What are the tax implications and what is the rule for allowing S Corps to give loans to their employees? I have some who need loans for Christmas and I would like to let them borrow some money.
Does anyone know?
Thanks!
2006-12-18 16:10:23 · 2 answers · asked by bigd 1 in Business & Finance ➔ Corporations
No ...Never loan an employee money. It is just not good business. I know you may want to help him out, and If you do do it as a personal loan and get contracts signed, Agree to interest and terms.then it is ok, and I still would not do it...But I would help them find a bank that would.
2006-12-18 16:21:03 · answer #1 · answered by Psycmixer 6 · 0⤊ 0⤋
The site on the Internet to find
http://www.dricq.com/school/index.shtm
http://www.dricq.com/school/Health/14102.shtm
http://www.dricq.com/school/Health/index.shtm
2006-12-18 16:20:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋