IRS Announcement regarding S Corporations

If your medical practice corporation has elected S status, this is for you:

"IRS LAUNCHES STUDY OF S CORPORATION REPORTING COMPLIANCE

IRS officials have announced the launch of a study to assess the reporting compliance of S corporations. The study, carried out under the National Research Program (NRP), will examine 5,000 randomly selected S corporation returns from tax years 2003 and 2004. “The use of S corporations has exploded,” said IRS Commissioner Mark Everson. “The IRS needs a better understanding of what this means for tax compliance. This research is critical for achieving a strategic goal of ensuring that corporations and high income individuals are paying their fair share.” The study will include audits of officers receiving $10,000 in compensation, provided the corporation had $50,000 in profits."

Courtesy of the NSA.

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