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dianarollo
Level 1
October 15, 2020

how to treat distributions from C Corp

  • October 15, 2020
  • 1 reply
  • 4 views

Client has overdraft protection on her personal checking account from her C Corp cash account.  Treatment there is debit to Shareholder Distributions.  Any reason to treat this as anything other than dividends on her personal return?  Her salary from the C Corp is appropriate.

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    1 reply

    qbteachmt
    qbteachmt
    Level 15
    October 15, 2020

    You seem to using the words Distribution and Dividend as if they are synonyms. They are Completely different in their tax treatment, and C Corp has different provisions than S Corp. You seem to have a person taking C Corp funds for Personal; think "Enron" in regards to this type of action.

    I think you might want to treat this as Employee Loans to be repaid, or Owed From Shareholder, for example. And who signed off on that overdraft link? Again, it seems shady.

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