Nariman Teymourian got a real shock when, at the end of his IRS audit, the IRS claimed that he owed over $600,000 in taxes and penalties, primarily because he had received advances from the corporation in which he had majority control. Teymourian won his case in court and paid zero additional taxes. That’s the good news. The bad news is that he had to go to court.
If you own a C corporation, pay attention to your advance account. When ... Log in to view full article.