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After you file
The Employee Retention Credit has totally changed my tax profile and I'm confused. My S corp usually pays for my car and other costs. Now my S corp income is MUCH lower, but I have this Employee Retention Credit that needs to go out of the S corp as W2 pay. Am I stuck with a much higher W2 income along with much lower overall income? Can I loan my S corp money for the car and other costs?
‎August 19, 2021
7:23 AM