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Recent Gross Receipt questions

I cannot determine how to transfer for K-1 data to my

I cannot determine how to transfer for K-1 data to my personal return. In particular data under category 24 VJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I am looking at a K-1 report from Enterprise Products Partners LP. In part III there are 20 categories. The instructions for K-1 indicate where to put most of these items in the personal tax return but not all. to be specific, Block 1, ordinary Business shows -71; Block 13 Other Deductions says see statement. The statement shows 13Tr: Other Deductions at 78. Item 17 Alternative Minimum Tax shows 5. Item 19 Distributions shows 32 and Item 20 Other Information Category V shows -71 and Category Z says see statement. The statement20Z1 Gross Receipts for UBT! 187, Gross Deductions for UBT! 258 and Bonus depreciation adjustment for non conforming state at 23. All other categories on the K-1 are zeros.JA: Is there anything else important you think the Accountant should know?Customer: Aside from all these data everything else is a pure and simple form 1040

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ABC Accounting Group

Bachelor's Degree

1,014 satisfied customers
Does the IRS agent in a field audit cross reference one's

Hi Stephen,Does the IRS agent in a field audit cross reference one's cash contribution by notifying the non profit for verification or checking their 990 donor's form?An official contribution letter was provided to the agent with the appropriate details that substantiates the value of the cash donation with the correct verbiage required by law.As of now, no further requests such as proof of payment to the nonprofit has been asked for. The donation was in cash and bank statements with the appropriate transaction date (cash taken out of the bank) matches up. Does that satisfy?Is it normal protocol on their end to automatically check the non-profit's 990 form for the donor list? or?In the remainder of the audit, all other items of interest were substantiated without incident.Any information would be helpful.Thanks!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,104 satisfied customers
Business tax return. I have a Missouri LLC (partnership)

Business tax return. I have a Missouri LLC (partnership) that bought property and leases it. On form 1065 Income - do I list the rental income as gross receipts or other income. Also do I file a MO 1065 ?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,400 satisfied customers
The statement that I'm filing in support of Line 19 (Other

The statement that I'm filing in support of Line 19 (Other deductions) of Form 1120S for my Subchapter S Corporation shows a deduction for “Professional fees” that offsets the vast majority of the corporation's gross income. This deduction is unquestionably legitimate and could easily be explained in an audit. However, I would like to avoid an audit if possible.Would I be more likely to avoid an audit if I were to break down and explain the components of that deduction on my statement? Or should I just list the total amount and the category of “professional fees”? Thank you.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,400 satisfied customers
Started a receivable factoring business in 2016. What

Started a receivable factoring business in 2016. What business code should I use for schedule C?

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Robin D.

Vocational, Technical or Trade School

24,128 satisfied customers
I am filing my c-corp taxes for the first time and I am

I am filing my c-corp taxes for the first time and I am struggling through what I can deduct. It should be a fairly simple filing because it is just me. I am not paying myself; my gross receipts where $29,080; I am exclusively doing business in the US; I have no investors; I have no partnerships overseas or other relations; my total cost of operating the business was $23,991; I am not amortizing anything. My struggle is how deduct my operating expenses like 'utilities, internet access, travel, meals, professional fees, rent, etc. (with exception to rent, do all of these expenses get included in line 26 of the 1120?)JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I am technology consulting business. I did not hire anyone. All consulting work was done by me. Lastly, should I be paying myself, or should I just show that I did not pay myself?

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
How are you? I need some help filling out my balance sheet.

How are you? I need some help filling out my balance sheet. I think it is simple but I donot understandJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have a s corporation and I do not have any assets. All my profits I donot know where to put in the balance sheet and if I take some moey out then how I do that.JA: Is there anything else the Accountant should be aware of?Customer: no

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ABC Accounting Group

Bachelor's Degree

1,014 satisfied customers
Crops is not IRD after the farmer passes, but I am unsure

Crops is not IRD after the farmer passes, but I am unsure how to report this income and the stepped up basis on both the 1041 and then the 1040 of the wife after the estate closes?

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Dr. Fiona Chen

President

Ph.D.

928 satisfied customers
I own an electrical contracting corporation (s corp) with

I own an electrical contracting corporation (s corp) with the turnover of 8 million in 2016. Right now I use The cash method for my taxes and I am aware that if I go over the 10 million (I assume this figure should remain the same for the next three years)I will have to change to the accrual method.I am now in the process of setting up another (s corp) plumbing contracting Corporation and I estimate that this year I will do 5 million in sales. My question to you is how will I file my taxes for 2017. Will I be able to keep my cash method with both corporations because neither of them went over 10 million.If yes or no can you explain why.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,104 satisfied customers
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