2024 January Solutions Room: S Corporations & Compensation

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Description

2024 January Solutions Room: S Corporations & Compensation
IRS Program #: X9QQU-T-01105-24-O
CTEC #: 6257-CE-0272
CE: 1 IRS & 1 CTEC credit
Speaker: Chelsea Rustek, EA

This course explores how entity changes to an S Corporation can save taxpayers large sums of money. In addition we will explore setting compensation in terms of reasonability and optimizing for maximum retirement contributions. Formatted from a real life case study, we will see how $0 changes for clients can save thousands of tax dollars.

Learning Objectives:

Define the S Corporation entity structure.
Understanding how this entity election can be made.
Developing an understanding of setting compensation in relation to retirement contributions for sole owners.
Explore further tax saving strategies related to wages for owners in the S Corporation structure.

Contributors

Chelsea Rustek, EA

Chelsea is an Enrolled Agent, working in the taxation field since 2014, with a concentrated focus on individual and small business tax preparation. She graduated from Saint Leo University with her bachelor’s degree in Business Management. Chelsea is a member of the National Association of Enrolled Agents and the Florida Association of Enrolled Agents. She is also a QuickBooks Online ProAdvisor and Florida Notary.

Chelsea’s background includes stock option compensation ranging from mergers &acquisitions, Restricted Stock Options, Incentive Stock Options, Employee Stock Purchase Plans, and Non-Qualified Stock Options. In addition, she is familiar with IPOs for many companies and can help clients to plan for these large tax events. Her advanced knowledge of these topics helps clients with their tax preparation and planning. Working hand and hand with the financial advisors to mitigate tax risks and burdens.