Nobody wants to spend their whole life looking over their shoulder, wondering if they’re going to be audited by the IRS. Luckily, there is a statute of limitations on IRS audits and tax assessments. This time period is called the Assessment Statute Expiration Date (ASED). <a href="https://privatetaxsolutions.com/tax-tips/what-happens-when-you-die-and-your-s-corporation-owns-the-rental/" class="more-link" rel="bookmark">Read More</a>
If you run your business as a regular C corporation, beware of the accumulated earnings tax (AET). The IRS can use the AET to penalize C corporations that retain earnings in the business rather than pay them to shareholders as taxable dividends. When retaining earnings, the C corporation first pays the corporate tax of 21 percent on those earnings. <a href="https://privatetaxsolutions.com/tax-tips/avoid-the-hidden-dangers-of-the-accumulated-earnings-penalty-tax/" class="more-link" rel="bookmark">Read More</a>
