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Video instructions and help with filling out and completing s corporation taxes

Instructions and Help about s corporation taxes

Hello my name is wayne Lippmann I'm a CPA in Northern California I've been practicing individual tax planning and corporate and business tax planning for the last 35 years I was formerly a partner at the firm of Price Waterhouse in San Francisco I currently have a smaller firm in Walnut Creek California today's discussion will be taking money out of an S corporation the three ways of taking money from an S corporation would be one through wages or bonuses number two through distributions or three via loans the first area of taking money from an S corporation would be wages or bonus in terms of wages that would be paid with payroll taxes would be required to be paid both by the S Corp as the employer Social Security tax and also the employee share of Social Security tax the wages should be reasonable the IRS typically says that S corporations that pay very little or no wages is unreasonable and they allocate part of the profits of the S corporation as wages so it's highly recommended that S corporations pay wages to a reasonable amount my experience it's discussed a lot by practitioners in academics but you don't see a lot of audits relating to this issue the second area besides wages is to make distributions from the S corporations a distribution from an S corporation is typically tax-free as long as the distribution doesn't exceed the individual or shareholders basis in the S corporation if the distribution exceeds the shareholders basis the S corporation it would be taxed to the individual as long-term capital gain if it's not does not exceed the basis which is typically the answer it's a tax-free distribution and the reason for that is the profits of the S Corp is already taxed to the individual so the distribution is just a distribution of the income that was already taxed so typically a distribution of income from an S corporation to the shareholder his net is not taxed again a third way to distribute money from an S corporation would be through a loan and it would be suggested that if a loan is made from the S corporation to the shareholder that a promissory note is completed and a interest rate that could be the AFR or the minimum interest rate charged with with tables of the IRS establishes interest rates should be charged on a loan that concludes my discussion about S corporation distributions if further information is is requested you can contact me through my website Lippmann CPAs com that's Li double P as in Paul ma n ce pas com thank you and have a great day.