Started a C Corp as a ROBS. How to file?

Forum|Forum|6 years ago
November 27, 2019
2 replies
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Our accountant has referred us to a firm to file, so has our ROBS plan administrator. Can I file these myself with Turbotax? Our business does not have many moving parts nor are the financials complicated.

Critter

Level 15

If your accountant is not also your tax preparer and you have never filed a C-corp return before then I highly suggest you seek local professional assistance to be educated on the fed/state/local filing requirements you have especially in the payroll department and then prepare your own return later when you feel comfortable.

However if you want to try it yourself .... you need the TT BUSINESS version ( not Home & Business) which is only available as a Windows Download ... make sure to buy the correct year depending on your filing tax year :

2019 https://turbotax.intuit.com/small-business-taxes/

2018 https://turbotax.intuit.com/personal-taxes/past-years-products/

Anonymous

a ROBS is not a do it yourself project using TT. the retirement account may have to file its own tax return. it is possible that since the retirement account owns part of the corp, there could be an unrelated business issue which could require the plan to file form 990-T and pay taxes. certain transactions may be prohibited. if you have employees, eligible employees must be offered the opportunity to invest in the retirement plan.

it becomes important that new "hires" be properly classified as either employees or independent contractors. misclassifying an employee as an independent contractor can have dire consequences resulting in a huge a tax bill, fines ans penalties. tax issues also arise if an independent contractor is misclassified as an employee.

see this link

https://fitsmallbusiness.com/rollover-business-startups-robs/