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The IRS has increased the penalties for late filing returns for S corps and Partnerships to $195.00 for each month or part of a month for 
up to 12 months for each partner or shareholder. The new penalties across the board are severe. 
What issues I have seen recently in regards to 
S corporations officers compensation !

The IRS is focusing a lot of its energy on officers compensation in regards to S Corps. 
If you are an officer of the S corp you cannot 1099 yourself as a subcontractor, and in most cases you should receive a W-2. 
A corporate officer who perform services for the corporation and receive payments should treat payments for services to officers as wages, and not as distributions of cash, property or loans to shareholders. 
The S corporation must pay you a normal wage for the services you provide before any shareholder distributions can be paid in most cases. The IRS is showing no mercy to officers of the S corporations who don’t take any wages just shareholder distributions as wages.
             Thank You: Michael Gleason
ATS Consulting Solutions
Michael Gleason 
Phone: (508) 525-6522
Fax: (508) 791-6279
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