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IRS Targeting S Corporations Paying Distributions in Lieu of Wages
The CPA Journal 
Nov. 21, 2003
Excerpt: S corporation shareholders might naturally prefer to receive cash from their corporations as distributions instead of wages, so as to avoid employment taxes such as FICA and FUTA. The IRS has long maintained its ability to recharacterize distribution payments as the payment of wages, thereby subjecting that payment to associated employment taxes.
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