You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. Without material participation, your losses are generally “passive” and can only be used to offset income from other passive activities. Any excess...
Whenever cash or property passes between a closely held corporation and its shareholders, there are generally tax consequences. You can control these consequences by documenting your intentions for the transaction to be considered a corporate loan instead of a...
Many businesses elect to operate as an S corporation to take advantage of federal tax benefits. The primary reasons for electing S status are limited liability of a corporation and the ability to pass corporate income, losses, deductions and credits through to...
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