Which Annual Meeting can all expenses be written off 100%: The Board of Directors Meeting or the Shareholders?
This is in regards to an s-corp. Looking at my books, I see that I have to hold 2 annual meetings, one for the directors and one for shareholders. I know that you can deduct 100% of the expenses for attending one of those meetings; not sure which one. Thanks!
- David545Lv 51 decade agoFavorite Answer
Apparently, you own the S-Corp. Most S-corporations don't have many shareholders (some have only one), and if that's the case, your "meeting" is basically a paper transaction that is required by state corporate law.
If you do have shareholders beyond the bard, the most efficient thing to do is have your board meeting and shareholders meeting on the same day, one following the other.
And, for any legitimate expenses, 100% of the costs are deductible for both meetings. (Just don't try to fly to Maui or some resort destination for the meeting, unless you have a very good business reason to be there.)
- 1 decade ago
The Board of Directors is not annual but Quarterly sooooo the Shareholders meeting is annual or semi annual and is 100% deductible - as it is when the Shareholders usually vote on the Directors and receive information on their investment.