Kiritsis & Associates



    3 Reasons S Corps May Have More Tax Audit Risk. . --  Kiritsis Law Firm Group 212 922 0005

    Not all S Corp elections are made and/or treated equal, oftentimes by tax auditors.

    1. Separate tax return filing. Its separate tax return filing could be a fabulous trait in reducing a taxpayer's audit risk. But, as always, there is a caveat; here, the caveat is the separate tax return must file out correctly and accurately. If an S Corp tax rate is filed wrongly, then every shareholder's tax return may be subjected to IRS scrutiny.

    2. More rigid income tax allocation. The tax authorities are constantly monitoring (for annual tax reporting compliance purposes) if the salary of shareholder salary is too low, or if shareholder capital type distributions were too high.

    3. More paperwork required. S Corps have more formalities and paperwork that may need to be submitted to federal tax authorities.  More paperwork could mean more opportunity for tax reporting errors, mistakes, and/or missed filing deadlines, which in turn, are a red flag, which potentially, lead to a tax audit. 


    Law Offices of Kiritsis & Associates 

    Phone # 212 922 0005

    Manhattan Office (Main Office):

    633 Third Avenue

    New York, NY 10017

    Suite 1306

    Brooklyn Office (By Appointment Only):

    1023 74th Street

    Brooklyn, NY 11228

    1st Floor

    New Jersey Office:

    7309 Ventnor Avenue

    Ventnor, NJ 08406

    2nd Floor



    We hope you would find this website useful with regards to finding potentially relevant information for your legal issue.   The Law Offices of Kiritsis & Associates PLLC is a boutique law Firm Group headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey.  We strive to provide professional legal services for individuals and various business entities.  Our clientele ranges from including aspiring entrepreneurs, startups to established business organizations.

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    Phone# 212-922-0005

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