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Income Tax Basis Issues as They Relate to S Corporation Shareholders

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Chicago Legal Latte

Chicago Legal Latte

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Income tax basis issues as they relate to S Corporation shareholders require an awareness that if overlooked can cause unexpected tax results for the S Corporation shareholders. When an S Corporation shareholder receives his or her annual K-1, a shareholder basis schedule must be included so that the tax preparer can properly report the shareholder's pro rata share income or loss from the S Corporation. In this podcast, attorney Steve Migala and his guest, David Diamond, a CPA and Partner with Kutchins, Robbins & Diamond, discuss these important tax issues and explain how to avoid increased federal and state income taxes, penalties and interest upon IRS audit.

 

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