TBMS
Level 1
12-07-2019
10:31 AM
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I have a client that is a LLC taxed as a C corporation. They have taken out payments to themselves in the course of a year. Their accountant recorded the payments as an expense. How is this filed on their personal tax return and on the corporate return?
Should this be a loan/distribution/dividend?
The payments to them for 2018 and 2017 is causing negative equity as well on their financials.
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IRonMaN
Level 15
12-07-2019
10:31 AM
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If payments were taken out and recorded as an expense, there should have been some W-2s prepared.
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