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My client has asked me how far reaching the Illinois Department of Revenue will go to collect a tax owed on the final return for his C-Corp. Facts: C-Corp was owned by 100% by the company's 401k plan. The C-Corp sold it's assets in 2025 ...
Thank you Edward! This is helpful! ------------------------------ Aurora McKenzie Senior Accountant / Owner McKenzie Business Consulting / Agency Accounting Service Belleville IL (314) 312-3513 ------------------------------
I believe it would be taxable in the year the employer pays it on behalf of the employee. See the IRM provision below. While the IRM isn't a primary source, the analysis makes sense since, as a cash basis taxpayer, the employee did not receive the benefit ...
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