The House Ways and Means Committee has recently adopted a package of tax extenders, partially offset by an increase in the S corporation income tax for companies in the services sector is compensated.
The proposed legislation targets specific business functions, including professional or personal services businesses, Performing in the architecture, engineering, specialized law, arts, accounting, health, actuarial science, lobbying, consulting, brokerage, Investment management and sports. This small, personal service to beat S-corps, if it benefits, as defined, where its principal asset is the reputation and ability three or fewer employees.
In particular, the legislation to provide owners of these S-Corps, by their entire profits to SECA tax target. The tax is currently 15.3% of the first $ 106,800 profit and 2.9% higher. The days of taking a reasonable remuneration is subject to SECA tax and the rest can be numbered as a dividend for this are small businesses. The proposed rule would eliminate an advantage of the choice S-Corp status.
Could also affect companies with many employees, while only three are key to the company. Principal Asset means "skill and reputation," would have more than the greatest asset of the Company will be assessed.
There is also no exemption for working capital left in the business for smaller professional S-Corps. Larger S-Corps, not in the professional service fields have retained their working capital continue to be exempt from self-employment taxes.
Keep your eyes open to adopt this proposal.
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