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CGCPA
CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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I live in the state of Kansas and work as a travel agent. I

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I live in the state of Kansas and work as a travel agent. I am looking to incorporate my business in the state of Kansas. I need to keep my business income totally separate from my personal income. Is there any information that would link my personal income to the income of the Corporation?
Submitted: 5 years ago.
Category: Tax
Expert:  CGCPA replied 5 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

As you undoubtedly know a corporation is a person created by law and is, accordingly, a distinct entity from you. However, there are ways to determine who is the owner of a corporation. There are bank records that can be subpoenaed, Secretary of State records which can be accessed, and, if you elect S Corporation status the K-1 to you can be accessed via a court order to provide the corporations records. In a privately held corporation none of these is easy to access but it can be done. Outside of W-2 forms and K-1s there is no readily apparent link between you and the entity.

 

If I can assist further, please feel free to ask.

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