Can A Professional Corporation Pay Its Officers

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Everything You Need to Know about Professional Corporations

https://www.legalnature.com/guides/everything-you-need-to-know-about-professional-corporations

If the professional corporation is set up for the purposes of providing legal services, they may not provide accounting services. Board and officers – While the treasurer and secretary of the corporation are exempt, all officers and one-half of the board of directors must be licensed to practice the specific profession of the corporation.

S Corporation Employees, Shareholders and Corporate Officers

https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-and-corporate-officers

The amounts when combined with small amounts of “management expenses” paid by the corporation were not unreasonable. Ghosn v. Comm’r, T.C. Memo. 1995-192. Purported “loans” from S corporation to its sole shareholder, officer, and director, were wages for purposes of FICA and FUTA taxes.

Exempt Organizations: Compensation of Officers Internal ...

https://www.irs.gov/charities-non-profits/exempt-organizations-compensation-of-officers

However, an officer of a corporation who does not perform any services or performs only minor services and who neither receives nor is entitled to receive, directly or indirectly, any remuneration, is not an employee of the corporation. Volunteer Officers/Workers. Many exempt organizations have officers who are volunteers and not paid for their services. These officers may receive reimbursement or an allowance for out-of-pocket expenses. For example, if an officer …

Professional Corporations - Overview, How To Create, Taxation

https://corporatefinanceinstitute.com/resources/knowledge/finance/professional-corporations/

Dec 13, 2019 · Professional corporations are taxed at the same tax rate as regular corporations, and the owners are required to pay the FICA tax instead of the self-employment tax. Quick Summary A professional corporation is an entity established by a specific type of professional, such as an attorney, doctor, architect, or veterinarian, to provide a service related to their profession.

C Corp Salary Rules legalzoom.com

https://info.legalzoom.com/article/c-corp-salary-rules

Dec 27, 2018 · There is no law requiring a corporation to hire employees or pay them a salary. Once this type of company files its articles of incorporation , pays the required fees, and remains in good standing, it is considered a legal entity regardless of whether it hires 500 employees or none at all.

Officers as Independent Contractors? Robert S ...

https://www.robertschriebman.net/articles/officers-as-independent-contractors/

The bottom line is simple and basic – if you form a small California corporation and treat yourself as a corporate officer, you can not legally be an independent contractor. Professional who advise officers of small corporations that they can be treated as independent contractors for payroll tax purposes may be committing malpractice.

Should Your "General Corporation" Be a "Professional ...

http://sonalegal.com/2016/12/07/general-corporations-versus-professional-corporations-cautionary-tale/

Dec 07, 2016 · Characteristics of Professional Corporations. Generally speaking, a professional corporation may only perform services in one, single profession. Shareholders, and under certain circumstances, directors and certain officers must be licensed to practice the professional services that the corporation will perform.

As an owner of a c corp ,can my company pay me with a 1099 ...

https://www.avvo.com/legal-answers/as-an-owner-of-a-c-corp--can-my-company-pay-me-wit-1357244.html

Aug 05, 2013 · In general, officers of a company cannot be classified as independent contractors (there is a long line of cases on this point). Let's assume that you don't name yourself president, VP or an officer of your own corporation (which is highly unlikely) -- the IRS may still reclassify "contractor payments" made by your corporation to you as dividends.

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