s corp
IRS Says Personal Expenses Paid by S Corp. Not Loan Repayments
If a Subchapter S corporation pays its shareholder’s personal expenses, can the payments be for the repayment of loans not subject to employment instead of wages subject to employment taxes? This is a common issue that has to be addressed when preparing S corp. tax returns. The IRS addressed this in AOD 2017-04, which was […]
The post IRS Says Personal Expenses Paid by S Corp. Not Loan Repayments appeared first on Houston Tax Attorney.
S Corporation Owner Who Didn’t Receive Distribution Subject to Tax
Taxpayers who own an interest in an S corporation but who are not familiar with the tax rules are often surprised to learn that they have to pay tax on the business profits even if they do not receive distributions from the business. The court recently addressed this fundamental concept in Dalton v. Commissioner, T.C. […]
The post S Corporation Owner Who Didn’t Receive Distribution Subject to Tax appeared first on Houston Tax Attorney.