Posted by William Bronchick on February 20, 2002 at 11:33:52:
The answer to your tax Q’s are yes and yes. Gifts generally are reported on the K-1s that flow though to the shareholders.
As for the tax implications, yes, the course covers them, but I leave it up to you to decide. I can’t tell you which is right for you, only you and your CPA can.
As for the time management issues, I do that by periodically blowing off freeloaders and time-wasters. I learned that from Stephen Covey’s book, “The 7 Habits.” I reserve phone time to people that are 1-on-1 Training Clients, so I am always available for them. People that call me and leave an urgent message to call them back to explain why a free PDF form off my web site doesn’t open in Microsoft Word don’t even get the dignity of a call back!