Tax
Apr. 14, 2012
Increased tax burdens on small businesses on the horizon
The IRS is increasing its scrutiny of S Corps while new regulations are looming. By Alexander Lee of Paul Hastings
Despite political rhetoric that the government wants to protect and promote small business in the U.S., recent congressional legislation and increased scrutiny by the Internal Revenue Service suggest otherwise.
Beginning Jan. 1, 2013, investment income for persons earning over a certain threshold ($200,000 for individuals and $250,000 for couples filing jointly) will be subject to a new 3.8 percent Medicare Tax. This is part of the Hea...
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