I have not really decided if I want to do this but doing quarterly taxes, state and local taxes, and all the other nonsense for my Corp is just a major PITA given the Corp made a whopping $3k last year
.
I am debating if I want to restructure, if I can, from a full C-Corp to an S-Corp and just put this income on my personal taxes or I may just disolve the Corp. I started the Corp when I was laid off and I was going to start a business and be done with working for someone else but then I was made an offer I could not refuse.
One of the bigger reasons I have been putting off a decision is because the 8 or so NFA items that I have that are on Form 4s in the Corp name (4 MGs, 1 SBR, 3 Supressors). I know we can do a Tax Free transfer when a person dies.
Is there also a similar mechanism where if a Corp disolves that I can do a tax free transfer to say a Trust or possibly a former execuative of the Corp (I am president and CEO - also only person in the Corp other then my wife
).
I am just getting tired of the paperwork and cost and while the Corp had it's benifits at one time, I am growing tired of the extra work that comes with it. My Accountant costs me more then I make