Corporate Advances, Loans, Dividends and Shareholder Distributions – Document Everything To Avoid Major IRS Problems
If you operate your business as a C or an S corporation, and if you loan money to the corporation or the corporation loans money to you, you need documentation that the loan is indeed a loan. With the S corporation, the loan that fails as a loan can result in taxable wages to you.
ABM Editor
November 16, 2023
