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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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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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It's an S corp so it's just a distribution to the shareholder.
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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.
Don't yell at us; we're volunteers
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bank account name needs to match 1040 name/s