Piercy Bowler Taylor and Kern’s (PBTK) Jeff Edwards joins Harvey and Shelley in this RERNLV clip from July 11, 2015. In his appearance, Jeff takes the time to talk about S corporations (s corps) and what qualifies as unreasonable compensation for them. This would be like taking a lot of distribution and little salary in order to bypass some taxes.
Jeff also took his appearance as the chance to talk about non-cash donations and receipts. Non-cash donations are donations such as items to Goodwill like clothing and old toys. Places normally give you a receipt for donations of up to $250. Jeff warns to be wary, though, as if you get too many receipts that aren’t itemized, it raises the eyebrows of IRS officials. He recommends that instead, people itemize what they give away to save themselves the hassle.