Corporate Minutes

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Tax Basis Corporate Minutes

Corporate Minutes help “stop threats” and provide protection against challenges from the IRS on a host of items including, related party transactions, expense reimbursement, leases, license agreements and owner compensation.

Most likely, your business tax return has “red flags” so please check out this youtube video.


We often hear this question. The truth is that many partners do not document key issues between themselves. Without that documentation it is easy for a creditor to pierce the LLC and it is a dream come true for the IRS auditor. Corporate Minutes are an easy way to document critical aspects and fortify a protective shield even when they are not required.

In the event of an audit, the first item the IRS asks for is a copy of the corporate minutes. For LLCs and Partnerships they usually just smile as they assume “no documentation” which means they can go so far as to even DISREGARD the entity. Without written documents to support the actions of the company, the IRS may disallow any tax benefits resulting from those actions. This can produce a large tax liability. Please keep up-to-date corporate minutes EVEN FOR AN LLC, PARTNERSHIP and SOLE PROPRIETOR.

Choose wisely! Don’t lose your valuable tax benefits and liability protection! Make good corporate record keeping an essential part of your tax schedule.

We follow a proprietary checklist to provide assurance that all areas subject to frequent IRS scrutiny are covered including; verification of the industry code, accounting method, benefit plans, notes payable, notes receivable, leases and license agreements and even policies (which are often missing).  THEN we go further to show you how to optimize the intellectual property you have —- but may not even recognize.

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