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

Main Street Business

Mark J Kohler and Mat Sorensen

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

4.8 • 584 Ratings

🗓️ 10 September 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 LL...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:21.8	stressing less, and building generational wealth. Today, they're your personal advisors. Ready to break
0:28.7	it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.6	Tax professionals, in today's video, I'm going to help you identify when your client
0:39.2	should convert from an LLC to an S-Corp, why they're going to convert to an S-Corp, and then how to
0:44.7	carry it out and audit-proof the process moving forward. I'm a registered CPA, attorney, best-selling
0:49.9	author, and have owned multiple tax and legal businesses. And this process of the S-Corporation is the
0:55.3	gold standard that we use every day helping our clients succeed and take advantage of the tax
1:01.1	strategy. The problem is, many accountants are far too conservative in this area or don't
1:06.0	understand the strategy. And then we've got the problem of dealing with clients that won't listen
1:10.2	to us or follow through with the process. But I'm going to help resolve all of these issues and help
1:16.3	you carry out the number one tax strategy for operational businesses in America today. Why is this
1:22.6	so cool? Because you're going to make more money as a tax advisor and build the advisory practice
1:27.3	you dream of. And your clients are going to be more happy. They're going to make more money as a tax advisor and build the advisory practice you dream of.
1:28.7	And your clients are going to be more happy.
1:31.2	They're going to be satisfied with your services and be excited to sign up for your tax advisory practice year after year.
1:38.6	Now, what is an S corporation?
1:40.3	For some of you that are new to the game, we've got to cover this.
	...

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