About NeilM7

Employee Tax Expert

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I'm a CPA with over 35 years of diversified experience in tax, accounting & financial planning.

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Re: Can you reimburse business startup expenses from before the LLC ...

Yes, a business can reimburse a business owner for start-up expenses if the owner has an accountable plan in place and the expenses are deductible. Start-Up Cos...

NeilM7

Updated May 22, 2024
Re: how to

An accountable plan is a method for reimbursing employees, partners, members, shareholder-employees of an S Corpm and independent contractors for any authorized...

NeilM7

Updated May 22, 2024
Re: S corp distributions

Since you have been paying yourself resonable compensation and it appears that it is well documented, there is no issue with taking distributions that should ra...

NeilM7

Updated May 22, 2024
Re: For a small business S-Corp, the owner was taking a paycheck but...

When it comes to reasonable compensation for a shareholder-employee of an S Corporation, the IRS isn't concerned about the net income or loss from the business ...

NeilM7

Updated May 22, 2024
Re: Section 179 carryover

The Section 179 Deduction cannot create a loss for a business. Any excess Sec. 179 Deduction is carried over to the next year and is subject to the Sec. 179 Bus...

NeilM7

Updated May 22, 2024

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