Personal HYSA for business funds

Legal Questions
1

Hi Mark and Mat,

So, I own an S Corp and have about $750k that will be used on capital improvements next year. I have been looking for a high yield savings account (HYSA) for the amount that has been reserved as the money market accounts just don’t give much yield. A lot of the HYSA are for personal and not business accounts where I would incur the income from the interest from the personal HYSA. Is it possible to apply the interest income from a personal HYSA to the business rather than me receiving the 1099-INT? If not, do you have any recommendations for a business HYSA to move and collect the interest?

Thanks,

DB

2

Answered on Today’s show (recorded Feb 7 - should be out in a couple days). Thank you so much for the question. Mark and Mat.