I attended a Tax Seminar in Balitmore, this past Monday and Tueday, Sept 26th & 27th, and in that seminar I have found out some very impoortant information regarding any O/O's who have had there Accountant set up an "S" Corporation for them.
If any of you have not been contacted by your in regard to your "S" Corp, I would advise you to contacr them after you review your copy of your last 3 years 1120S tax forms.
If any of the items SHOW THE FOLLOWING YOU WILL BE AUDITED
#1. FORM 1120S LINE 1: MORE THAN $10,000 INCOME
#2. FORM 1120S LINE 7: NO COMPENSATION WAGES TAKEN
#3. FORM 1120S NO DEDUCTION DISTRIBUTIONS TAKEN
THIS AUDIT PROCEEDURE WILL START EFFECTIVE ON OCTOBER 1, 2005
FRANK
If any of you have not been contacted by your in regard to your "S" Corp, I would advise you to contacr them after you review your copy of your last 3 years 1120S tax forms.
If any of the items SHOW THE FOLLOWING YOU WILL BE AUDITED
#1. FORM 1120S LINE 1: MORE THAN $10,000 INCOME
#2. FORM 1120S LINE 7: NO COMPENSATION WAGES TAKEN
#3. FORM 1120S NO DEDUCTION DISTRIBUTIONS TAKEN
THIS AUDIT PROCEEDURE WILL START EFFECTIVE ON OCTOBER 1, 2005
FRANK