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I am setting up an online accounting system to track

I am setting up an online accounting system to track expenses in (only) a corporate checking account.We receive regular cash deposits from other accounts owned by our enttity to fund this account, used for general operating expenses. Since I am not tracking those other accounts in this system, and they are not contributions from the owner nor are they owed back to the other accounts, I'm unsure of how to record them. Given it isn't owed to, or from, an owner or another account, I'm hesitant to create an account for it that considers it equity vs. an asset.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
Lev, S-Corp currently owns approx. 3.5 Mil of rental

Lev, S-Corp currently owns approx. 3.5 Mil of rental properties. 3 commercial bldgs, 1 triplex.The probate appraiser says he must appraise the buildings and appraise the value of the shares.2 of the majority shareholders died in 2015. the S-Corp was created in 1956.Value of the bldgs & repairs on the Balance sheet is $447,121 and the land value is $ 76,089.I am interested in how the taxes are to be calculated on the S-Corp. The properties will be sold in 2016 if possible.The 8 beneficiaries are curious as to their share of the inheritance. Can you explain basically the way the gains willbe calculated? I will hire a Cpa to help me with the final filing of the S-Corp return.Thank You,Fred

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I am a sole proprietor and have a large amount of owner

I am a sole proprietor and have a large amount of owner equity built up. My question is, when I take a draw, is it considered an expense and lessen my profit?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
My small business has shown a profit years but all the money

my small business has shown a profit for several years but all the money is used to repay loans. However the retained earnings account keep growing. Is there a way to show the use of profits for debt repayment

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Emilee Weaver

Controller

Masters of Professional Accounting

 
28 satisfied customers
A texas llc has purchased a member's interest who had a

a texas llc has purchased a member's interest who had a negative equity balance due to loss allocations. the total debit balance in his equity account is $(30000) and the LLC purchased his interest for $6,000, how do you show this in member equity on the balance sheet? Is the (30,000) left in equity or eliminated?

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PDtax

Owner

Master's Degree

 
6,656 satisfied customers
We are preparing audit of our books, to include fixed

We are preparing for an audit of our books, to include fixed assets. The audit will be looking at financials from three years back to current. The problem we are encountering is with fixed asset purchase invoices. There are some fixed assets where the purchase invoice cannot be located and the vendor is unable to supply a copy. How do we explain, or "talk off", this situation to the auditors? We have much better processes in place today to track fixed assets. Unfortunately, two and three years ago was a different story.

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Andy4712

Attorney

Doctoral Degree

 
472 satisfied customers
We are in a financial spot and I need some quick advice.

Hi- we are in a financial spot and I need some quick advice. We are making IRS payments for back taxes owed- it is a large amount of our monthly income. We owe taxes this year due to steps the IRS took last year and we also have CC debt from years of no planning or budgeting. We have some stocks we could sell to cover the debts completely then we could just focus on savings and paying off the old IRS debt. I am just not sure if this is the best way to go. I cannot get a loan due to poor credit rating due to the IRS debt.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
Do I need to include a Trial Balance sheet when

Hello. Do I need to include a Trial Balance sheet when submitting an 1120 S-Corp tax return?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,890 satisfied customers
Since I am somewhat knowledgeable in the filing of personal and LLC return I decided to ge

Since I am somewhat knowledgeable in the filing of personal and LLC return I decided to get Turbo Tax Business and Home and Business to do it myself. I think I got most of it correct on my own but I want to make sure I have this one topic covered correctly. I used Quickbooks Pro 2013 for my accounting. I am a novice at it also. I am a professional software developer so I tend to try and do it yourself sometimes too much.The area I am having a problem with is increasing my Basis and how to properly account and report draws or distributions during the year. I can give you a quick scenario and you will understand I think what I am getting at.Here is the scenario:Company “A” starts doing business in 2015 with initial Capital of $1,000. This is a Virginia based LLC with a Subchapter S designation. There is a sole shareholder with 100% of the shares. The shareholder receives a salary of $15 hour and depending on the billing rate to the customer the rest of the income is split bet

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
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