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Recent Compliance questions

Questions 1 and 2: 1. The amount shown on Schedule K-1 Line

Questions 1 and 2:1. The amount shown on Schedule K-1 Line 13 Code W Other Deductions represents debt-financed distributions; Section 743 (B).----> Does this get reported? There is no Code W in the software to enter this? How would you then code it if needed to be reported?2. Carryovers----> Do all of these amounts need to be carried over to 2016 individually? (see attachment)----> The CPA said they can be summarized; I don't think that is correct either.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
I just got off the phone with the IRS and they insist that

hi, I just got off the phone with the IRS and they insist that if a C Corp file an 1120 for a given year after the due date, the minimum penalty is $205. The instructions state that the minimum is the smaller of the tax due or $205. If no tax is due because the company had zero gross receipts / no income, then why wouldn't the penalty be $0

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,132 satisfied customers
It is about single entity LLC tax for state of california

It is about single entity LLC tax for state of california Can you help me?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I received letter for FTB. I thought I filed everything. So want to talk to someone to know exactly what are all that I need to file.JA: Is there anything else important you think the Accountant should know?Customer: not right now How does this work?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
I ahave a question regarding a form 843 FOR MY SELF i was

HI good afternoon i ahave a question regarding a form 843 FOR MY SELF i was audited for years 2013 and 2014JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: o.k this is the situation i was audited for years 2013 and 2014 from the IRS and now like two weeks ago i received a bill for year 2013 for $314647.54 and from that amount $47707.40 and 28403.14 for penalties and interest , and for 2014 $104823.97 and $16377.60 penalty and $6558.37 from that amount so i was wondering if its worth to send a form 843 to abate penalties and interest or just interes im not sure what way to do and what are the chanced in getting the form approvedJA: Is there anything else important you think the Accountant should know?Customer: Just that i was audited for those years 2013 and 2014 and they send me a bill for not reporting my total income to the irs

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,132 satisfied customers
I am a dentist in Oklahoma who is selling his practice. I

I am a dentist in Oklahoma who is selling his practice. I have a Professional Corporation that has a Profit Sharing Plan. My employee's will transfer their portions out shortly after the sale of the equipment and good will. I am the administrator of the plan and would like to keep it open. My agreement with the buyer requires I not compete within 15 miles. I'm 71 years old. Can I keep the Plan open indefinitely.JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: OklahomaJA: Has anything been filed or reported?Customer: Only my usual annual filings to the IRSJA: Anything else you want the lawyer to know before I connect you?Customer: Can I keep my Plan open if I don't file numbers on the Corp. tax form each year?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
Knights of Columbus sent us a 1099r for a life insurance

Knights of Columbus sent us a 1099r for a life insurance policy we had not paid on in over 10 years. They seem to have 'loaned' us the money to keep the policy going. It was cancelled 9/2016. How can they say we have income?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: My husband was diagnosed with severe dementia in 2015. He is now in a 24/7 memory care home. I have POA and tried to talk to K of C, but they sent my POA back saying the policy is not active.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,922 satisfied customers
My business partner and I are managing members of an LLC. We

My business partner and I are managing members of an LLC. We have an operating agreement and cap table that defines our unit ownership percentages. If we were to issue additional units to ourselves, Do we have to pay tax on this?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,132 satisfied customers
I submitted an OIC for a tax debt after filing taxes for 4

I submitted an OIC for a tax debt after filing taxes for 4 past due and 1 current years('12-'16). I filed all 5 returns in January 2017 and submitted my OIC once they were all processed, sometime in February. My primary source of income in 2016 was Farm income, and I expected the same this year(2017), so on my collection of information statement my monthly income reflected my estimated farm income for the year, based on a P&L from 2016. My estimated tax filing requirement for 2017, due to the primary source(2/3) of income being farming, would not be required until January, 2018, so I did not file a quarterly estimated payment. However, I have just accepted a new job, starting May 1st, and am unsure how this will affect my offer. I have several complicated questions:•Will I be subject to quarterly estimated taxes for the farm income because it does not qualify as my primary source of income now? It is already past the quarterly filing deadline, will my offer be rejected due to non compliance?•If I withhold an additional amount from my monthly salary to cover the taxes due on the farm income, will doing so starting in May bring me into compliance for the first quarter, which has already passed?•If my income increases beyond what was stated on the collection of info statement during the consideration of my offer what do I need to do?Thanks for your time!

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PDtax

Owner

Master's Degree

7,972 satisfied customers
Am a tax preparer and I am in need of a consultation. I have

Hi, am a tax preparer and I am in need of a consultation. I have a client who owns 40% a mortgage lending business that is an S-Corp. He is also the officer of the S-Corp, and his only form of compensation is commission received for the loans he helps process (he is a licensed mortgage broker). Would it be appropriate to report this income on a 1099MISC and then include that on Schedule C in addition to having K-1 income from the company on Schedule E? He does not receive a W-2 from the business.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,132 satisfied customers
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