Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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

Nancy9
Level 3

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?

0 Cheers
4 Comments 4
Just-Lisa-Now-
Level 15
Level 15
they'll take it from whatever bank you give them....but should you be paying personal expenses out of the corporate account?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Nancy9
Level 3

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
taxes96786
Level 9

bank account name needs to match 1040 name/s

0 Cheers