S-Corporation, Back in earnings to satify proof of income.

[-Cinnamon- 0]

The US Embassy requires proof of income over $25,000.00 for 2006,02007, 2008. For me to sposor and immigrant. I have a S-Corp 2006 it opened in august and poted a negative income. 2007 i earned $112,000.00 2008 this years has been exstende till september for filing. As it stands now it will show a negative do to $48,00.00 toward bad recievables, charge offs. Though my draws during the last 2 1/2 years total $215,000.00 Question is, is there such a thing as backing in income.

The US Embassy at this time ask for 1099's w/2's or 1040 earnings.

Any response would be welcomed

[thepizzadude 26]

The US Embassy requires proof of income over $25,000.00 for 2006,02007, 2008. For me to sposor and immigrant. I have a S-Corp 2006 it opened in august and poted a negative income. 2007 i earned $112,000.00 2008 this years has been exstende till september for filing. As it stands now it will show a negative do to $48,00.00 toward bad recievables, charge offs. Though my draws during the last 2 1/2 years total $215,000.00 Question is, is there such a thing as backing in income.

The US Embassy at this time ask for 1099's w/2's or 1040 earnings.

Any response would be welcomed

You need to talk to your accountant and brainstorm on this one. I went through sorta the same situation and still am with AOS.

It really depends on what you have shown on line 22 or your 1040 forms. You will need to give up some of the write offs and amortization and depreciation to satisfy the $$ you need to show the embassy. LOAN from SHAREHOLDER could boost you for this year, file amended returns for last year but its gonna take a lot of money moving to make it work from what you have put down here.

When you say you took draws equal to 215K for past 3 years did you pay taxes on that money? One of the drawbacks of taking a dividend and not paying tax on it.

Really need more info to offer any sage advice, but best thing is to consult you accountant and lay it all out and ask them "what do we do to make this work".

Just to let you know it's gonna cost more than likely.

Edited August 13, 2009 by thepizzadude