I am doing accounting for a CEO of a company. I am not a
I am doing accounting for a CEO of a company. I am not a CPA. The business was a corporation from 1998-2015 & its is now a single member LLC for 2016. This CEO has been taking money from the business (in addition to his normal salary) via direct transfers into his personal bank account and by using the company credit card for personal expenses for maybe 15 years now. His employees do not know, but his has often not paid them salary or paid them partial salary while he also take a pay cut "via payroll", yet he subsidizes his missed pay but taking money out of the corp account or using the company card. I have tried to account for these "transactions" as loans that should eventually be taxable income for him. In some instances he makes the company "forgive" the loan, or if he does report the money he has spent personally (not all that he has spent personally, just a portion of it) on his returns, he then takes the money out of the company bank account to pay his personal taxes. I keep telling myself "Well it is his company, he can do what he wants", but is this true? Can he really do this? Is it legal? I mean you can't steal from yourself can you? Can he be liable for damages or sued? Could he even go to jail for this? Am I liable since I know about all of this?
My husband wrote a few screenplays for a genre movie
My husband wrote a few screenplays for a genre movie producer, and had written agreements that guaranteed him a small part of any income the producer got from video sales and occasionally cable TV showings. There were also some unproduced screenplays that might have have been produced by now. He would get checks occasionally. My husband died in 2011, and I am his sole heir (and the writing was done while we were married). There have been no checks since he died. Either the movies have made no money, or the producer is holding back. My husband wasn't a member of the Writer's Guild, but he always registered his screenplays there. Can I find out if the movies made any money in the last 5 years, some how, without asking the producer?
How does an S corporation revoke shareholders shares? NC,
How does an S corporation revoke shareholders shares?JA: What state are you in? And have you consulted a local attorney?Customer: NC, yes I have, he advised I have an official audit done on the company (embezzlement). I've spoken with several CPA'S, they don't do those type of audits.JA: Has anything been officially filed? If so, what?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: I own 50%, my father owns 25%, my mother owns 25% (the shareholder that is embezzling money)
Need to know something about this clause in my loan Annual
need to know something about this clause in my loanAnnual Financial statement and tax returnsFurnish lender within (a) 90 days after the end of each year Borrower, its Financial statements As of the end of and for such fiscal year and (b) 30 days after the filing thereof with the applicable government authority, its annual federal and state tax returns. Such Financial Statements will be prepared on a compiled basis in accordance with GAAP by an independent certified public accountant by Borrower and satisfactory to Lender. Audited Financial statements shall contain the unqualified opinion of such independent certified accountant and all accountant examinations shall have been made in accordance with GAAP consistently applied from period to period
I am a sole proprietor dentist. I purchased $181,000 in a
I am a sole proprietor dentist. I purchased $181,000 in a equipment in 2011. My tax preparer did not depreciate this over mulitple years but instead listed it in full during 2011 resulting in a huge loss of savings for me.
Business litigator: is there any downside to permitting a
Business litigator: is there any downside to permitting a partner in an LLC to withdraw (permitted at any time by Op Agree with remaining partner's consent) other than losing any right to sue for future acts? Does the remaining partner lose indemnification provided for in a settlement agreement by not standing in the way of the partner withdrawing? What other disadvantages of the partner withdrawing might there be? In this case, the remaining partner is more interested in past acts and wants the partner out of the business to end its access to contracted services, clients and company assets that have been interfered with and damaged by the offending partner's wrongful acts. The remaining partner feels that this overrides any right or other item that might be lost if the offending partner withdraws but before taking a position on that, I want to ensure that I understand the disadvantages to the company and remaining partner of the offending partner's withdrawal.
I am a graduate student and an enterpreneur. Recently, I did
Hello! I am a graduate student and an enterpreneur. Recently, I did not receive financial aid for my school's upcoming semester, so I have to pay for tuition this semester. As an individual, I do not think I can write off the tuition as a personal tax expense; However, I do have an LLC and could use it to pay for the tuition. If I do this, can I write off the cost of tuition as a business expense? My education is related to both my business and my profession. Thank you!
I own 49% of our Pennsylvania LLC my husband owns 51%,
I own 49% of our Pennsylvania LLC my husband owns 51%, founded by us together in 1993He works full time for the company As president, until 2003 I worked part time for the company and then became a full time stay at home momIn January 2016 He has moved out, plans to file for divorce, hasn't yetHe is currently voluntarily paying me spousal support bAsed on his w2 forms income of $322,000 annual incomeMy question is don't I have a right to compensation as 49% owner?My husband takes out $322,000 annually though he has just had a business valuation done which advised him for divorce purposes to claim an industry standard salary is $175,000 for his job descriptionDo I have an outright 49% claim to any income he has from the company above the 175,000 salary?Instead of his deigning to grant me spousal support, a lower figure if he starts now basing it on the 175,000 ?And if he's not giving me that, how do I claim it?I