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Reasonable Compensation Horror Stories

REASONABLE COMPENSATION HORROR STORIES

Cost Free
Presentation Length 1.0 hour

Recorded DateNovember 20, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Reasonable compensation is one of the most misunderstood topics in the tax realm, and it can have very real and impactful implications on your clients and your firm. If you work with S Corps, you have a duty of care to ensure that your clients are taking appropriate reasonable compensation and have this figure documented using unbiased data every year. Failing to do so can potentially result in back taxes, penalties and interest for your clients, and preparer penalties for you.

Learn from the mistakes of past practitioners by attending this fast-paced session that will reveal the horrors that can occur when reasonable comp is butchered.

Learning Objectives:


  • Define what reasonable compensation is (and what it is not)

  • Recognize why documentation from a reliable, unbiased source is key in a reasonable comp challenge

  • Identify how to discuss the rules surrounding reasonable compensation with clients and the risks around skirting those rules

  • Describe the social security and disability implications of setting reasonable compensation too low

  • List steps to ensure both you and your clients are covered when it comes to reasonable compensation

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Paul Hamann is an expert on determining Reasonable Compensation for closely-held business owners.  He has educated more than 100,000 tax advisors and valuators on the topic of Reasonable Compensation and has been published in numerous national and state journals.


Paul founded RCReports in 2010.  RCReports cloud software determines reasonable compensation for Closely-Held Business Owners and is used by CPA’s, EA’s, Tax Advisors, Valuators, Forensic Accountants and Attorneys when they need to determine a Reasonable Compensation figure for a client.


When Paul isn’t in the office, he enjoys spending time with his wife and chocolate lab, hiking Colorado’s back country or paddling its scenic lakes and rivers.

 

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Dawn is The Designated Motivator for Accounting Professionals and the CEO of Powerful Accounting, Inc.


For more than two decades, Dawn has been a well-known and respected educator and motivator for her clients, other accounting professionals and technology solution providers. She is known for innovative collaborations within the accounting profession including with her technology ecosystem partners which are included in her Team Brolin Starting Lineup.


Dawn is a member of the Intuit Tax Council, the ADP Advisory Board, and the Avalara QuickBooks Advisory Board. She has also received many designations and recognitions throughout her career including the most recent “The 2022 Top Presenters Awards“ by CPAacademy.org as well as Insightful Accountant’s 2020 Top Niche Practice ProAdvisor: Forensics” and one of Accounting Today’s “2018, 2019, 2020, and 2021 Top 100 Most Influential People in Accounting.”


As an in-demand thought leader, speaker, and the author of The Designated Motivator and The Designated Motivator for Accounting Professionals, Dawn believes that motivation and strategic planning is not a one-time event, it is a critical part of being able to achieve the success you want for yourself and your team.


Dawn has appeared on many top-rated news programs and is consistently recognized with awards of distinction in the accounting profession. She has delivered hundreds of webinars and keynote speeches and works with many technology solution providers to help them better understand how to create and market their solutions. She is also a Designated Motivator to her peers and the collegiate softball team she is the assistant coach of at Eastern Connecticut State University.


Dawn's podcast, The DM Disruption podcast can be listened to on Apple, Spotify and Google as well as on her website, DawnBrolin.com.


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Eric is a partner in Green & Sklarz LLC, a boutique tax firm with Connecticut and New York offices. The focus of Attorney Eric L. Green's practice is civil and criminal taxpayer representation before the Department of Justice Tax Division, Internal Revenue Service, and state Departments of Revenue Services. His practice also handles probate matters and estate planning for individuals and business owners, and tax planning for closely-held businesses. He is a frequent lecturer on tax topics for CCH, the NAEA, the NATP, the ABA Tax Section, and the Connecticut Society of CPAs. Attorney Green has served as adjunct faculty at the University of Connecticut School of Law. He is the author of The Accountant's Guide to IRS Collection (available www.tgpublish.com), and he is a columnist for CCH's Journal of Practice & Procedure. He is also the founder of The New England IRS Representation Conference. Mr. Green is a contributing author for Advocating for Low-Income Taxpayers: A Clinical Studies Casebook, 3rd Edition, and has also been quoted in The Wall Street Journal, USA Today, Consumer Reports, The Wall Street Journal's Market Watch, TheStreet.com, and CreditCard.com. Before practicing law Attorney Green served as a senior tax consultant for KPMG and Deloitte & Touche. Attorney Green was the 2010 Nolan Fellow of the American Bar Association and has served as Chair of the American Bar Association's Closely Held Businesses Tax Committee. Attorney Green is the current Chair of the Executive Committee of the Connecticut Bar Association's Tax Section. Eric is a Fellow of the American College of Tax Counsel ("ACTC") and a Connecticut, Massachusetts, New York, and American Bar Association member. He is admitted to practice in Massachusetts, New York, and Connecticut Superior Courts, as well as the United States Tax Court, the Federal Court of Claims, and the Federal District Court for Connecticut. Attorney Green received his Bachelor of Business Administration degree in Accounting with a minor in International Business from Hofstra University and is an honor graduate from New England School of Law. He earned a Masters of Laws in Taxation (LL.M.) from Boston University School of Law.


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Dawn has leveraged her experience in the corporate world to benefit small and mid-size privately held companies, by founding Sabo Accounting & Tax Services, P.C.

Dawn’s unique skill-set was developed at Houston’s Shell Oil Company, Coca-Cola Bottling Company, and Compaq Computer Corporation in treasury, financial reporting, corporate tax, management information reporting, and human resource management roles.

Her areas of focus include accounting and financial reporting for small and middle-market commercial, construction, and professional services businesses; not-for-profit accounting and audit support; and income tax planning and preparation for individuals, owner-operated corporations, LLCs, and partnerships.

Dawn is a member of the American Institute of CPAs (AICPA), the Texas Society of CPAs, and the Houston Women’s Society of CPAs (HWSCPA). She completed a Bachelor of Business Administration degree in finance and risk management & insurance and a Master of Business Administration degree and a Master of Science degree in human resource management.

Dawn is also a member and volunteer at the Houston Livestock Show and Rodeo and the American Cancer Society’s Victory, and Texas Exes Alumni Association.

An avid skier, marathon runner, Ironman competitor, and dressage competitor, when she’s not working you can find Dawn running, training with her horses, playing golf, or skiing the slopes in Sun Valley, Idaho.

About Our Presenter

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RCReports is a tool for Tax and Financial advisors to determine Reasonable Compensation for a client. RCReports provides a defensible position to an IRS challenge (for S-Corps), and is an excellent planning and valuation tool. RCReports synthesizes a proprietary blend of IRS criteria, Court Rulings, geographic data and our EXCLUSIVE database of wages to accurately assess Reasonable Compensation for S Corp, Small & Closely Held Business Owners.