deductible under TCJA eff 1-1-18, must we take these expenditures as distributions to the shareholders in an S corp — or can we expense them on the S corp financials, and take them as non-deductible expenses on the corp return in Sch M-1?
Thank you for your question. Unfortunately I do not have the expertise in S-Corp’s to answer this tax question. I recommend that you contact a tax professional to find out how you should handle these type of expenses. Within our National Bookkeeper Directory we have some accounting firms that also provide tax planning and preparation services. Check it out to see if there is someone in your local area.
Best of luck,
Crystalynn Shelton, CPA
315 Madison Avenue, 24th Floor
New York, NY 10017
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