One of your firm’s clients is La Fiesta Mexican Restaurant, a family-owned business located at One Plaza Place, Springfield, MO, 63120. It incorporated on January 1, 2008, elected S status, and began business soon thereafter. The owners are Jose Rodriguez, President; Consuelo Rodriguez, Vice President; and Emilio Rodriguez, Treasurer. Each owner made a capital contribution of $15,000. One hundred shares of common stock were issued to each shareholder at a par value of $15 per share. They own all shares of stock in the company.
You ask advice of your colleagues on how to handle some tax issues for La Fiesta Mexican Restaurant.
Provide your expert opinion on the tax treatment for La Fiesta Mexican Restaurant regarding 2 of the following tax topics:
Qualified retirement plans
Health and accident premiums from a taxing perspective
For each tax topic:
explain your reasoning
support your reasoning with the tax laws you believe support your position
For 1-2 of the laws you cited, explain if you agree with the logic behind them, and why or why not.
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