Nancy9
Level 3
04-05-2022
10:11 AM
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Client has funds in corporate bank account to cover 1 million needed for personal extension. Will the auto withdrawal work even though we are filing a 1040 extension and the bank is a corporate account, not the taxpayers personal account?
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Level 15
04-05-2022
10:23 AM
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they'll take it from whatever bank you give them....but should you be paying personal expenses out of the corporate account?
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Nancy9
Level 3
04-05-2022
11:22 AM
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It's an S corp so it's just a distribution to the shareholder.
qbteachmt
Level 15
04-05-2022
01:04 PM
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"It's an S corp so it's just a distribution to the shareholder."
That's not the Point. This is using Corporate resources personally. Have them move the money, first.
Someone needs to teach them about why they formed a corporation in the first place, and about "piercing the corporate veil." Sheesh.
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taxes96786
Level 9
04-05-2022
11:44 PM
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bank account name needs to match 1040 name/s