1. When an LLC makes the election to be an S corporation how do we handle partner guaranteed payments?
2. When an LLC wants to be taxed as an S corporation do we have to file the check the box form 8832 first?
3. I have a client that is an LLC. It’s owners are 3 individuals and 1 other LLC. Can it make the “S” election?
4. How do we handle fringe benefits for the owners of an LLC taxed as an S corporation?
5. Does an LLC have to have a board of directors and annual stockholder meetings?
6. I have an LLC where the owners deducted losses when they had basis from qualified non-recourse debt. If I make an S election for them what happens?
7. With an LLC taxed as a partnership the partners are allowed to deduct unreimbursed partnership expenses directly on Schedule E, page 2. What happens to these types of expenses after they make an S election?
8. How do I handle equity accounts for an LLC that used to be taxed as a partnership and this year will be an S corporation?
9. The old LLC of my client employed one of the owner’s husbands and provided him with health insurance for him and his family, including the 1 owner. We deducted this as a business expense of the LLC. Now that they are taxed as an S corporation for 2019 how is this handled