Practical resources for S corporation owners: what we typically need at year end, what basis records matter, and when to talk with us about owner compensation.
Potential items:
If Evening Star does not already maintain your shareholder basis records, prior K-1s, contributions, distributions and shareholder loan history may be required.
Owner compensation should not be based on a generic percentage. Contact Evening Star if your business profitability or your role in the business has materially changed.
Planning conversations are most useful before the year closes, while distributions, compensation and asset purchases can still be adjusted.
