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Recent Corporate Tax questions

S Corporate tax question - If S corporation (with one

S Corporate tax question -If S corporation (with one shareholder) extension was filed timely (March 15) but they miss the September 15 deadline, does the monthly penalty start as of September 15 or does it back date to March 15?Thanks Jeannette

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ABC Accounting Group

Bachelor's Degree

184 satisfied customers
I am a shareholder of a C-corp. We loaned money to an LLC

I am a shareholder of a C-corp. We loaned money to an LLC for trading purposes and the LLC will disburse in January 2017 (the principal and interest). The C-Corp is a fiscal year filer with 2 estimated taxes due prior to January 2017. The C-Corp does not have the funds to pay the estimated taxes on the projected interest made on the loan.How does the C-corp avoid penalties and interest on the 2 estimated taxes prior to January 2017. The C-Corp needs to the proceeds from the loan/interest to pay the estimated taxes.Do we use IRS Form 2220 and which option?Thank you - Mel

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
I have tax question, Michigan, I file my taxes with

I have tax questionJA: What state are you in? It matters because laws vary by location.Customer: MichiganJA: Has anything been filed or reported?Customer: I file my taxes with accountant. I have personal and corporate tax. I went to my accountant on March 8th and filled both. at the end of the April I've got letter from IRS that I owe penalty of $700, becaquse my corporate tax was received late. I went to my accountant and she said she filled personal electronically( she has conformation) and corporate tax she filed by mail. she has no roof of mailing it on time.JA: Anything else you want the lawyer to know before I connect you?Customer: I don't feel responsible to pay this penalty. I believe this is accountant responsibility, because she is the one who supposed to mail corporate return.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
In making a 481a adjustment for an S Corp, how do you

in making a 481a adjustment for an S Corp, how do you account for difference in retained earnings?

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
My brother and I are members of a NY State LLC that is

My brother and I are members of a NY State LLC that is registered as an S Corp with the IRS. The LLC owned a rental property which we sold before the end of 2015. The property sale triggered a capital gain that was passed through to my brother and my personal taxes (we didn't do the 1031 exchange). When we established the LLC, we agreed that the entity would reimburse us if we end up paying significant tax bill arising from such a sale.My question is as follows: can we treat such tax payment on behalf of the entity as member's loan to the entity? The objective is to establish a note payable to the members for the amount we spent on taxes on behalf of the business. When the entity pays us back the note, will these payments be treated as income to us? Are we going to be taxed on that? Or will it be considered as a repayment of a loan where the principal is non taxable and the interest may be taxable?Thank you for your help!

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Dr. Fiona Chen

President

Ph.D.

544 satisfied customers
Lane, here... continuing with the tax free (deferred)

Lane,Sam here... continuing with the tax free (deferred) acquisition.386(a)(1)(b), Can a llc be the target acquired by a publicly traded corp within the IRCs?The reason for my question is; llc has a lot less administration annually compared to a c-corp. Maybe the answer is; start with llc and convert/reorg to a c-corp before or simultaneous with the acquisition.RegardsSam

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
Is there an issue with filing a U.S. Corporation Tax Return

Is there an issue with filing a U.S. Corporation Tax Return when there is a new U.S. Corporation with only limited start-up U.S. Expenses, but no U.S. Office or U.S. Address. The 1120 Instructions provide for a filing address for companies without a U.S. address, but in doing so, does create "red flags?" Any suggested alternate address (registered agent address?)

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Robin D.

Vocational, Technical or Trade School

21,184 satisfied customers
Small, cash basis S-Corp with one shareholder, who's also an

Small, cash basis S-Corp with one shareholder, who's also an employee. Accountable Reimbursable Expense Plan already in place. Principal place of business is an office-in-home. Haven't taken depreciation on the office since becoming an S-Corp several years ago. Is Form 3115 required for the catch up depreciation since the corp is a cash basis taxpayer? What is the best way to account for (current and future ) depreciation of the home office? Would it be appropriate/correct for the depreciation expense simply be reimbursed to the shareholder-employee just like any other out-of-pocket reimbursable expense, then the SCorp deduct that depreciation expense on the corporate tax return(s) w/out the need to list the (shareholder's) asset on the books and/or the return(s)?Also, the shareholder-employee (personally) owns a vehicle that is used solely for the business. Since the auto is a personally owned, although not personal-use, vehicle, it has not been put on the company books. Would it be appropriate/correct to simply allow the business to pay for auto expenses for as long as it uses the vehicle? Is it necessary/recommended that the S-Corp rent the vehicle while it is using it? What do you recommend as the best income tax treatment for the depreciation/auto/auto expenses?I aimed to be as clear/concise as possible, but please feel free to lmk if you need any further details. Thanks in advance!

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PDtax

Owner

Master's Degree

6,972 satisfied customers
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

1,220 satisfied customers
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