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Recent Corporate Tax questions

I own a C Corporation. I am a limousine driver.All my income

Hi,I own a C Corporation.I am a limousine driver.All my income from the limousine service is paid on my Company's name.Can I give myself a 1099Misc,from my company 's name,to myself(to use for my personal tax return)?

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Lev

Retired

Bachelor's Degree Equivalent

24,398 satisfied customers
If a new U.S. Company is being formed primarily from Isreali

If a new U.S. Company is being formed primarily from Isreali investors, what type of entity should be formed to minimize withholding on distributions of income/dividends back to Isreal?

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Mark D

Master's Degree

1,040 satisfied customers
I am doing an S corp on turbo tax business and there is no

I am doing an S corp on turbo tax business and there is no RCT 101 coming up on my 2016 program? Is it too earlyJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I can't find RCT 101 forms on my 2016 turbo tax Pennsylvania program. Is it late being released or do I have a program problemJA: Is there anything else the Accountant should be aware of?Customer: No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,550 satisfied customers
I want to dissolve my S corp. I am the only shareholder and

I want to dissolve my S corp. I am the only shareholder and loaned the company money years ago. Only my Schedule L is says loan to shareholders is $36,000. Will I own any money if I close the company. Can I send you a screen shot of my Schedule L?

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Lev

Retired

Bachelor's Degree Equivalent

24,398 satisfied customers
NC S-Corp Tax Law NC Department of Revenue has set up to

NC S-Corp Tax LawNC Department of Revenue has set up to except corporate tax return electronically. Prior to 2016 tax year, for S-corporations, the base Franchise fee was $35 and Annual Report Fee was $ 25.1) What is the base franchise fee for the 2016 tax year (2017 filing period)?Thanks,

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

4,148 satisfied customers
I am an EA and have a client who has been very poor for the

I am an EA and have a client who has been very poor for the last several years who got a large inheritance. He said he had an old IRS debt and so he signed a 2848 POA and I got transcripts going back to 2000 and voila, no debt. He also made less than the amount needed to file in 2015. In 2016 he inherited and became a millionaire. Now, is there ANY reason to file 2015? Would unused Mort interest deduction carryover, or anything like that? I do not think there is a reason, but there might be one, if only for continuity with IRS. Also,the main question. Client did own a corporation. Corporation did have an IRS debt. And the client did not actively file a final return and close down the corporation. This was about 5 years ago. The corporation is no longer operating. Maybe it is accruing no filing penalties, but IRS is not sending them to the client. He has heard nothing from them for years. Is there any reason to contact the IRS and handle this? It SEEMS like nothing is ever going to happen. If we do need to contact the IRS and get a 2848 POA from the client as Corporate Owner, I can. And if the IRS is likely to wake up and come after him, not that he has money, then I will do so. but at this point it is an old debt that no one is attempting collection on, and I am wondering if there is any need to bring it up. The IRS SOL is running. I COULD get a corporate 2848 POA signed and file a corporate tax return and close the corporation and then get the non filing penalties waived as first time abatement and collect a nice fee for the corporate filing and IRS negotiation to waive penalties, but is there any advantage or legal reason for me and client to do so.? Appreciate your take on this.

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Mark Taylor

Certified Public Accountant

Masters

3,302 satisfied customers
I have an LLC .... when do I need to pay taxes...I have no

I have an LLC .... when do I need to pay taxes...I have no employees, but do take a monthly drawJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What do you need to know?JA: Is there anything else the Accountant should be aware of?Customer: The LLC was formed in July...it is a dance studio...classes start d in Sept.

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ABC Accounting Group

Bachelor's Degree

712 satisfied customers
I am helping a friend of my submitting his corporation tax

Hi,I am helping a friend of my submitting his corporation tax return (Form 1120). His formed/ incorporated his company on 3/30/2016 (during the tax year) and the corporation operates on a calendar basis. When filing out the header of the 1120 Form, should we fill out the beginning date as 3/30/30216 and ending 12/31/2016 or don't fill out these date and leave it blank."For calendar year 2016 or tax year beginning 3/30, 2016 ending 12/31, 2016".Our concern that if we fill out these dates, then the IRS will think that we are on a fiscal year and not a calander year.Is it correct? Also, should we indicate the beginning and ending dates?

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Mark Taylor

Certified Public Accountant

Masters

3,302 satisfied customers
My question has to do with a C Corporation 1120 federal tax

My question has to do with a C Corporation 1120 federal tax return. Where do I list my previous years' income losses on my corporate return? Are they considered capital gains/losses, for I did find that section?

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Dr. Fiona Chen

President

Ph.D.

858 satisfied customers
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