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2018 Year-End Items for S-Corp Filers

Posted by Admin Posted on Dec 07 2018

 

It’s time to start gathering year-end items needed for the preparation of your 2018 S-Corporation tax return!  Please review the items below and send the information needed to our office by December 21st.  If you use a payroll service outside of Hyde & Company, please ensure the information provided to us is reflected on your year-end payroll forms.

 

Personal Use of Company Auto

Taxable fringe benefits from the personal use of a company automobile must be included as compensation on a W-2 and other payroll tax forms.  An employee is responsible for the employee portion of the Social Security and Medicare taxes.  Federal income tax should also be withheld; please let us know if you elect out of federal income tax withholding on this fringe benefit.

 

Info Needed (for each auto used for personal purposes):

Description of Automobile (make, model & year)

Total Miles Driven in 2018

Personal % Use of Auto

 

 

Health Insurance Premiums Paid by the Company

Accident and health insurance premiums paid by an S corporation on behalf of a greater than 2% shareholder-employee must be included in the shareholder’s taxable income, subject to income tax withholding.  However, the premiums are not subject to Social Security, Medicare, and unemployment taxes if insurance coverage was offered on a nondiscriminatory basis to all employees.  The portion of the premium paid by the shareholder-employee is not included in compensation.

 

Info needed (for each shareholder-employee):

Full Name

Amount Paid by S Corp in 2018

 

 

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This blog site is intended for educational purposes directed towards our clients and provides general information about tax, accounting and business related topics.  It is not intended to provide professional advice.  We are not investment advisors. Accordingly, we suggest that you seek the advice of qualified investment advisors appropriate to each investment being considered. By using this blog site, you understand that there is no CPA/client relationship between you and Hyde & Company CPAs, P.C. or its employees.  The blog and website, including all contents posted by the author(s), should not be used as a substitute for competent counsel from a qualified advisor in your state.  Hyde & Company CPAs, P.C. posts are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes.  Tax rules are frequently changed, added, amended, and/or left to expire – always check with your CPA or accountant regarding the most current tax rules and how they apply to your specific tax issue

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