In this episode of 'Let's Get Fiscal,' hosts Anastasia Myiesha and Danielle from Coterie Tax delve into the complexities and potential pitfalls of S Corporations. They discuss common issues like confirming your S Corp status, dealing with payroll requirements, separating personal and business expenses, and ensuring equal treatment of shareholders. They also provide actionable advice on how to navigate these challenges to prevent costly mistakes and avoid IRS complications. Whether you're a single-member LLC considering the switch or a current S Corp owner, this episode offers essential tips to help you manage your business finances effectively.

00:00 Introduction to S Corp Pitfalls

00:37 Common Issues with S Corp Status

01:29 Confirming Your S Corp Status

03:45 Acting as an S Corporation

09:25 Payroll Requirements for S Corps

14:01 Understanding Payroll and Distributions

14:31 Livable Wage Considerations

15:53 Reasonable Compensation Studies

16:15 Importance of Payroll Compliance

17:19 Co-Mingling Business and Personal Expenses

20:14 Accountable Plans and Reimbursements

23:08 Treating Shareholders Equally

26:33 Deciding on S Corporation Status

27:31 Final Tips and Contact Information

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