Yes filed returns every year and have been using a Tax professional since Day 1 in 2005. I just don't get clear answers when I ask the questions so try to ask it to other people.
So as long as my basis is above $900,000 (yes I have basis schedule) then a $900,000 distribution in 2019 without a salary is still a huge red flag?
Every time you get a distribution in a year (even if you worked $0 hours in the S-Corp) you have to take a salary to be able to take a distribution? That doesn't seem right. For the years that I did have earnings I was taking a reasonable salary...there were other years where I would make $15000 but didn't take as salary or distribution so it just sat in account and increased basis.
What would happen if I would just close the S-Corp down - would that be easier to just get all the money out?
I guess my point is how do you get the money out on S-Corp that has been sitting in there for years doing nothing.
