Breaking News For S Corporations - Potential 15% Tax Increas

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Today news breaking
There have been a number of rumors spread among the accounting community lately that the IRS has eliminated the ability for professionals who operate their business as an S Corporation to receive distributions from their companies in lieu of a wage or salary. On May 28th, 2010, The House passed The American Jobs and Closing Tax Loopholes Act of 2010 which contains a provision that proposes to raise over $11 billion by tacking on payroll taxes to certain service professionals who currently split income as wages and draws.