Posted by John K Haslach, CPA, MST on November 13, 2006 at 11:46:23:
You can get an EIN online at the IRS webpage. It takes a few minutes. Your S Election is due the 15th day of the 3rd month after you incorporate. Don’t forget state S Elections.
As for planning out the rest of the transaction, sit down with someone qualified in the area.
Taxes - Posted by Dan
Posted by Dan on November 11, 2006 at 10:23:52:
I am not sure if this fits under this forums topics but any help would be great…
My parents and I were partners in an investment property that we fixed and flipped and are about to close on next week. They are the only ones on title and the loan is in their name. My payday is going to be about $80,000 before taxes. How should I have them pay me? I just started an S-Corporation, but because it is so late in the year I do not have a tax ID from the IRS so I would be paying taxes as a C-Corp. Should I have my parents write a check to my self and 1099 me, or should they write it to my Corporation and 1099 me that way, or will I get taxed the same way no matter what?
Thanks!