonable compensation should be calculated and replace it with facts and methodologies that the IRS relies on.
Learning Objectives:
- Determine the basic advantages of distributions v. salary/wages
- Assess the consequences of an IRS re-characterization of distributions
- Review reasonable compensation in the courts
- Discuss the IRS guidelines for determining reasonable compensation
- Determine when reasonable compensation applies to your client
- Explain advanced scenarios
- Review tips from the pros and IRS red flags
- Review why reasonable compensation has become a priority for the SB/SE division of the IRS
- Identify options for determining reasonable compensation
Paul S. Hamann
RCReports, Inc.
President
phamann@rcreports.com
(720) 833-7399
Paul is the Founder and President of RCReports, Inc., a company that provides Reasonable Compensation software tools and consulting services to the accounting industry. Paul has been the visionary behind the creation of RCReports.com, the first online application for establishing Reasonable Compensation for Shareholder-Employees of S Corps. For the past 18 years, Paul has been consulting on compensation as an executive recruiter and consultant to small businesses. Paul has started and led several successful companies since graduating from the University of Colorado, Boulder - School of Business with a Bachelor’s degree in Small Business & Entrepreneurship.
Jack Salewski, CPA, CGMA
RCReports, Inc.
VP Education
jsalewski@rcreports.com
(303) 359-6242
Jack is the Vice President of Education for RCReports. He is an expert on the topic of reasonable compensation as it applies to S Corp and small, closely-held businesses. Knowing a reasonable compensation figure is only half the equation. Putting a reasonable compensation figure into the business context is where the trusted advisor adds his knowledge and wisdom to benefit the client and their business. Jack is also the owner of Jack Salewski, CPA, a firm focused on tax planning, strategic, operational planning, and tax preparation for small and medium-sized businesses. The planning side starts with a feasibility analysis and ends with an exit strategy. The exit could be a sale, succession, or estate planning. Jack graduated from Regis University (College) in 1979. He immediately joined the staff of Duffy, Gordon, and Hughes, CPAs. In 1982, he became part of Duffy, Griffin and Co, CPAs. In April of 1984, Jack bought out Norm Griffin, and the firm became Jack Salewski, CPA. During the last 35 plus years, Jack has been part of countless businesses going through part or all of the business life cycle.
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