Category: Business Consulting and Planning

Business Consulting and Planning

Avoiding IRS Challenges with Business Owner Compensation by Richard E. Cabrera, JD, LLM, CPA


Posted on May 16, 2023 by Richard Cabrera

Operating a family-owned or closely held business requires owners to make business decisions with significant tax consequences. One example involves the compensation business owners pay themselves and whether those amounts are reasonable and whether the payments are deductible as “ordinary and necessary” business expenses. The answer can depend, in large part, on how the business […]

Partnerships and S Corporations Face New K-2 and K-3 Filing Requirements by Claribel Velazquez, CPA


Posted on March 08, 2023 by Claribel Velazquez

Beginning with tax year 2021, the IRS required partnerships, S corporations and other pass-through entities with “international tax relevance” to annually prepare new Schedules K-2, Partners’ Distributive Share Items – International, and K-3, Partner’s Share of Income, Deductions, Credits, etc. – International along with their Schedules K and K-1. Today, however, as these entities prepare […]