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Recent Generation Transfer Skipping questions

How do I loan my new startup company money from my personal

How do I loan my new startup company money from my personal bank account; so that I am not taxed on this money again?

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
I just received a 1099 which was issued to a Sub S Corp that

I just received a 1099 which was issued to a Sub S Corp that I had operated but dissolved. Can I show those on my personal taxes which have not been filed yet?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
How to show the sale of a corporation that continues to

How to show the sale of a corporation that continues to exist. The sales contract shows the dollar amount paid for inventory, common stock (not paid in excess), equipment, goodwill and covenant not to compete( these 2 were not on balance sheet prior to sale) this was a cash sale paid in full.The corporation will continue with new shareholders, new FEIN.I showed the sale as a short year, the inventory sale on schedule d, the equipment sale on 4797. I was going to show the ending balance sheet at zero. I am not sure how to show the stock sale and paid in excess, nor the good will and covenant. This is a C corp retail food.

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
Is there a "statute of limitations" on the time span that

Is there a "statute of limitations" on the time span that the state can collect sales tax on an "online" purchase?JA: Because laws vary from place to place, can you tell me what state this is in?Customer: Rhode IslandJA: Has anything been filed or reported?Customer: Cigarette purchases online from Indian Reservation out of state over seven years ago. State now wants sales taxes on those purchases.JA: Anything else you want the lawyer to know before I connect you?Customer: no

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,230 satisfied customers
I work from home, I deduct expenses using Home Use expenses

I work from home , I deduct expenses using Home Use expensesusing a certian % use of homeI just had to invest in a new A/C for my houseof about $7,500 got a loan for for 36 months to pay for ithow can I deduct the proportinal % of this investment ?or do I need to depreciate this in 5 year or 7 years or how many years?

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
Pearl, what was the deadline dare fr k-1s to be mailed out

Pearl, what was the deadline dare fr k-1s to be mailed out or delivered from businesses to private investors? I am trying to get my 2015, on an extension, done before October 17th, 2016. I need my K-1s from Deihl's Florals and Gifts, LLC of Waterloo, IL. Thanks! ***** @***@******.***JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The former business partners are real tools! I have obtained the services for William Guy Crouch of Proeller and Moost in St. Louis, MO They can holding the filing, awaiting for this K-1 at only $150.00. they charge $290.00 hourly.

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
My mothers house was sold but the house was put in my sister

My mothers house was sold but the house was put in my sister and brothers and my name what are the tax implications??

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
I am involved in a charitable professional organization

I am involved in a charitable professional organization (club) which is not a 501c3. At what point do we need to report income to IRS?

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
I have a k1 that has box 11 code f with a net irc sec 475

I have a k1 that has box 11 code f with a net irc sec 475 income of $28000.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: i am trying to determine if this should be classified as a short term capital gain as she is not a trader or as ordinary income.JA: Is there anything else important you think the Accountant should know?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
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