Join the 9 million people who found a smarter way to get Expert help

Recent Corporate Tax questions

I am an independent contractor with sub contractors should

I am an independent contractor with sub contractors should in file an LLCJA: Can you tell me what state the LLC is registered in?Customer: TexasJA: Has anything been filed or reported?Customer: noJA: Anything else you want the lawyer to know before I connect you?Customer: had to pay a lot of taxes

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,380 satisfied customers
Jonathan, I an 100% shareholder of an S corp. The initial

Hi Jonathan,JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I an 100% shareholder of an S corp. The initial years were not profitable and I loaned the business money which is documented and an interest expense was recorded on the P&L statement. Now the business is profitable, I am ready to start paying myself (100% shareholder) back for the loan. How is the best way to do this? I understand I don't have to pay taxes on the loan repayment, but how is the best way to repay the loan? Does it show up at all on the K1? Does it show up on 1020S other than the balance sheet? Thanks! DougJA: When we are ready I'll take you to the appropriate web page. Is there anything else important you think the Accountant should know?Customer: No...I think this covers it.

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,380 satisfied customers
My accountant filed corp taxes and w2 this week but we then

my accountant filed corp taxes and w2 this week but we then discovered that w2 amounts do not match quarterly 941s filed. while w2 is correct we underreported 941s for 2 quarters of 2016 (3rd and 4th) for about 25k. We are now filing 941x and i was wondering if it is a big problem.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

Read more

Brian Michels

Partner

Bachelors of Business Administration

194 satisfied customers
In accordance with IRS instruction for tax years ending

Hi! In accordance with IRS instruction for tax years ending after December 23, 2014, I cannot file Form 5472 separately. I must file it attached to the reporting corporation's income tax return and by the due date (including extensions) of that return. But the 2016 Federal Corporation tax return was electronically filed by TurboTax. How can I file the Form 5472? Thank you.

Read more

Barbara

Enrolled Agent, Paralegal

6,446 satisfied customers
Several years ago, I opened a business as an S corporation.

Several years ago, I opened a business as an S corporation. I borrowed $900,000 from the bank (which I personally guarantee) and put $100,000 of my own money to buy machines for my business.The machines were $1,000,000 which I depreciated $400,000, so the basis now is $600,000 and the loan with the bank is at $800,000 in 2016.The company filed for bankruptcy in 2016, I had a loss of -$500,000 including the depreciation. I gave the landlord the key back.The bank sold the machines in 2017 for $375,000.My question is, I just need to file the S corporation tax showing the -$500,000 loss for 2016.In 2017, I need to file the taxes showing the loss on the sale of the machine (600,000-375,000)= -225,000.If the bank forgive me on the loan(which I doubt) then I need to show the $800,000 as income ?

Read more

PDtax

Owner

Master's Degree

7,900 satisfied customers
In 2016 - I used personal money ($8000) to purchase a

In 2016 - I used personal money ($8000) to purchase a business. There were no "investigative costs" to speak of before purchasing. That business was then incorporated and I'm the sole shareholder. Am I able to deduct the $8000 spent to purchase the business from my personal tax return as a business expense? What is the treatment of that money?

Read more

PDtax

Owner

Master's Degree

7,900 satisfied customers
My wife wants to file her taxes and has education credits

My wife wants to file her taxes and has education credits she wants to clain as deductions. My corporate taxes will be needing an extension so she cannot file jointly with me right now. Can she proceed to file as single and claim these deductions?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No thanks.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,524 satisfied customers
I am filing out my 1065 Partnership tax return. I am filling

I am filing out my 1065 Partnership tax return. I am filling out the Schedule L and I have a questions regarding 'Partners' Capital Account'. What does Partners Capital Account entail and what type of transactions affect this?

Read more

Michael Hanley

Managing Partner

BBA

56 satisfied customers
LLC Ownership & Tax Implications For a US citizen living in

LLC Ownership & Tax Implications For a US citizen living in UK.I am planning to go into business with a colleague who lives in Montana to sell environmental software (that we are developing).We plan to create an LLC to sell the software in North America and plan to incorporate the LLC in Delaware or Wyoming.I believe I have two options in terms of how I own the LLCa. In my own nameb. or through a UK. Ltd Company that I create.I have dual nationality with the UK and own a dormant Ltd Company I set up a number of years ago to provide consulting services.Since I live in the UK (and I am a dual national) I anticipate I will have to file tax returns in the UK and USA.What are the Pro's and Con's related to Tax associated with each option?What is best option to minimise my global tax exposure?

Read more

Matthew Breecher

President

MBA

40 satisfied customers
View more tax questions
In The News