In this episode of 'Let's Get Fiscal,' hosts Anastasia Myiesha and Danielle from Coterie Tax delve into the complexities and potential pitfalls of S Corporations. They discuss common issues like confirming your S Corp status, dealing with payroll requirements, separating personal and business expenses, and ensuring equal treatment of shareholders. They also provide actionable advice on how to navigate these challenges to prevent costly mistakes and avoid IRS complications. Whether you're a single-member LLC considering the switch or a current S Corp owner, this episode offers essential tips to help you manage your business finances effectively.00:00 Introduction to S Corp Pitfalls00:37 Common Issues with S Corp Status01:29 Confirming Your S Corp Status03:45 Acting as an S Corporation09:25 Payroll Requirements for S Corps14:01 Understanding Payroll and Distributions14:31 Livable Wage Considerations15:53 Reasonable Compensation Studies16:15 Importance of Payroll Compliance17:19 Co-Mingling Business and Personal Expenses20:14 Accountable Plans and Reimbursements23:08 Treating Shareholders Equally26:33 Deciding on S Corporation Status27:31 Final Tips and Contact Information🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com

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