Tax Turmoil - Posted by Brad_GA

import · February 17, 2002, 10:47pm

Posted by William Bronchick on February 19, 2002 at 08:48:55:

No, actually, I was on the “Moot Court” team instead. More of an orator, but I did like writing good briefs!

import · February 17, 2002, 10:47pm

Posted by Brad_GA on February 17, 2002 at 23:47:44:

I helped an individual start their own s-corp for a business. The problem is that he totally commingled funds from business to personal and personal to business. Now, he has to do his taxes! I tried helping him out but I dont know what to do. Is this a common occurrence in the tax relm? Does the IRS frown upon this or can legimitate deductions be taken from no matter which source or which account they were paid from? Daily withdrawls often occured from the corporate account, business expenses were paid with personal funds, etc. I feel that actual income and expenses can be easily documented through receipts, its just all that other stuff on the return that worries me.
Any suggestions?

Thanks

Brad

import · February 19, 2002, 5:35am

Re: Tax Turmoil - Posted by JHyre in Ohio

Posted by JHyre in Ohio on February 19, 2002 at 06:35:59:

The books and accounts need to be separate down the road…if an investor isn’t serious enough to do that, they are not serious about self-protection. As far as the books as they now exist- reconstruct the business books with the receipts and back-up attached…and have him do that NOW. Doing that at the last minute is a) very suspicious and b) never gets properly done.

John Hyre

import · February 18, 2002, 10:17pm

Re: Tax Turmoil - Posted by William Bronchick

Posted by William Bronchick on February 18, 2002 at 23:17:47:

Co-mingling is a big issue with the IRS. If he has a paper trail between himself and the corporation that covers the logistics, it should not be an issue. You see what I am saying without saying it?

import · February 19, 2002, 7:25am

Don’t split the infinitive - Posted by William Bronchick

Posted by William Bronchick on February 19, 2002 at 08:25:08:

“gets done properly”

import · February 19, 2002, 7:52am

Re: Don’t split the infinitive - Posted by JHyre in Ohio

Posted by JHyre in Ohio on February 19, 2002 at 08:52:17:

That’s what I get for fast typing…C’est la vie! I agree, Moot Court was more fun than Law Review ever could have been.

Hyre

import · February 19, 2002, 7:34am

Do I smell a … - Posted by Ben (NJ)

Posted by Ben (NJ) on February 19, 2002 at 08:34:52:

former Law Review editor? LOL!