Friday, May 21, 2010

If You're an S-Corporation Beware of Increased Taxes

AIA National has sent out a congressional alert regarding a proposal to increase taxes on S-corporations. It appears that this proposal will be voted on by Congress some time next week and the Senate soon thereafter. The purpose of the proposal is to close a loophole where S-corporation owners can currently avoid payroll taxes by reporting what theoretically is salary as shareholder profit instead, which is not subject to the payroll tax. If your firm is organized as an S-corporation, don’t miss a phone briefing by the AIA on Monday to find out how you can help.

At 2 p.m. Eastern time on Monday, May 24, participate in the AIA briefing:

· Call-in toll-free number (US/Canada): 1-866-699-3239
· Attendee access code: 200 326 47

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