Your LLC is up and running. You’ve figured out the benefits to being taxed as an S-corporation and have placed yourself on the payroll. Not to be unreasonable, you took steps to make sure your salary would be acceptable to the IRS should they choose to review it. Now that your company is profitable, how do you get that profit into your pocket without creating tax headaches?Here are four facts you need to know about distributions from an S-corporation. 1. &nb […]
BELOW GROUND
You have little to no engagement with your accounts.
The qualifiers.
- No vendor relationships, you resell retail products
- No differentiation between cost of good and expenses
- You digitally submit and approve time cards
- No collection of sales tax
- Late payments on account (tax return is in arrears, late loan repayments)
Some big (and simple) changes would reshape your position but you’re gonna want to take action pretty quickly.