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Recent Gross Receipt questions

I am planning to start an e-bay business selling books. I

I am planning to start an e-bay business selling books. I have about 2000 books as initial inventory, which I have accumulated over the years. The cost of the books is roughly 20k. Say I would only sell books the first year for $2500. In addition to other business expenses would I also be able to deduct the remaining inventory of books (18k) as a business expense in my first year of operation for IRS purposes?

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Dr. Fiona Chen

President

Ph.D.

282 satisfied customers
I am helping a friend close their business and file the

I am helping a friend close their business and file the final two years tax returns. Over the years the owners lent the business several hundred thousand dollars. The loans were never subordinated with a note payable. In my mind the loans should be classified as additional paid in capital.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The shareholders sold a building they owned personally and have a large capital gain in year 2. If the loan is considered paid in capital and the business is closed in year 2 we could offset some of the gain from the building sale with the paid in capital loss from the business closing.

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
I bought a house and fixed it up and then sold it. Where

I bought a house and fixed it up and then sold it. Where does the house purchase and the house sale go on the chart of accounts, P&L and Balance Sheet?

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Dr. Fiona Chen

President

Ph.D.

282 satisfied customers
I am an EA and am expanding my practice to include payroll

I am an EA and am expanding my practice to include payroll and bookkeeping. I am trying to figure out the best way to inexpensively service my client. I have a number of 1-2 man S Corps who see the tax advantages of Incorp, but now need to do better bookkeeping and payroll. I was told Intuit has a great inexpensive service but did not really see the prcing for it. I heard as an accountant user (I am a pro advisor) my part if very inexpensive. But what does the client have to pay if not QB already?? Also, my bookkeeper has been extolling on the advantages of Zero on line. My clients need little bookkeeping and the simplest of payrolls. Can you tell me how it works and the best way to charge the client? I can handle charging for my services, but I am not sure what the options are on QBs and Zero, not to mention on line vs desktop.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

958 satisfied customers
We are a wife and husband owned company with only ourselves

Hello, We are a wife and husband owned company with only ourselves as employees. We live and do business in the state of Florida. The FL state audited our S-Corp and reclassified a good portion of our distributions ($46,631.80) as salary. Please view questions:1. I am about to send in the 941x and 940x to the IRS. I saw mention of a 941-B does that apply to us?2. I believe I also have to revise W-2s? Do I need to revise W-3?3. Do I need to or should I amend the 1120s and 1040?? If I amend these will we pay less on those to counter balance the additional amount that we will now owe?4. Since we were audited by State and not Federal does this help us any in requesting any late fees/penalties to be waived??5. At this time when I submit the forms we can not pay all that we will owe. If I make a partial payment will the IRS then bill us?6. Finally someone mentioned that just because State reclassified and we owed them zero that we do not have to revise Federal until they would audit.. that seems incorrect? Am I correct?We are in-between accountants right now.. however I do know how to amend all forms and file all taxes.Thank you for your assistance!! Michelle

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Mark Taylor

Certified Public Accountant

Masters

928 satisfied customers
I am a retired paralegal. My former boss still lives in New

I am a retired paralegal. My former boss still lives in New Mexico, while I am now living in South Carolina. She would like me to do so freelance work for her -- answering phones, taking messages, etc. Do I have to collect SC gross receipts tax on my work? Barbara Holley

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,998 satisfied customers
I'm working with a corporation that incorrectly recorded

I'm working with a corporation that incorrectly recorded installment sales on cars they sold for many years. They've been providing financing to customers and were booking sales based on cash received (per the installment loan agreement with the customer) - rather than based on the sales price of the car.This was an error based on a misunderstanding of the revenue recognition rules for car sales. My question is... Would fixing this error require a reporting a change of accounting method or the IRS? Or simply filing amended returns.

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PDtax

Owner

Master's Degree

6,866 satisfied customers
Non profit organization was set up Dec 2015 and had only

Non profit organization was set up Dec 2015 and had only expense and no gross receipts in 2015. In this case, is Non profit organization required to file 990-N with “0” receipts? Is there any late filing fee for this?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
When figuring line 44 adjustment, to get % do I use the

When figuring line 44 adjustment, to get % do I use the actual foreign income exclusion divided by the total income or do I use the the total exclusion for the year divided by my foreign incomeJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The total income is my net from self-employment in Mexico which is 257,571JA: Is there anything else important you think the Accountant should know?Customer: The adjustments on 1040 are for 1/2 se and hlth insurance amount to 36,418JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

20,940 satisfied customers
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