Love listening to you both! I find myself cracking up with you guys! My question

General Q & A
1

Submitted by: Amanda

Love listening to you both! I find myself cracking up with you guys! My questions pertain to paying my children employees.

My S-Corp pays my FMC (LLC) which then pays my children.

  1. Does my S-Corp need to give my LLC a 1099 for the “services” it paid for? That I would then have to report on my Schedule C?

  2. Does my FMC need to put my children on an actual payroll to generate a W-2 and quarterly/annual payroll returns or does a transfer from the LLC to my child’s bank account suffice?

  3. Can I open up a Custodial Roth without a W-2?

Thank you!!!