Discussion:C-Corp Officer and Employee
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Discussion Forum Index --> Advanced Tax Questions --> C-Corp Officer and Employee
Discussion Forum Index --> Tax Questions --> C-Corp Officer and Employee
| 19 January 2008 | |
| Any issues with classifying the same person as an officer and employee in a C-Corp? Is it possible to report earnings as a worker and seperate earings as an officer, or does it all need to go to officer wages? | |
TheTinCook (talk|edits) said: | 19 January 2008 |
| It can all go on the same wages. The only difference I am aware of is with board of directors pay. | |
| 19 January 2008 | |
| How about splitting it up on the 1120? TP wants to show the labor costs as COGS. | |
TheTinCook (talk|edits) said: | 19 January 2008 |
| Yeah, that would be appropriate. | |
| January 19, 2008 | |
| Lacerte software even has a place to enter the info/$$ "officer salary deducted elsewhere", so that Sch E(I think that's it) will match. So it MUST be OK to do it that way, right....as the software is alway smarter than we are :-) | |
TheTinCook (talk|edits) said: | 19 January 2008 |
| It's gotta be correct, since if the officers labor went into producing goods for sale, then that portion of labor expense would need to be capitalized into inventory, thus it would show up in COGS. | |
| 19 January 2008 | |
| Yes, Schedule E has a line for officer compensation reported elsewhere. Thanks! | |
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