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Main Street Business

#409 Open Forum Q & A | Your Tax and Legal Questions!

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 16 December 2022

⏱️ 62 minutes

🧾️ Download transcript

Summary

Listen to Mark with his solo podcast adventure on Main Street Businesses's Open Forum Podcast. Mark answers some difficult questions on topics very important to you tax and legal world. Don't miss this weeks episode of the Main Street Business Podcast. To submit a question for the next open forum show, or to learn more, visit https://mainstreetbusiness.com/ Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure yo...

Transcript

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0:00.0

My question is about how and when you need a 1099, when you need to 1099 a contractor or company.

0:06.0

If the contractor doesn't ask me over the forms, I won't 1099 them. Is that wrong? Yes.

0:11.2

His S-Corp should be an owner of this LLC. Okay, everybody, this is an important point.

0:16.8

He says, my S-Corp, I get, my S-Corp gets paid $100,000 in which I also hold a 20% state.

0:28.2

The services provided by the family management company.

0:30.9

So let's think of a janitorial business, little family janitorial business, providing services to the S-Corp by cleaning the office.

0:39.5

Okay.

0:40.9

Should strictly be non-taxable to this by the state to avoid state sales tax.

0:48.2

Correct?

0:49.9

Welcome everybody to this week's episode of the Main Street Business Podcast. Mark Kohler here.

0:55.5

I'm flying solo.

0:56.9

This is like the good old days when it was the quote unquote Mark Kohler show.

1:01.2

Matt Sorensen is out of town.

1:03.2

He's actually at one of our other offices doing training.

1:05.9

So I get to handle the show today.

1:07.6

And it's open forum where I'm going to do my best to answer your questions

1:11.3

that you posted on the website at Main Street Business Podcast. A lot of good questions here.

1:16.6

More than I can answer, some of them, they're tough and I'll put you in the right direction

1:24.0

if I don't have the answer. I'm gratefully, you're sticking to tax and legal, small

1:28.6

business, scaling, grow your business questions.

1:34.8

You've kept out all the questions related to sports, politics, world hunger, all those.

1:41.3

Yeah, I have no answers for those.

...

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