Or it might be just the thing you need to put a good lawyer on retainer and hire a decent accounting firm to set up the kind of production company your fans see

Or it might be just the thing you need to put a good lawyer on retainer and hire a decent accounting firm to set up the kind of production company your fans seem to want to exist. 58k is bread for a year, and at the end you muddle through your own taxes with that flunky from the H&R Block in the strip mall. 1.2M is a real company that has the chops to do it right. I'd say the audit causing personal ruin is more likely in the former scenario.