Mr. T. Scott Tufts (Board Certified Tax Lawyer) focuses on how tax forms and other issues impact people’s daily lives in ways that are often overlooked or unknown. Certain tax forms like Form 1099-NEC or Form 1099-MISC or Schedule K-1 or Form 8082, when filed, can lead to litigation.

Call him at 877-647-7887 OR email him at stufts@cplspa.com

To learn more, visit https://cplspa.com/professionals/t-scott-tufts/

Today's topic will tackle issues about business owners and the K-1 form.

1. Owning a business: how?

a. Sole proprietor/unincorporated b. Corporation c. LLC d. Partnerships

2. Closely held vs Publicly traded

3. Tax basics-Pass-thru vs separate taxpayer

4. How to prove ownership

a. Stock or membership certificate b. Bank records c. Schedule K-1 vs W-2 d. Operating Agreements/Shareholder agreements e. Phantom stock/equity/restrictions and IRS Section 83(b) elections

5. Practical tips

W4 form

TUFTS ON TAXBy T. Scott TuftsFeb 14, 2022