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Everything You Know About Reasonable Compensation Is Wrong
Taxes

EVERYTHING YOU KNOW ABOUT REASONABLE COMPENSATION IS WRONG

Cost Free
Presentation Length 1.0 hour

Recorded DateFebruary 14, 2024
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Who Should AttendCPA - small firm
CPA - medium firm
CPA - large firm
Enrolled Agent
Series: Top Presenters 2023
Course Description

Many myths surround the topic of Reasonable Compensation for S Corp shareholders. While it may not be shocking to hear that many social media personalities get the facts on Reasonable Compensation wrong, it may be more surprising to learn that large media outlets, well-known brands, and thousands of CPAs and EAs also misunderstand the Reasonable Compensation requirements. With the IRS primed to focus on Reasonable Compensation in the coming years, now is the time to shore up your knowledge and get the facts straight to save your clients and your firm from IRS penalties while maximizing client tax savings through proper entity analysis and tax planning. 

Learning Objectives:


  • Identify the IRS-recognized methods to calculate Reasonable Compensation

  • Differentiate between optimal and reasonable compensation. Discuss how reasonable compensation impacts the QBI deduction

  • Recognize if a business is more advantageous to remain a pass-through entity or make the S Corp election

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Kristen Keats

Sherwood Tax and Accounting
Owner/CPA
[email protected]
(503) 925-4558

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Kristen, CPA, is passionate about leveraging technology, community, and global resources to bring joy to accounting. With over 20 years of experience serving SMBs and self-employed clients and working with firms of all sizes, she co-founded Breakaway Bookkeeping + Advising before acquiring Sherwood Tax & Accounting.

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Paul Hamann

RCReports, Inc.
President
[email protected]
(720) 833-7399

Rcreports

Paul Hamann is an expert on determining Reasonable Compensation for closely-held business owners.  He has educated more than 100,000 tax advisors and valuators on the topic of Reasonable Compensation and has been published in numerous national and state journals.


Paul founded RCReports in 2010.  RCReports cloud software determines reasonable compensation for Closely-Held Business Owners and is used by CPA’s, EA’s, Tax Advisors, Valuators, Forensic Accountants and Attorneys when they need to determine a Reasonable Compensation figure for a client.


When Paul isn’t in the office, he enjoys spending time with his wife and chocolate lab, hiking Colorado’s back country or paddling its scenic lakes and rivers.

 

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About Our Sponsor

Rcreports
RCReports is a tool for Tax and Financial advisors to determine Reasonable Compensation for a client. RCReports provides a defensible position to an IRS challenge (for S-Corps), and is an excellent planning and valuation tool. RCReports synthesizes a proprietary blend of IRS criteria, Court Rulings, geographic data and our EXCLUSIVE database of wages to accurately assess Reasonable Compensation for S Corp, Small & Closely Held Business Owners.