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

Recent Dividends questions

I am currently a 50% partner of a Texas LLC which is in it's

Hi,I am currently a 50% partner of a Texas LLC which is in it's 9th year of successful operation.This past year, I have been absent from daily operations and management of the business due to other business interests. My partner and I have both agreed I would decline a salary and be removed from payroll going forward and be removed from daily management duties.When it came to taxes, I have always had a W2 and a K1 from the Texas LLC and paid my taxes based on my personal tax rate.My question is, now that I am not an employee of Texas LLC and in essence a silent equity partner. Can I categorize this income as capital gains?By the way, my partner and I both agreed to have the K1 from the Texas LLC pass through to my new "Holding LLC" rather to myself.Thanks,James

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,076 satisfied customers
I was trying to find out about line 12 of the 1120 form for

Hello. I was trying to find out about line 12 of the 1120 form for C corps Compensation of Officers. I wanted to know if I need to deduct ss and medicare taxes from this since the person is an officer and not an employee.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no that I can think of.

Read more

Mark Taylor

Certified Public Accountant

Masters

2,024 satisfied customers
I heard somewhere that Americans migrating to Canada must

I heard somewhere that Americans migrating to Canada must pay wealth taxes after 2 years. The taxes are 50% on all wealth (or possibly 50% tax on all accrued gains on assets previously acquired before migrating to Canada). While I have heard this from a number of sources, I cannot find any reference to this on the internet. Please advise what would be the basis for the rumours I heard.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,306 satisfied customers
An S corp have income of 100K and the shareholder is taking

an S corp have income of 100K and the shareholder is taking out 90K where do i put in the 90K on the 1120S return?Or Schedule K Line C Dividend distributions paid from accumulated earnings and profits or Schedule M-2 line 7Distributions other than dividend distributions?

Read more

PDtax

Owner

Master's Degree

7,260 satisfied customers
Madam: I have some law questions to be filled in. I recently

Dear Sir Madam: I have some law questions to be filled in. I recently inherited some money as a grandchild. The investment was a Mutual Fund Growth Fund. As one of the executors of the estate, I redeemed the account from the stock market last week.1. Redemption Price: $72.07 per share at 3,421.671 Shares = $246,599.832. They already took out the state and federal taxes for Tax Year 2016 (to be filed in 2017).a. $49,338.73 - Federal Portionb. $12,334.68 - State Portionc. $184,296. 42 - Remainder sent as a check to be deposited in the state account.My questions/comments that pertain to the State of Iowa:1. Inheritance - We have 0% as grandchildren in Iowa (this is not a question, just a notation).2. Federal Estate Tax - Yes we would have that, correct?3. State Estate Tax - There is none for Iowa, so 0%, correct?4. Personal Income Tax- An inheritance in and of itself is not considered income so 0%, correct?Thank you for your legal input.

Read more

Barbara

Enrolled Agent, Paralegal

5,754 satisfied customers
I am being audited by the IRS for tax year 2014 and have

Hi. I am being audited by the IRS for tax year 2014 and have found that I did not account for shareholder deductions (wages?) on the return. It also happened on 2013 and 2015. What will they do? Thanks.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No that is a start for the accountant.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,076 satisfied customers
Can you purchase a dba business using an out of state LLC?

Can you purchase a dba business using an out of state LLC?JA: Can you tell me what state the LLC is registered in?Customer: OregonJA: Has anything been filed or reported?Customer: it's a filed LLCJA: Anything else you want the lawyer to know before I connect you?Customer: THE BUSINESS WOULD BE IN nc

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,076 satisfied customers
US citizen has sold a house in Mexico that has been

US citizen has sold a house in Mexico that has been inherited in the amount of $500,000. He is wondering whether he has to report this sale on his taxes or not.If he has to report the sale, how this is reported.Thank you

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,680 satisfied customers
Two friends started a fast food restaurant. Each one

Two friends started a fast food restaurant. Each one invested 50,000 and formed a regular corporation. The first three years they got big loses but after the 4th they had profits that were compensated with the previous loses and until today the company has paid 0 federal income tax and 0 dividends.Now one of the friends is moving out and wants his 50,000 back. No more but no less. How this would affect to the company and to the partner?

Read more

Mark Taylor

Certified Public Accountant

Masters

2,024 satisfied customers
View more tax questions
In The News