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Accounting question, not tax, I was just hired by a small

Hi, accounting question, not taxJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I was just hired by a small business to do their bookkeeping. They have been in business for nearly 10 years and never created a balance sheet. How can I determine current owner's equity?JA: Is there anything else the Accountant should be aware of?Customer: I have all the other figures necessary.

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PDtax

Owner

Master's Degree

7,668 satisfied customers
Looking for some advice on what type of business to setup

Looking for some advice on what type of business to setup based on my situation.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: So I am a software engineer currently with a contract working for an overseas company. I need to setup some entity to receive the money from that work.... Also I want to work on other freelance software projects under the same entity. Thirdly I want to release software that I write as a cloud based service application, preferably within the same entity. This application would have very little income for the first year or so.JA: Is there anything else important you think the Accountant should know?Customer: Only thing is that I also own a company in the UK that actually holds the contract with another company in the UK, I plan to bill my company in the UK from my US entity for the work done.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,352 satisfied customers
Please unlock for lane" Lane, A question about basis. If a

For Lane "Please unlock for lane"Hey Lane,A question about basis. If a member in an LLC partnership invests 60K in the company in the first year of business then takes guaranteed payments as the partnership begins to earn revenue, is the 60K considered basis against subsequent losses or can the guaranteed payments reduce basis?Thanks!m.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,096 satisfied customers
I am during my rental properties tax return. It is in an LLC

I am during my rental properties tax return. It is in an LLC partnership. I keep getting teh following errors:1. 1065 Warning - Beginning total assets should equal beginning total liabilitiesand capital.2. 1065 Warning - Ending total assets should equal ending total liabilities andcapital.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,096 satisfied customers
I am an American citizen living in Central America. I run a

I am an American citizen living in Central America. I run a very lucrative tutoring business (grossing around $250,000 annually). All tutoring is done with American students via Skype. I am considering retiring. My girlfriend, however, who is not an American citizen, would like to take over what I do. My business is set up as an S-Corporation. If my girlfriend takes over for me, she will not pay taxes in her country because citizens here are not taxed on money earned from overseas. My S-corporation would pay her weekly by check virtually all of the incoming money (except for advertising costs). Because she is not an American citizen, I would not be responsible for giving her a 1099. My corporation will make virtually a 0 profit. I understand that I may be audited, but since I will be able to prove that all the money went to a foreign citizen who is doing all the work, what problems might I encounter with the IRS? Or have I stumbled upon a legal way to avoid paying taxes entirely?

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39,476 satisfied customers
I own a multi-member LLC. We have employees that live in

I own a multi-member LLC. We have employees that live in various US states and remotely VPN into our customer site in Washington DC. So the place of performance of the contract is Washington DC- what do I need to file in employees home state that is teleworking to Washington DC? (Besides standard employee tax withholdings/quarterlys etc)Any special income or anything my members of the LLC need to expect?

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39,476 satisfied customers
For ABC Accounting only. If that's not you, please don't

For ABC Accounting only. If that's not you, please don't respond.I'm still having a bit of a problem with entering stuff in Quickbooks. My accounts payable says 21,718.02, when it should be 12,408.51. I did the journal entries the way you said - I thought that would fix this.

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ABC Accounting Group

Bachelor's Degree

1,004 satisfied customers
I have an individual IRA, not through my job. I am 50 and

I have an individual IRA, not through my job. I am 50 and unmarried. It's my understanding that I can only put 5500$ into this IRA per year. Is this correct? If so could I invest more into my retirement through a Roth IRA, or maybe some other investment vehicle? ThanksJames

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
Howdy, we are an LLC out of Texas and elected to be taxed as

Howdy, we are an LLC out of Texas and elected to be taxed as an S-Corp. My questions is, my partner and I decided to call for a capital contribution in a meeting and the date has come and gone. I made my contribution and he was not able to as he let me know and was ok with that, I currently own 90% of the company and he has 10%. How do I do the % of equity calculations to show the dilution in Units he has and thus his ownership % accordingly?I am sure you might need more info on this one, but I am at a loss of whom to ask aside from going to my CPA and asking them to come up with the numbers for me. I would appreciate any help and thank you in advance.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,096 satisfied customers
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