Year-End Tax Strategies The IRS Haven’t Heard Of w/ Carter Cofield

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[@bradw935]

It’s amazing what you admit to on social media. For example, taking and backdating s election when your client doesn’t qualify for late election. It doesn’t cover “advice after the fact”. It only covers intended to be and operated as an s Corp.

[@andrewvangils3112]

Assuming you hire your kids(under 18) and you hold a board meeting, if they are employees but not directors(listed on the state division of corps), are you still able to write off the expenses? Examples, travel, dinners, trips.

[@RandiGleason]

My accountant said it’s too late in the year to file S-corp election. How can this be done in December for 2024?

[@THEtaxstrategists]

Mark - Rev Proc 2013-20 regarding late S elections requires "reasonable cause". Are you and your guests suggesting/promoting otherwise? Can you do so as a tax practitioner subject to Circular 230?

[@THEtaxstrategists]

Facts determine whether an individual is an employee or independent contractor. 1099 v w2 is not elective/optional. Cant wait until jasmine d finds these channels

[@MrMaguuuuuuuuu]

Do you have to withhold FICA if you hire your kids (w2)? Or can you just give them a 1099? Then if they’re under the $14k limit they don’t have to pay any tax.

[@ChristopherFam-s4b]

No FICA under 18

[@AngelRodriguez-y3l]

need more tips on how to wash jeans

[@MetalBum]

TLDR?

[@RandiGleason]

My accountant said it’s too late in the year to file S-corp election. How can this be done in December for 2024?