William Bronchick - Posted by Frank

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!

William Bronchick - Posted by Frank

Posted by Frank on February 20, 2002 at 09:33:43:

I was checking out your website last night. Pretty nice. I like the part about being an expert in “time management” because the whole time before I read that, I was thinking, “How can this guy possibly do everything he says” after seeing your seminar schedule and everything else, including commenting on this site. All in all, I like what I saw and I’ll be purchasing a few of your courses soon. I’ll be starting with asset protection.

I have many questions regarding taxation for corporations. Will your course on Corporations cover that? Is it possible for the layperson S-Corp owner to understand all the tax implications or does it have to be a constant question and answer with the attorneys and accountants. I’d love to spend the money if it will help me gain insite to the nitty gritty of it. I am currently trying to get through all the IRS publications on it but it’s not too clear sometimes.

Perhaps I’ll know the answer to this after I get through your courses but I’m wondering 2 things right now. Can non-family members gift money to one another and also if an S-Corp can give a tax free gift greater than $25 (more like $5,000) to a non-family member without the recipient being taxed on that money as income. If so, is it tax deductable for the corp. That logic can’t be right or many many gifts would be flying in the corporate world.