Case scenario:
Please help writing about this topic. Assume you are the new tax and accounting consultant for a small business client, Jon Smith. His consulting practice that he owns 100% and is the only employee of has previously been reported on Schedule C as a proprietorship. You want to advise him about the tax and legal advantages of becoming a Subchapter S corporation. Write a detailed outline of the points you would make with Jon. Discuss both legal and tax advantages.