Best Answer Click here
This discussion has been locked. No new contributions can be made. You may start a new discussion here
The most obvious answer is to pay back the loan.
The most obvious answer is to pay back the loan.
Sniff, sniff ...homework?
If not, if there was $ 1M to loan, then there's enough cash to pay for a consult with an attorney & a paid tax pro to evaluate all the options.
Congratulations, you just won a $1,000,000 paycheck since you evidently had been taking a paycheck over the last 20 years without paying taxes on it ------------------ at least that's the way the IRS will look at it.
or they could be classed as Dividends
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.