Speaker Series: Reasonable Compensation for S Corps and Entity Elections for LLCs

Description

The first installment of this speaker series will focus on Reasonable Compensation for S Corps and entity election for LLCs. One of the most frequently asked questions from business owners is this-should I elect to be taxed as an S-Corp?

What we find in our daily practice is these decisions are often made by business owners at the advice of their neighbor, friend, colleague, rather than a tax professional. Making these uninformed decisions can certainly lead to adverse tax outcomes. We are lifting the curtain on what S-Corps are, what they are not, and giving you the information you will need to make those informed decisions in your business!

We will go over the following topics:

• Review of differences between LLC taxed as sole proprietor (Schedule C) and LLC taxed as S-Corp-advantages, disadvantages, myths.
• Factors to consider when making an S-Corp tax election
• Reasonable compensation concepts
• Accountable plans for S-Corp owners

Who will benefit from this webinar:

Any business owner currently organized as single-member LLC or those owners who are already made S-Corp tax election but want to learn more about it.

Presenter bios:

This presentation is brought to you by T&O Strategic Advisory,  collaborative partnership between Anna Ortiz, Principal at North Shore Accounting Services (Peabody, MA) and Sarah Tatum, Principal at Tatum Accounting (Suffolk, VA)

Anna Ortiz has been a business owner for nearly 3 years, but she has been in the accounting field for over 20 years. Anna graduated Northeastern University in 2001 with a degree in Finance and has worked as an accountant ever since, becoming a CPA in 2018. Anna focuses on helping service-based businesses make sense of their numbers, set and achieve their business goals by providing quality accounting, tax and advisory services. Anna is passionate about educating her client base, because let’s face it-knowledge is power. Anna is the host of the Growth Advisor Podcast.

Sarah Tatum has over 10 years of accounting experience and has been a Principal at Tatum Accounting since 2020.  Sarah is an Enrolled Agent with the IRS and holds a bachelor’s degree in accounting from Florida Atlantic University. Sarah focuses on providing tailored, efficient and comprehensive accounting and tax services to clients, allowing her to advise on the critical decisions affecting client growth and success. Sarah is the host of the Cocktails and Capital Podcast.