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Business & farm
You shouldn't have to assume anything really. Since you pay a CPA, you should be able to ask them the direct question, and get a direct answer. Not knocking on your CPA. But generally, if you don't ask, they don't tell - usually based upon the mistaken belief that the less you know, the more secure their services are.
Understand that at the federal level (can't speak the state) there is absolutely no difference between an S-Corp, and an LLC that has elected to be treated like an S-Corp. Both are required to "act" like an S-Corp in all aspects of bookkeeping, funds management, investments, compensation, and tax reporting.
Understand that at the federal level (can't speak the state) there is absolutely no difference between an S-Corp, and an LLC that has elected to be treated like an S-Corp. Both are required to "act" like an S-Corp in all aspects of bookkeeping, funds management, investments, compensation, and tax reporting.
‎June 3, 2019
5:11 PM