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November/December 2007 "Tax Court Rejects Tax Affecting S Corporation Earnings" By Chris Hamilton, CPA, CFE, CVA Of particular interest to tax attorneys, the long battle between taxpayers and the IRS about whether S Corporation earnings should be tax-affected continues. At issue is whether earnings considered for valuing an S corporation should be before or after taxes. The income of a C corporation is subject to income tax at the business level and stockholders are taxed on dividends paid to them. There are no Federal taxes on earnings at the S corporation level as the income passes through to the stockholders and the income is taxed at personal rates. The obvious point of the argument is that the IRS wishes to place a much higher value on S corporation earnings ... (click here for complete article) The Forensic Accounting practice is headed by partner Chris L. Hamilton, CPA, CFE, CVA, DABFA, a nationally-recognized expert in the field. Mr. Hamilton is a Certified Public Accountant, Certified Fraud Examiner, Certified Valuation Analyst, and a Diplomate with the American Board of Forensic Accounting. He is a licensed life and disability insurance agent and a General Securities Representative. Mr. Hamilton has published articles in several publications, and has made presentations at national conferences, training institutes and seminars on topics including fraud, business appraisal, and forensic accounting. Arxis Financial respects your time and your privacy. If you no longer want to receive e-mails such as this one, please click here or respond to this e-mail and type "Unsubscribe" in the subject or message box. Copyright 2007 Arxis Financial. Articles may not be reprinted without permission. |
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