Business Expenses And The S Corporation - What …
Business Expenses
And The S Corporation -
What You Really Need To Know!
Presented by: National Society of Accountants
1010 N. Fairfax Street Alexandria, VA 22314
800-966-6679
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Learning Objectives
? Identify Business Expenses Unique to S-Corporations
? Determine Reporting Requirements of Certain S-Corp Expenses
? Assess the Implications of Fringe Benefits and Officer Compensation
2
S Corporation Expenses
? Intro to S-Corps
? Popularity ? Brief History ? Form 1120S, Schedule K-1 ? Taxes
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4
S Corporation Expenses
? Accounting Methods
? Cash, Accrual ???? ? ?446(a); Rev Ruling 68-35 ? Form 3115
? Overview of Income
? Trade or Business ? Other
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S Corporation Expenses
? Form 1125-A
? COGS; ? Section 263A rules and limitations
? Under $1 million ? No ? Under $10 million ? non?manufacturers ?
Rev Proc 2002-28
? Inventory
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7
S Corporation Expenses
? Line 7: Compensation of Officers
? The new Form 1125E ? Determining what is reasonable ? Supporting what is reasonable ? Noncash compensation ? Compensation mistakes
? Line 8: Salaries and Wages
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