Can I use a corporate bank account for auto tax withdrawal on a 1040? Client needs to pay 1 million with extension.

Forum|Forum|4 years ago
April 5, 2022
2 replies
11 views

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?

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

they'll take it from whatever bank you give them....but should you be paying personal expenses out of the corporate account?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

N

Nancy9Author

Level 4

It's an S corp so it's just a distribution to the shareholder.

qbteachmt

Level 15

"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.

Don't yell at us; we're volunteers

T

taxes96786

Level 8

bank account name needs to match 1040 name/s

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