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For each of the following, is a just-incorporated C-Corp

For each of the following, is a just-incorporated C-Corp start-up paying $0 wages/dividends to sole shareholder-officer required to start filing, and why: 1) FUTA Form 940, 2) FICA Form 941, 3) W2/W3, 4) Texas TUCA, and 5) Texas Workers Comp.

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This is a business tax question. I have a corporation and am

This is a business tax question. I have a corporation and am filling out form 1120 for 2016. We had one employee and their gross wages were 4835.00 (as reported on their w-2). The employee share of medicare withheld was 70.11, social security withheld was 299.77 and withholding withheld was 313.25. The employer share of medicare was 70.11 and social security was 299.77. We use the cash accounting method and did not pay anything in to the IRS yet (did not do federal deposit for the 941 yet so will pay in 2017. What are the amounts that need to be entered on the 1120 to account for all of this. What goes on line 13 salaries and wages? And then what do I enter elsewhere to account for that I have not given the IRS the employee and employer shares yet. I use the cash accounting method and was not sure how to do. I need it to where my assets and liabilities will equal eachother in the balance sheet correctly.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no

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Brian Michels

Partner

Bachelors of Business Administration

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Am a tax preparer and I am in need of a consultation. I have

Hi, am a tax preparer and I am in need of a consultation. I have a client who owns 40% a mortgage lending business that is an S-Corp. He is also the officer of the S-Corp, and his only form of compensation is commission received for the loans he helps process (he is a licensed mortgage broker). Would it be appropriate to report this income on a 1099MISC and then include that on Schedule C in addition to having K-1 income from the company on Schedule E? He does not receive a W-2 from the business.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,134 satisfied customers
I own a hair salon and report as a sole proprietor LLC. I am

Hi Richard,I own a hair salon and report as a sole proprietor LLC. I am refiling my 2015 return because I included 25k in owner loans/contributions as gross income. Originally, although I did not issue myself a w-2, I withheld on and filled line 7 with 29,500. Backing out the owner loan, where should i put the 4500 top line personal income?The schedule C net loss on the corrected gross income is -40644 comprised of an actual operating shortfall of 12k and depreciables of 27k and change. Do I carry these losses. If you can point me to the code, I am very comfortable deciphering it.Thanks Richard,Dan

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ABC Accounting Group

Bachelor's Degree

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I received a zero-interest mortgage loan from my employer to

I received a zero-interest mortgage loan from my employer to purchase my primary residence. My employer imputes interest on this loan, and then counts that imputed interest (which I do not pay) as compensation to me and reports it on my W-2. So I pay income taxes on the amount of imputed interest that I am not paying. Because this is interest on a mortgage on my primary residence, can I deduct the imputed interest on my income taxes?

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Robin D.

Vocational, Technical or Trade School

25,350 satisfied customers
I'm helping a friend with his tax filing (first time

I'm helping a friend with his tax filing (first time business owner). His 941's that he filed quarterly do not match his payroll (earnings, federal income tax withheld, etc). Will he need to amend the 941's accordingly?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Can't think of any more specifics unless the Accountant has questions.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,134 satisfied customers
Concerning employer payroll taxes, is the additional charge

Concerning employer payroll taxes, is the additional charge called "credit reduction" on the 940 Futa forman expense for the employer?Thank you,Fred

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,748 satisfied customers
S-corporation pays for health insurance premiums for owners

S-corporation pays for health insurance premiums for owners while adding amount paid to their W2. Can this corporation in addition to premiums paid, to also deduct as business expense out-of-pocket deductible expense for doctors visits?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,938 satisfied customers
Is it possible to process Guaranteed Payments via payroll?

HelloJA: Hello. What do you want help with?Customer: Is it possible to process Guaranteed Payments via payroll? Or is has to be paid directly to partner from companie's bank account?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We need to pay a Guaranteed Payments to a partner. We don't know how to proceed with payments.JA: Is there anything else the Accountant should be aware of?Customer: Yes, the partner is participating in 401K

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,134 satisfied customers
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