Small Business Owners Take Note!
You have to read this article and you need to keep an eye on this. This is a huge item and will significantly affect anyone who is currently taking "reasonable" compensation from an S Corporation. When you read between the lines, what this actually proposes is the full self-employment taxation of all earnings in an S Corporation. The Congress has been looking for a way to raise more revenue and this may very well be the start. I will keep everyone in the loop as this moves forward. I would also encourage everyone to contact Rep. Peter Stark from California to state your objection to this legislation.
Lawmaker Introduces Bill to Close Newt Gingrich Medicare Tax Loophole : Accounting Today
Welcome to the Ask Ralph Blog! Feel free to post your question or comment. Ralph Estep, Jr., of Saggio Accounting Services will be posting great items of interest. Feel free to ASK Ralph a question!
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