The tax man cometh...

[macpappy]

I wonder if this will apply to sole proprietor LLC's as well? Probably. I guess that means I'll have to change the way I do things and instead of paying for daily items out of my LLC account, just transfer the money into my household account and pay things through it.

[cbsmokin]

Originally Posted by macpappy

I wonder if this will apply to sole proprietor LLC's as well? Probably. I guess that means I'll have to change the way I do things and instead of paying for daily items out of my LLC account, just transfer the money into my household account and pay things through it.

Legitimate business expenses reduce your taxable income. Doing this would make you pay tax on those legitimate expenses.

[qwerty1500]

It seems that our auditors were not aware of the new 1099 requirements when we asked a couple of weeks ago. However, we already expect that the new 990 information return requirements for certain non-profits will complicate our accounting procedures and double our tax preparation and audit costs. Now this ... I guess we will see those costs double again?

It appears that accounting, auditing and tax compliance are quickly becoming real growth industries.

[BigFrank]

Originally Posted by qwerty1500

It appears that accounting, auditing and tax compliance are quickly becoming real growth industries.

Sad when owing the government money has become an industry itself.