IRS Eyes Implementing New Tipping Program
Storm B. Larson | 03.07.23
On February 7, 2023, the IRS published Notice 2023-13 (Notice), which announced a new proposal called the Service Industry Compliance Agreement (SITCA) program.
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Code Section 457(f): Potential Timing Trap for Nonprofit Employers and Employees
Jeff Storch | 10.02.22
Nonprofit (tax-exempt) employers are treated differently than for-profit employers with respect to how deferred compensation is taxed. Internal Revenue Code Section 457 (Section 457) is the main tool for this. Some of the timing issues under Section 457 may pose a trap for those not familiar with them.
Single Member LLCs In Service Industries: Can S-Corporation Election Save You Money?
Jeff Storch | 08.22.22
If you are considering the S corporation election for your LLC, you and your tax advisors should run through different scenarios to see potential tax savings and compare those savings against the additional filing burdens and other concerns.