November 22, 2011
Year end S corporation reminders

Please be sure you check each of the items below to be sure you are in compliance for 2011. The number of S corporations has grown by 35% from 2000-2006. The IRS has found a high noncompliance in S corporation reporting, so we expect the audit rate to be stepped up in the future. The median unreported amount for an S corporation undergoing an audit was $20,000.(data source Internal Revenue Statistics)