If i am an officer of an s-sorp and cannot colect unemploymet, even if i have paid into it for 23 years, can i transfer my shares to my wife , who is also an officer. If so what is the procedure? Or what else can be done so i can collect unemployment?
I think you should recheck with your unemployment office and explain that although you are an officer of the S corporation, you have not been drawing a salary and taken a distribution. Try this and let me know what they say.
The transfer of the shares to your spouse will not mean anything and will not affect your unemployment consideration or eligibility in my opinion, the main determinant or factor will be whether or not the S corporation has any activity or not and whether or not you or spouse took a salary or distribution!
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