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Use of this important practice tool can minimize professional liability risk, reduce confusion, improve collections, and ensure clients have a good understanding of the practitioner’s role. http://www.journalofaccountancy.com/issues/2015/jun/tax-engagement-letters.html

No WIN 10 on any computers I take care of for at least 3 years. WIN 7 Pro is still available, viable and stable.

Not to Philly but going to New Orleans for a week in July and attend the NATP for CE.

http://www.irs.gov/Individuals/Business-Name-Change

Option 1 is viable as long as it was intended to be a loan and loan documents were drawn up. Option 2 is viable if taking the money was disguised wages. Option 3 is viable since that is what it probably really is. No deduction to the corp for this. Not sure I understand option 4. The corp would pay tax on the money under option 1 and 3 anyway. Absent loan docs, I would probably opt for a combination of options 2 and 3 unless the shareholder is already taking a fair wage; or unless the shareholder is not entitled to a wage, I,e, he did not work for the corp.

Is this why he can pitch with either arm, he's part frog? lol

Lenders usually add back depreciation when they use tax returns instead of financial statements, so I'm a little confused. Your client might be best served to have at least a compilation prepared and signed by a CPA on the (GAAP) accrual basis if he's shopping for a loan and willing to use his company assets as collateral. What happens to the SCorp assets if the owner defaults on the building loan? Agree that the building should not be in the SCorp.

There will be a lot more than this that goes into the evaluation of a commercial building loan purchase and financing. I would suggest they talk to the banker. And you should give some serious thought to counseling your client to NOT put the building in the corporation. It may look appealing now, but if the S-Corp rules go south and you end up busting the S-Election for some reason, you have a very bad situation with the real estate setting in the C Corp. There was just a question recently, here or on another listserv I subscribe to, wherein the primary shareholder had passed on, I believe, leaving the beneficiaries owning the stock of a C-corp that primarily held highly inflated real estate. Some of the benes wanted to cash out which meant selling the real estate and paying a ridiculous amount of tax, Be careful here.