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Revoke S corporation status, you trigger a taxable event. Upon revocation, distributed assets go to the S Corp shareholders at fair market value.

Multi-entity arrangement where the LLC is owned by S Corps allows for flexible revenue splitting yet provides tax efficiencies. Ask us how!

The IRS does not get alarmed when payroll is launched late for mid-year payroll. Do not be concerned with lopsidedness of your S Corp payroll.

Nov 30, 2025 - An Accountable Plan allows owners' employees to turn in expense reports for home office use. Mileage, cell phone, internet, meals, & travel.

The quality of your tax return and the timeliness of its preparation depends on obtaining all your tax documents and information.

Shareholder distributions in excess of basis can be easily triggered because of depreciation, loans or bad basis data, and it is taxable.

This article will take building wealth one step further and broach a topic not often discussed- paying more taxes. Wait?! What?! Why?

S Corps that lose their “S” status must wait under the 5 year rule. However, there are exceptions such as change in ownership and others.

In the repairs versus improvements debate the first step is knowing what you are repairing or improving? The unit of property (UOP) is considered.

Massaging of the S Corp equity section of the balance sheet is required when being taxed as an S corporation especially an LLC. Ask us for help.

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Tax planning services are essential for two reasons - peace of mind during summer and sound decision-making based on tax strategies.

We get calls and emails from business owners who ask about adding their spouse to payroll. Sounds like a good idea but there are things to be aware of.

There are other tricks of the trade with S Corps such as adding spouse or kids to payroll, income shifting, among others. Ask us how.

As the only shareholder of an S Corp, you think that everything the business owns you also personally own. You might have trapped assets.

Super flexible and tax efficient arrangement is a multi-member LLC that issues invoices to S Corps according to an agreement. Very common.

The quality of your tax return and the timeliness of its preparation strongly depends on obtaining all your tax documents and information.

We listed three safe harbors plus the betterment, restoration or adaptation thresholds including cost segregation. We will smash all this up with reno's.

You might be changing depreciation between 27.5 and 39 years, and back and forth. Why? Residential versus nonresidential uses might require it.

There are several S Corp downsides and problems. Some big. Some small. Most are fixable and are not deal killers. Ask us!

Aug 4, 2025 - We regret to inform you the production of FDAnews publications and databases has come to an end and we are closing our doors. Thank you for your support

Mini portal of various real estate investment considerations including cost segregation, short-term rental loophole, real estate professional, etc.

Aug 11, 2025 - There's relief for the late S corp election (Form 2553). We can go back to January 1, 2023. Need help with S Corp vs. LLC questions? Call us!

Big benefit with an S Corp is the reduction of self-employment taxes. There are some other benefits are also recapped here. Check it out.

On August 8th the IRS published proposed regulations to help better explain the Section 199A Qualified Business Income Deduction including anti-abuse rules.

It is easy to form an LLC and have it taxed as an S corporation. However, an S Corp is not formed. It is a tax election. Find out more.

With an S corporation or partnership you need sufficient basis in your business for deducting losses. Learn more about deducting S Corp losses at WCG.

Nov 25, 2025 - When doing business either online or face-to-face, you want peace of mind that things will go smoothly based on others' experience. See our WCG reviews!

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Business owners, at times, want their business to owe them money; this typically does not make sense and also can set you up for problems down the road.

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While most parents can’t get their kids to clean a counter or put away dishes, perhaps putting your kids on payroll to work at the office is a good option.

There are some over-arching themes for all small business and rental property tax deductions. The expense must be ordinary and necessary, not lavish.

If you are struggling financially and a creditor wants your assets, your interests might be safe with charging orders. But there are limits.

Jul 30, 2025 - 185 small business tax deductions & write-offs you cannot take and hot topics such as automobiles, home offices, deducting MBA's and more.

Payroll taxes on paying your children can be tricky. Children do not pay any Social Security or Medicare taxes in most cases.

If your rental property trips vacation home rules then your rental expenses and therefore rental property deductions are limited. Learn more at WCG today.

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You are able to engage in revisionist history and do a late S Corp election back to January 2021. But there are rules and required things.

To maximize Section 199A deduction requires balancing reasonable S corp shareholder salary and net business income. Magical number is 27.9%. See examples.

WCG CPAs & Advisors is thrilled to partner with BiggerPockets. Located in Denver, Colorado, BiggerPockets is the premier resource for real estate investing.

IRS recently released Notice 2018-76 which essentially restores the business meals tax deduction for small business owners.

Given the new meals and entertainment landscape from TCJA, we believe business owners need to be aware of the possible interpretations of the new rules.

S Corps saves taxes. S Corps are rigid. How can you accomplish both tax savings and flexibility? Consider various multi-entity structures.

Adding your spouse as a partner. Should you form an LLC with your spouse? You might be one of 3 situations. Find the best business structure.

Due to special tax rules, you can contribute more to a solo 401k plan than other comparable retirement plans. Dump that dinosaur SEP IRA!

Working remotely was necessary for many businesses and people loved it. But research shows that 100% remote work is not sustainable.

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Contributing to a 401k plan does not reduce Officer Compensation to a point where the IRS might challenge your reasonable salary calculation.

Section 199A offers a 20% deduction for businesses, but are rentals considered a trade or business? The answer is Yes on Section 199A rental income.

Jun 30, 2025 - Your tax and business consultation buddies at WCG let loose from time to time, and interact with each other on a social level. Tax season can be intense!

With a partial asset disposition (PAD) you might have a loss on the old system when you replace it.

There are several benefits of owning your rental property in an LLC such as separate checking account, compartmentalization, and more. Learn more at WCG today.

Jan 7, 2026 - The organization that invented the IRB industry continues to reinvent it. WCG has been leading ethical review for decades. In fact, we were the only ones

Use a medical C Corp to avoid the limitations of a pass-through entity and shareholders for reimbursing medical expenses.

Nov 24, 2025 - Like King George in Hamilton, “What comes next?” The S Corp transition frankly speaking can be painful. Let’s run thought some of the transition concerns.

Your S Corp questionnaire form has been successfully submitted. We will review right away! There are clearly some slam-dunk yes-you-should-do-it situations.

WCG's Business Formation Services Portal has everything you need to help launch your new business from entity selection to S Corp formation (election).

Mini portal of various CRNA 1099 contractor considerations including tax deductions, traveling CRNAs doing locums, S corp election, etc.

Is your S Corp a going concern for next year, or the year after that? While an S Corp might make sense now it might not later on.

Nov 25, 2025 - WCG is always interested in adding to our experienced team of accountants. Strong candidates will fit most of our accountant job descriptions.

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Short-term rental (STR) tax loophole - average guest stay is 7 days or less and you materially participate in the rental, then your rental losses are...

A new S Corp puppy is fun and exciting, but there are some things to be aware of like filing deadlines, payroll processing and 401k limits.

Can you be sued personally if you operate an LLC? Yes. And you can easily lose on both a business and personal level. Don't believe the hype & learn...

Operating Agreements are a must-have. A lot of wealth is tied up in the business and you need to protect yourself. We can help!

WCG CPAs & Advisors encourage that short-term rental (STR) properties should be owned by partnerships, but there problems with the benefits.

K-1 income from your S Corp is not subjected to self-employment taxes and therefore will not count towards your Social Security basis.

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A real estate investor does not want to mess with rental property depreciation for whatever reason and decides against deducting it on their tax returns.

Typically there is not an S Corp net investment income tax associated with your K-1 income since you are materially participating.

Summary of the S Corp life cycle from start to finish, and life after S corporation. We are your knowledgeable tax consultants.

Business owners ask if they should be cash or accrual when selecting the accounting method within their accounting package. Cash is preferred.

Quick reference guide on 2025 tax rates, standard deductions, maximum retirement amounts for our real estate investors and rental property owners.

On January 18, 2019 the IRS and the Treasury Department released the Section 199A final regulations, including some much needed related guidance.

Our committed turnaround time starts after we get everything that we need from you including answers to our questions and clarifications.

Small business tax deductions are critical for reducing taxable income. Knowing the rules is one thing. But being reasonable is just as important.

A disregarded entity is just that, disregarded for tax purposes. Activities will be reported directly on your Form 1040 as if the entity doesn’t exist.

When structuring deals with real estate angel investors, structure depends on humans, emotions and personal objectives. Don’t forget the golden rule.

SEP IRA contribution limits for an S Corp might be limited since it is based on shareholder salary and not income. Find out more.

WCG uses RCReports or Reasonable Compensation Reports which is a consulting firm out of Denver, Colorado to help determine shareholder salary.

Healthy relationships start with managing expectations, especially communications. Generally, we initially rely on emails and text messages.

S Corps need to pay a reasonable salary to the shareholders. What happens if December comes and goes, and you have missing payroll? Ask us.

Processing S Corp payroll must be done, and reasonable shareholder salary is dependent on you but also on the health of the business.

If you sell 10% of your S Corp to a key employee, you suddenly create headaches. Find out more about expanding ownership of your business.

Holding companies and management companies are not the same thing. One holds things. One collects a fee. Different tax strategies. Ask us how.

Nov 29, 2025 - Determining a reasonable S Corp salary for owners & officers is the hardest part of running an S corporation. Here's a quick crash course on how to do...

The single member limited liability company (LLC) is simple but might not be tax efficient. Understanding the differences is key.