jastaxes47
Level 1
12-06-2019
07:38 PM
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Solved! Go to Solution.
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TaxGuyBill
Level 15
12-06-2019
07:38 PM
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The most obvious answer is to pay back the loan.
abctax55
Level 15
12-06-2019
07:39 PM
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Sniff, sniff ...homework?
If not, if there was $ 1M to loan, then there's enough cash to pay for a consult with an attorney & a paid tax pro to evaluate all the options.
"*******Tax software is no substitute for a professional tax preparer*******
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IRonMaN
Level 15
12-06-2019
07:39 PM
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Congratulations, you just won a $1,000,000 paycheck since you evidently had been taking a paycheck over the last 20 years without paying taxes on it ------------------ at least that's the way the IRS will look at it.
Slava Ukraini!
mojocpa
Level 7
12-06-2019
07:39 PM
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or they could be classed as Dividends
abctax55
Level 15
12-06-2019
07:39 PM
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Even worse...double taxation !
Altho penalties on late filed payroll for 20 years would sure add up.
Altho penalties on late filed payroll for 20 years would sure add up.
"*******Tax software is no substitute for a professional tax preparer*******
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abctax55
Level 15
12-06-2019
07:39 PM
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Unless maybe he's already taken LARGE salaries in those years?
"*******Tax software is no substitute for a professional tax preparer*******
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mojocpa
Level 7
12-06-2019
07:39 PM
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The OP wanted options, not saying mine was a good one.
abctax55
Level 15
12-06-2019
07:39 PM
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I'm not sure there ARE any good ones...
"*******Tax software is no substitute for a professional tax preparer*******
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