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Recent Corporate Tax questions

I own my own business. I don't have health insurance. I know

I own my own business. I don't have health insurance. I know that next year I'm going to get a penalty. Is its too late to purchase insurance now? if so, what is the cheapest for NYC?

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
I'm wanting to get a quote on a small business Profit & Loss

Hi Pearl. I'm wanting to get a quote on a small business Profit & Loss statement. I did it myself, but it needs be done by a CPAJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm in Renton, WA. I've been in business for a few years now, I'm self employed, as an LLC. I have all my numbers together.JA: Is there anything else the Accountant should be aware of?Customer: I made $31, 694 last year income.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,242 satisfied customers
How will the sale of intangibles be taxed to a small C

How will the sale of intangibles be taxed to a small C corporation. The corporation sold their customer list plus the inventory(which was calculated separately) to a larger company for a substantial sum(for a small company) which included a non compete provision. Are the proceeds taxed at the regular corporate rate or is there a way to tax the proceeds at a lower rate, such as a long term gain. I have been reading the IRS publication # 542 and 544, but am still not clear as to the solution.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,242 satisfied customers
If I file a Corporate tax return (Form 1120) and the return

Hi,If I file a Corporate tax return (Form 1120) and the return shows losses. Do I need to file an additional Form in order to be able to carry the losses for future years?If not, how do I use the losses from prior year(s)?Please advise.

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
I was a partner in an investment, which was an LLC created

I was a partner in an investment, which was an LLC created for a single apartment building. The apartment building was sold in a short sale which included some writedown of the loan. I received the final K-1 and it shows me with a capital gain of $400k or so. I received no cash -- it was sold at a loss. My accountant says I owe capital gains tax on this because of the loan writedown (which I had nothing to do with a limited partner). This is obviously a very distressing situation and I am receiving limited information (virtually none) from either my accountant or the accounting firm who prepared the K-1. It was a none recourse loan and I should be limited in exposure as a limited partner. Can I need help with this.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,988 satisfied customers
I have started a cloud software company. It is a Florida

I have started a cloud software company. It is a Florida corporation based in Jacksonville. For strategic reasons I want to have a virtual office in Atlanta. There will be no staff in the Atlanta office, just an Atlanta office address. Do I have to also pay Georgia corporate tax even though no one is working in Georgia?

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
What needs to be included on a c-corporation dissolution

What needs to be included on a c-corporation dissolution plan to the IRS?From IRS form 966: "Attach a certified copy of the resolution or plan and all amendments or supplements not previously filed." I want to file the final corporate tax return for this entity. Thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,242 satisfied customers
One S Corporation had three shareholders. One fled the

One S Corporation had three shareholders. One fled the country because of some personal legal problems and nowhere to be found. The corporation had financial difficulties. Another shareholder declared bankruptcy. And third shareholder is left holding the bag. Since the third shareholder has co-signed the loans for the corporation, he is asked to pay the loan. Third shareholder is paying the liabilities and operational expenses? The corporation has no income and is not liquidated. In this situation, who is responsible for filing the tax returns? Has a technical termination? All the shareholders have equal share.The third shareholder who is paying all of the operational expenses and liabilities, how much share of them can he get on his k-1?

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
How is this distribution to an S-corporation taxed: Basis at

How is this distribution to an S-corporation taxed:Basis at the beginning of the year $10,000Income 3,000Tax exempt interest 1,000Distribution 20,000Non deductible expenses 2,000Section 179 deduction 5,000How much is gain and how are the non deductible expenses treated?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
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