Please check out this good question from our Daily Live Zoom call. Subscribe to our YouTube Channel to get notifications of our Daily FAQs.
ROBS Program Question: I am planning on using your 401k business financing to fund a franchise. I’ve always done my own personal income taxes lately using TurboTax. Will I need to hire a CPA to manage the business taxes?
In order to satisfy the 401k business financing rules, the business must be operated as a C-corporation including filing applicable C-corporation tax returns (e.g. 1120 at the federal level).
As such, clients find it essential to work with a CPA or other tax advisor to handle the business tax returns.This will provide the new entrepreneur time to focus on growing the business.