S Corp Business Short answers before the call.
Six questions we hear in the first week, answered without a speech.
Does the shop have to change its name.
No. The election is a federal status. The name on the door, the receipt tape, and the bank account can stay. What changes is the name we give the owner's own money after the acceptance letter is in the file.
If a vendor form asks whether the status changed, answer that form on its own facts. The shop itself does not need a reopening to make the books true.
Can the owner skip a paycheck.
A week with no paycheck can be a real week, if the wage note still makes sense across the year. A year with no paycheck at all, after an election, is a different problem. We will not paper over it with a December stub that pretends the work happened on one day.
Tell us whether any paycheck has run. That fact decides if we are looking at setup or at a habit that slipped.
What if the letter is late.
Late has a relief path, and we do not promise it. Bring the dates you have. The day you signed, the day you mailed, and any page you got back. We will say what those dates can support and what they cannot.
While you wait, keep the books current and do not invent the split. Customer receipts can still be named. The wage waits for a date the letter will stand behind.
Who runs payday.
Payday itself belongs to the payroll service you picked. We set the company up on that service and we stop. Tax deposits and the payroll returns that follow a payday stay with that service.
If you have not chosen a provider, that choice comes before a clever wage. A wage with nowhere to be paid is a sentence in a notebook.
Does a draw need its own line.
Yes. A draw on the same line as the paycheck, or netted against money you put in, hides the year. The bank can still be one account. The books should not be one smear.
Personal costs on the company card belong on that draw line too. They are not supplies. Naming them in the month they happen is easier than a treasure hunt in March.
A signed opinion belongs with another firm.
A signed audit, review, or compilation comes from a firm that issues those reports. We do not. We can keep the books that sit under that report, and we can say clearly which job is which.
If the word you heard was audit and you meant a close look, say look. We compare the bank lines to the names in the books. That is not a signed opinion, and the disclosures page keeps the two from blurring.
Send the question.
If your question was not here, name the movement anyway.
You will be talking to the Steven Palmieri practice.