Legal Question in Tax Law in Illinois

To Whom It May Concern:

I am the sole owner of my clinic, a P.C., and I am also an employee there. I receive a w-2 in january from my accountant. Am I considered to be self-employed? Or am I an employee? I am confused. Also, would there be any advantage for my clinic to become a s-corp with my current situation as being an employee of my own company? In case it matters, my clinic had a net loss for the past year.

Thank you.

-Adam

Asked on 8/28/11, 11:59 am

1 Answer from Attorneys

Sanford M. Martin Sanford M. Martin, P.A.
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If you are employed by your or other corporation, you are not self-employed under Federal IRS rules. A self-employed person does not receive a W-2 for such earnings. There appears to be little advantage in obtaining an s-corp classification but we don't know all facts regarding your situation. You are advised to talk to your tax advisor or tax attorney for specific advice since it seems that your situation is typical.

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8/28/11, 12:20 pm

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