Law Office of Kevin Duewel

Are you an S Corp Owner? If so, you must be paying yourself a reasonable salary. There are several tests that the IRS uses in determining reasonable compensatio...n, but the basics are: 1 replacement cost of you, and 2 fair market value of the position. I know this is not something that many of you have time for, but it is absolutely necessary in order to stay in compliance with the IRS rules for your S Corp. Even if you are not currently profitable, but taking distributions, you could be subject to some action by the IRS (yes it sounds silly, but it’s true). I recommend that a determination of your salary is made and that you document in your Minutes what that number is and how you arrived at it. If this is not something you are comfortable doing, we can put together all of the research and documentation. If you are interested in having us put together a reasonable compensation report for you or have any questions, send us a DM! See more

A change intended to provide equal access to filings will also provide more privacy to filers.

I am proud to be a member of the Folsom Chamber of Commerce #FolsomStrongerTogether

Have questions about whether you qualify for the Care Act stimulus checks or wondering when your check will arrive? The IRS has created a website and will soon ...have a portal up that you can log into. Check out the website for details https://www.irs.gov/coronavirus/economic-impact-payments See more

The IRS announced today that most taxpayers have an extended deadline to pay tax liabilities from April 15th to July 15th. The US Government did not extend the ...filing deadline of April 15th. The State of CA extended the filing and payment deadline to June 15th. Get in touch with your CPA or tax professional to come up with the best strategy for your tax situation. #taxdeadline #extensions #taxes #irs #statetax #federaltax #taxreturn #tax #taxpreparer #taxtips #taxquestions #taxadvisor #april15 #taxorganizing #taxprofessional #smallbusiness #smallbusinesslife #folsomca #folsomcalifornia #nextpeakcpa

Dont forget that business taxes (S-Corp, Partnership, & Partnership LLC) are due Monday! Do not wait until the last minute. It's tax season!! #taxes #taxreturn ...#tax #taxpreparer #taxseason #taxorganizing #deadline #smallbusinesslife #smallbusiness #taxtips #taxquestions #folsomca #folsomcalifornia #eldoradohills #sacramento #irs #federaltax #statetax See more

They have to start somewhere! #teachthemyoung #billmurray #taxtips #taxes #taxreturn #taxpayers #taxprofessional #taxseason2020 #taxrefund #taxorganizing #taxappointment #teach #startsmall #icecream #smallbusinesslife #taxlessons #folsomca #folsomcalifornia #cpa #nextpeakcpa