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I have a client that was a C Corp that elected S Corp status

I have a client that was a C Corp that elected S Corp status in 2013. They are now looking to sell the S Corp. Basis was never tracked, so now I have to go back and do so. I am having a problem (brain dead today) on calculating the begging stock basis. Any assistance would be appreciated

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I have a Wyoming LLC where I am 99% member and my son is 1%

I have a Wyoming LLC where I am 99% member and my son is 1% member. I am the manager of the LLC. This LLC wants to invest in a Texas LLC that has several other individual members to build a hotel. I would rather invest through my Wyoming LLC rather than as an individual. The Texas LLC wants to elect S corp tax status. My accountant and the accountant for the Texas LLC are going back and forth as to if this is possible. My accountant is not sure if this is possible since I have a multi member LLC. She recommends that I make the LLC a sole member LLC. The Texas LLC accountant thinks this is possible if we say that the Wyoming LLC is a disregarded entity and both me and my son will get direct K-1 from the Texas LLC. Please advise. Thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I am closing my NY city business and have a loss carry over

I am closing my NY city business and have a loss carry over from 2015. For 2016, we will have a large profit from selling assets. Can we use the full loss carryforward against the gain for the NY City taxes? I am getting mixed answers and just wanted to clarify

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PDtax

Owner

Master's Degree

 
6,654 satisfied customers
I have a question regarding IRS tax form 8846-- Credit

Hello!I have a question regarding IRS tax form 8846-- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Does this form need to be completed by the employer alone? If so, why is it included within the personal tax forms for those who have worked in the restaurant industry? I appreciate any clarification you can provide.Thank you for your help!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
If a person transfers the stock of an S-Corp to another

Hello. If a person transfers the stock of an S-Corp to another for no consideration, does the new owner take on all outstanding debt such as unpaid withholding taxes, overdue vendor payments, etc. How about responsibility for any audits which mat arise for a prior period?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,188 satisfied customers
What are the taxes involved: a) if a US company has 1m in

what are the taxes involved:a) if a US company has 1m in profits in 2016 and before the end of the year the company spends 1m in the acquisition of shares of a foreign company.b) if a US company has 1m in profits in 2016 and before the end of the year the company spends 1m in the acquisition of copyrights from a foreign company.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I did the personal and corp return client who owns 100 %

I did the personal and corp return for a client who owns 100 % stock in S-corp. K-1 data calculated for S corp was used for 1040. Returns were filed electronically. Personal return was acccepted. Client is due a hefty refund. Corp return 1120S was not accepted by IRS. After spending some hours on phone holdling and with IRS, the IRS person said neither I or client had done anything wrong, and sent the s-corp return to be reviewed to find out why not acceptable. He said review would take 30-45 days, and suggested I could paper file the S-corp. My question is "Will this effect her refund on her personal return?""I know the client would like her money, and the personal return was accepted. If this does not effect the personal return, is there really any reason to do a paper file? Can I just wait two months and see if it is accepted. Any risk here? I submitted the return, it is under review, and s-corp has no tax liability. Can I just wait for the IRS to get their act together?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,188 satisfied customers
I'm planning to file statutory conversion in Delaware to

I'm planning to file for a statutory conversion in Delaware to convert my LLC into a C Corporation. I'm late on the IRS corporate tax return for 2015 and I didn't file for an extension. My LLC has no assets and no revenue. We essentially had no activity. If my LLC is going to dissolved, do I still need to file a federal tax return for the LLC? Do I need to pay the late fine for filing the tax return late?Does this status have any impact on my new C Corporation, which should be considered a new entity under a different organization name?

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Mark Anderson

Attorney

Doctoral Degree

 
472 satisfied customers
Megan: this is Juan again! (remember? the trouble maker?)I

Megan: this is Juan again! (remember? the trouble maker?)I am now 63 year old. I retired from a big corporation after 25 years of service and started a business that builds Computer Based Learning Courses. It is C corporation with one employee (my daughter) and myself as officer but not employee. I build most of the courses with overseas resources.I have 51% ownership on the new US company and the rest is distributed among the 3 individuals (non resident aliens) that provide me with the completed courses. The C Corporation pays the Non Resident Aliens the work they provide through fees paid in their personal accounts here in the US.Our revenues for the last two years have been close to $600,000 with profit before tax of around $20,000. That cover all expenses but not any compensation for me. Being this a start-up company, I have not taken any money as dividends or salary. I expect revenues to grow to $800,000 this year but with PBT of around $40,000I work with my daughter from home (which is the legal address of the corporation) where we have an office of 400 sq.ft. in a house of 3300 sq.ft. I have not charged the company for any expenses like office space, internet, telephone (cellular and line). I have a car I am financing use for business and leisure but is in my name and never charged to the company.I am also collecting SS payments as early reirement ($1700 a month) as I have not had any salary for 3 years. I own 6 properties I rent but have not created any company and I am including all income in rental real state line in my personal tax return (with my wife) I use turbotax premier to run all my tax returnMy questions are:What expenses could I charge to the company (office rental, car payments of a existent or new Car, phone expenses, personal medical insurance, club memberships, etc) and will those be considered as wages in my 1040?Can I continue to be the officer of the corporation, not have salary but take above expense reimbursements and some dividends (not considerable, but just like $20,000 or $30,000)My objective will be to keep on collecting SS payments (not go over the $15,000 wages bar) and have the corporation pay for some of my other expenses.Thanks in advance for your help

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,890 satisfied customers
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