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Tax Oct 2013 - "Avoiding Unreasonable Compensation Penalties"

Tax Oct 2013 - "Avoiding Unreasonable Compensation Penalties"

Tax Oct 2013 - "Avoiding Unreasonable Compensation Penalties"

Excerpt


Avoiding Unreasonable Compensation Penalties



The IRS is increasing scrutiny of executive compensation, and executives are often shocked when the IRS challenges their pay. While the IRS has the power to levy extra taxes on pay that it deems unreasonable, following a few steps can prevent or defeat these challenges. Executive compensation should be carefully documented, detailing each key employee’s qualifications, responsibilities and major accomplishments. Documentation should go beyond the obvious items such as experience and education to include more intangible aspects such as the executive’s reputation, connections within the industry and communications skills. Additionally, other important intangibles such as examples of leadership and strategic decision-making should be documented as well. Finally, there are situation-specific issues that depend on the type of entity.


 


 



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