Year-end Reminder for S-Corporation Owners
Don’t lose valuable deductions or incur additional costs.
Special Reporting Required: The IRS requires special reporting of fringe benefits for S-Corporation owners who own more than 2% of the business. Certain family members of the S-Corporation owner including spouse, child, parent, and grandparent who work for the S-Corporation are also subject to the same taxability of fringe benefits.
What you need to do by December 11th: If you use a payroll service, you need to contact them and report health insurance premiums, HSA, and auto information in early December in order to have these items included on your 2019 W-2. Avoid costly amending of W-2’s and payroll returns.
eNewsletter version | Winter 2019