EPISODE · Dec 9, 2025 · 28 MIN
EP17 - S-Corp Horror Stories and What They Teach Us
from Lets Get Fiscal · host Coterie Tax & Advisory Inc.
In this episode of 'Let's Get Fiscal,' hosts Anastasia Myiesha and Danielle from Coterie Tax delve into the complexities and potential pitfalls of S Corporations. They discuss common issues like confirming your S Corp status, dealing with payroll requirements, separating personal and business expenses, and ensuring equal treatment of shareholders. They also provide actionable advice on how to navigate these challenges to prevent costly mistakes and avoid IRS complications. Whether you're a single-member LLC considering the switch or a current S Corp owner, this episode offers essential tips to help you manage your business finances effectively.00:00 Introduction to S Corp Pitfalls00:37 Common Issues with S Corp Status01:29 Confirming Your S Corp Status03:45 Acting as an S Corporation09:25 Payroll Requirements for S Corps14:01 Understanding Payroll and Distributions14:31 Livable Wage Considerations15:53 Reasonable Compensation Studies16:15 Importance of Payroll Compliance17:19 Co-Mingling Business and Personal Expenses20:14 Accountable Plans and Reimbursements23:08 Treating Shareholders Equally26:33 Deciding on S Corporation Status27:31 Final Tips and Contact Information🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com
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What this episode covers
Avoid These Costly S Corp Mistakes: IRS Red Flags & Solutions | Let's Get Fiscal Thinking your S Corp is saving you money? You might be one expensive mistake away from an IRS nightmare. In this episode of 'Let's Get Fiscal,' hosts Anastasia Maisha and Danielle from the women-led team at Coterie Tax guide you through common S Corp issues, from confirming your S Corp status, handling payroll correctly, to keeping personal and business expenses separate, and ensuring equitable treatment of shareholders. Learn how to avoid costly mistakes and run a thriving creative business with confidence. Press play and let's grow your business while navigating IRS complexities! 00:00 Introduction to S Corp Pitfalls 00:37 Common Issues with S Corp Status 01:29 Confirming Your S Corp Status 03:45 Acting as an S Corp 09:25 Payroll Requirements for S Corps 14:01 Understanding Payroll and Distributions 14:31 Livable Wage Considerations 15:53 Reasonable Compensation Studies 16:15 Importance of Payroll Compliance 17:19 Co-Mingling Business and Personal Expenses 20:14 Accountable Plans and Reimbursements 23:08 Treating Shareholders Equally 26:33 Deciding on S Corporation Status 27:31 Final Tips and Contact Information
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EP17 - S-Corp Horror Stories and What They Teach Us
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