https://pizzellocpa.com/insights Notes on S corporation, partnership, and individual tax for closely held business owners. en-us Sun, 09 Aug 2026 12:00:00 GMT https://pizzellocpa.com/insights/reasonable-compensation-s-corporation https://pizzellocpa.com/insights/reasonable-compensation-s-corporation Sun, 09 Aug 2026 12:00:00 GMT The 60/40 rule is folklore. There is no statutory percentage, and the cases that got decided against taxpayers were lost on facts, not on arithmetic. https://pizzellocpa.com/insights/shareholder-basis-distributions https://pizzellocpa.com/insights/shareholder-basis-distributions Sun, 09 Aug 2026 12:00:00 GMT A distribution is not tax-free because the company had cash. It is tax-free because you had basis. Those are different questions, and only one of them is on the bank statement. https://pizzellocpa.com/insights/late-s-election-relief https://pizzellocpa.com/insights/late-s-election-relief Sun, 09 Aug 2026 12:00:00 GMT The statutory deadline is tight and widely missed. The administrative relief is broad and widely unknown, which is the wrong way round.