EP19: Tax Horror Stories: Amazon Sellers - Listen to This!

<p><span style="font-weight: 400;">If you're an Amazon seller or a digital marketer - LISTEN TO THIS! We're seeing consistent risks and mistakes costing clients, business owners thousands of dollars in taxes. I am sharing this with the world because nobody's talking about this. You can't even find these issues in Google, Facebook, or anywhere on the Internet unless you meet the real people behind the scary testimonials. <br /> <br /></span><span style="font-weight: 400;">This</span> <strong>Wealthy CEO Accelerator</strong> <span style= "font-weight: 400;">podcast episode allows us to share some of the cases why the lack of guidance and entrusting multiple people to handle your finances has so many risks, and making mistakes will be so much higher. Glean lessons from these horror stories that hopefully will NEVER become yours. <br /> <br /></span><strong>KEY TAKEAWAYS: <br /> <br /></strong><strong>✔️ Horror Story #1:</strong> <span style= "font-weight: 400;">Amazon seller clients make $500K annually, a multi-member LLC or a Limited Liability Company with more than one owner. They had a bookkeeper/virtual assistant online responsible for reconciling statements and a CPA who prepared their returns at the end of the year. They came to us for our free review of their bookkeeping, and we found out that they had their books wrong, accounts were not reconciled, and since they hired a payroll company, they were processing payroll for the partners.</span> <strong>If you're a multi-member LLC, it is illegal for you to process payroll</strong><span style="font-weight: 400;">. You're supposed to give yourself a check as a draw, and that would be it. Only if you're a multi-member LLC taxed as an S-Corp, could you be on the payroll. The bookkeeper was just shocked since she doesn't know tax laws, and the CPA was not aware that this is happening because all she was getting was a W-2 at the end of the year. The Amazon sellers were just so shocked, and they're like, "oh, my God, how come nobody told me this?" Not only that, there