Recap of S Corp Downsides
By Jason Watson, CPA
Posted February 28, 2020
There are several issues where an S Corporation election does not make sense. Be wary of all the accountants and other business owners who automatically check the Yes box when asked about making the election. Attorneys screw this up was too often as well. As you can see in this chapter, it is not for everyone or every situation.
As always, WCG charges $150 for 40 minutes of consultation where we will ask questions to ensure the fit is correct and that it makes sense. If you decide to engage us for future services, we credit back the $150. So… not no risk, but certainly low risk in terms of how you spend your money.
Three options exist from the consult-
- A solid Yes, or
- A solid No, or
- Another appointment to dig deeper into the facts and your objectives to ensure the fit is right.
Small business advisory services is our core competency. We suggest taking advantage of it (Yes, more shameless self-promotion but in our heart of hearts we just want to help you avoid a mistake or a series of mistakes). We see too many costly mistakes, and even worse, mistakes that cannot be retroactively fixed. Buy yourself some information… buy yourself some peace of mind; if not with us, then with another competent small business consultant.
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Jason Watson, CPA, is the Managing Partner of WCG, Inc., a progressive Colorado Springs tax and consultation firm.
Taxpayer’s Comprehensive Guide to LLCs and S Corps : 2020 Edition
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