#527 Tax Advisors Playbook: Moving Your Client From An LLC To an S-Corp

Main Street Business

In this latest episode of the Main Street Business Podcast, Mark J. Kohler explores the benefits and processes involved in converting to an S Corporation. Learn how making the switch can save your clients money, the critical timelines for filing, and how the Kohler Payroll Matrix can guide setting reasonable compensation.

Here are some of the highlights:

• Mark recommends converting to S Corporations when net income reaches $40,000-$50,000.
• Mark advises and breaks down how to convert an LLC to S Corp using Forms 8832 and 2553.
• How tax professionals can present the S Corporation strategy as a new tax-saving opportunity to clients.
• The significance of implementing payroll before year-end for retroactive elections.
• How to use the Kohler Payroll Matrix as a tool for determining reasonable compensation.
• Using retroactive S election with Rev. Rule 2013-30 for mid-year conversions
• After-the-fact quarterly payroll recommended for flexibility.

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Chapter

1. The S-Corporation Tax Strategy (00:00:00)

2. Optimizing S-Corporation Tax Strategy (00:10:11)

3. Optimizing S-Corporation Payroll Strategy (00:17:08)