Audit Dive Episode 1: When Winning at Internet Gambling LOSES BIG!
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This is a Video Blog Clip from the Blog of John R Dundon which hopes to provide a steady path of information for the /r/IRS Reddit community and anyone interested in tax compliance. This channel also features the latest Internal Revenue Service news, IRS commentary, and tips from tax expert John R. Dundon.
Deep Dive Blog Link: https://www.johnrdundon.com/reasonable-compensation-and-the-s-corp-owner/
In this Video:
This person structured his highly successful gambling operation as an S-corporation, and whether that S-Corp paid the Owner reasonable compensation in tax years 2019 and 2020 for services rendered that are reasonably commensurate with industry norms.
In 2019, the Taxpayer realized an ordinary business income of 93.2% (on the filed return) and 91.88% (from revised figures provided during the audit) compared with the median profit of 23.3% at companies in the same industry as the Taxpayer.
In 2020, the Taxpayer realized an ordinary business income of 92.8% compared with the median profit of 15.6% at companies in the same industry as the Taxpayer.
The Taxpayer’s ordinary business income for both years is significantly higher than the median industry profit.
In 2019 and 2020, the Taxpayer had significantly higher profitability (ordinary business income) relative to the In fact, the Taxpayer’s performance was several hundred percent higher than that of the industry...
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