This article will discuss some of the unique factors relating to assessing lost profits for self-employed operated businesses. As examples, two extremes will be discussed. These extremes provide virtual bookends when assessing a claim of lost profits by a self-employed person. The first addresses a self-employed person who reports his/her income through a Schedule C, Sole Proprietor. The second addresses self-employed individuals that own and operate a subchapter S corporation and file an 1120S for that business. Financial experts will often be asked to estimate the lost earnings or lost earning capacity for an injured self-employed person. This type of…
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Demons and witches are scary, but the Creatures from Schedule C and the Overstatement Ogre can be downright terrifying, especially if they generate a notice from the Internal Revenue Service. Not sure who they are? Ann Marie Maloney, communications manager for AICPA, says, read on, if you dare. To read the full article in AICPA Insights, click: 5 Scary Tax Characters to Watch Out For.
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Learn Best Practices, Changes in Schedule Cs and 1120s, How to Overcome Client Price-Sensitivity, Ways to Enhance Health and Energy, & More CPA Trendlines publishes its Top 10 most-read articles on tax season so far this year. More: