The S corporation is a popular option of tax classification for business owners.  As a pass-through entity S corporations are subject to a single layer of tax. In addition, the earnings and owner distributions are not subject to Social Security or Medicare taxes.  These are attractive prospects for owners looking to improve cashflow.  However, there are some key issues that can be overlooked when establishing and operating an S corporation.  

Ownership Restrictions

It is that time of the year again- tax time. Eagerly you gather all of the year's tax information with one goal in mind: the timely filing of your tax return. With all of your "i's" dotted and your "t's" crossed you submit your tax return and then you wait. And you wait. And then you wait some more. Something seems wrong, should it be taking this long for my tax return to get processed, you might be wondering. Did something go wrong? What do I do next?