What to Do If Your Client Didn't Take Reasonable Compensation Last Year - Sponsored by RCReports

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Description

What to Do If Your Client Didn't Take Reasonable Compensation Last Year - Sponsored by RCReports
IRS Program #: X9QQU-T-01104-24-O
CTEC #: 6257-CE-0271
CE: 1 IRS & 1 CTEC credit
Speaker: John Morse, CPA

Are you a new advisor handling S Corp clients, or perhaps a seasoned professional facing the common query: "My S Corp client didn't take Reasonable Compensation last year. What now?" Explore the intricacies of "What to Do If Your Client Didn't Take Reasonable Compensation Last Year" in this informative session. Reasonable Compensation is not just a tax obligation—it's a strategic financial decision. Join us to demystify IRS regulations, understand preventive measures, and address challenges within the year.

Learning Objectives:

Prevention Strategies: Equip yourself with key questions for making an S Election, ensuring proactive measures throughout the year.
Addressing Issues Within the Year: Learn practical solutions for cash availability scenarios, including health insurance considerations within reasonable compensation.
Evaluate scenarios for cash management when reasonable compensation has not been paid, but should have been.
Health Insurance in Reasonable Compensation: Uncover nuances, including vision and dental benefits, optimizing tax planning strategies.

Contributors

John Morse, CPA

John Morse has operated his own CPA firm John P. Morse, CPA, LLC, since 2014, specializing in tax, small business accounting, and campaign compliance.  Prior to that he served in the Colorado State Senate, most recently as the President of the Senate.  After graduating from college, he worked as a CPA for Fox & Company in Colorado Springs, CO, and then for Deloitte, Haskins & Sells in Denver as an audit manager.  So, he has roughly 20 years of CPA experience.  

Between the time he left Deloitte and started his own firm he served as a paramedic in Denver, a police officer, detective, and sergeant in Colorado Springs, CO, a police chief in Fountain CO, and the CEO of a nonprofit organization that worked to keep people over age 60 independent, and in their own homes for as long as possible.  From there he entered the Colorado State Senate.  

Morse received his BSBA with an emphasis in accounting and finance from the University of Colorado. He earned an MBA from Regis University, a master’s degree in public administration from the University of Colorado, a master’s degree in taxation from Golden Gate University in San Francisco, and a PhD in public administration from the University of Colorado.