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PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4526
Experience:  Tax professional and business consultant for 35 years.
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For a person that is filing out the form 433a and 433b; if

Customer Question

Good evening,
for a person that is filing out the form 433a and 433b; if he the sole shareholder of C corporation and is getting compensation without having taxes withheld. Does he have to report information about the C corporation on 433B or not. The Corporation at the present is not doing well financially.
Submitted: 6 months ago.
Category: Finance
Expert:  PDtax replied 6 months ago.
Hi from just answer. I'm PDtax. I'll assist.There are several issues raised in your question that should be addressed.Please reconsider taking pay from the C Corp without withholdings. IRS will not allow any negotiated deal while the business structure continues to accrue taxes. Pay a real wage, even if the c Corp can't pay the withheld taxes currently.I like to disclose the existence of the c Corp as an asset of the shareholder. I also like to disclose any c Corp debts the shareholder is personally liable for. And nothing else about the affairs of the c Corp.Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.
Customer: replied 6 months ago.
As regard the filing the offer in compromise, would there be any problem if salary would be taken as of beginning of this month?
Expert:  PDtax replied 6 months ago.
Timing of when wages are paid makes no difference in the offer.Please leave excellent feedback if warranted. PDtax.
Customer: replied 6 months ago.
in other words, by starting giving taking salary this month, Would the first issue that you mentioned above be resolved?
Expert:  PDtax replied 6 months ago.
I think I understand, but how you present this will be a problem. I'll offer a phone call to discuss.
Customer: replied 6 months ago.
I see. I will ask some one else then.