Qualities of a Leader
How often have you heard the comment, He or she is a born leader? There are certain characteristics found in some people that seem to naturally put them in a position where theyre looked up to as a leader.Read More
On June 14, 2007, the IRS issued proposed regulations under Sections 61 and 274 that liberalize the way an entity can calculate the amount of personal usage chargeable to a key employee or owner. These new rulings are very favorable to the taxpayer, owner or key employee. They will considerably lower the amount includable in compensation of the owner or key employee or lower the amount disallowed under previous guidance.
Prior to the issuance of these proposed regulations, many entities were taking into account total costs (e.g. fixed and variable and depreciation) of operating the aircraft and multiplying the percentage of total occupied seats to personal use occupied seats to compute the personal usage amount.
Under the new proposed rules, an entity may now:
Please contact Steve Singer at our office to see how these new rules can benefit you retroactively or in the future.