Technical topics regarding tax preparation.
3-May-2021 2:03pm
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Apologies if this has been covered:
Client is a seasonal employer LLC who received a large PPP loan.
I want to make an S-Election for the avoidance of some unnecessary payroll taxes to the owners.
Yes, I realize that there are some plans to close this rule...
Is there any guidance related to making an s election before the PPP loan has been forgiven?
Any other thoughts appreciated.
3-May-2021 3:03pm
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What's the net income of the SMLLC? Have you considered how the QBI deduction impacts the benefit on the payroll tax side? S corps don't bring nearly the benefit that they used to.
3-May-2021 3:10pm
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benefield3 wrote:Is there any guidance related to making an s election before the PPP loan has been forgiven?
Should not be any issues. It is the same legal entity.
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