I own a company(OldCo) that had its assets purchased by a new
I own a company(OldCo) that had its assets purchased by a new company(NewCo) that I have a minority stake in. I am the CEO(employee) and Board member of the NewCo. The OldCo was hit with a liability that came up under NewCo. Since OldCo doesn't have any money in it, and all tangible assets are gone, I have to pay this NewCo liability out-of-my-personal- pocket.Here is the big question. Since there is no advantage or benefit involved in this liability payment (or expense) CANT I completely skip a payroll check payment from NewCo to me personally, and apply the funds to a liability of OldCo without paying taxes personally?Doesn't seem like a difficult request since there is no benefit - why should there be tax liability?
how do I go about closing an LLC to open a S Corp due to ...
how do I go about closing an LLC to open a S Corp due to payroll tax problems with the IRS and can I be the CEO of new Corp. My name is XXXXX XXXXX any of the tax information with the llc which owes the payroll taxes. The other member of the LLC name is XXXXX XXXXX the tax information. So can I be the owner of the new SCorp?
I own a small retail chain that changed tax classifications
I own a small retail chain that changed tax classifications June 1 from a partnership to an S Corp. Over the course of 5 months (June-Oct), I moved all auto-payments and auto-deposits from the partnership bank accounts to the S Corp bank accounts. In October, I closed the partnership bank accounts.So how do I file taxes in regards ***** ***** bank accounts? Do I have to split Jun-Oct earnings based on how I used the partnership and S Corp accounts or can I mark it all as S Corp earnings after my S Corp start date of June 1?My enrolled tax agent is adamant that any transactions in the partnership account must appear on the partnership return, even if the S Corp took ownership of all assets as of June 1st. But that seems complicated and eliminates my ability to have one clean set of books at a time.Thanks!
My brother is the executor of my mother's estate. He has a
my brother is the executor of my mother's estate. He has a large part of it but won't disperse it and is getting ready to file another year's income tax. Is that right? Assistant: Thanks. Can you give me any more details about your issue? Customer: He's got about $100,000 in cash, the bills are paid, my mom has been dead for almost 2 years. there still are 2 pieces of property that need to be sold and a bunch of jewelry. Can't he disperse what he has to lesson the tax burden?
We are a real estate developer. we buy lots and build
we are a real estate developer. we buy lots and build projects and sell. we also have lots for investment. buy, mark up and sell. how should we post the purchase of the lots. as a cost of goods sold or depreciate.
My ex boyfriend became a business partner in my professional
My ex boyfriend became a business partner in my professional LLC. It was all don through his lawyer. I later found out since he is not licensed in my profession the transaction is null and void. AmJA: Can you tell me what state the LLC is registered in?Customer: NYJA: Has anything been filed or reported?Customer: Yes, but my accountant resolved with the IRS and a final 1JA: Anything else you want the lawyer to know before I connect you?Customer: K1 yes, what are my financial obligations in reimbursing him the initial investment after I spent a ton to disentangle this.
What are the IRS requirements for charitable donees to send
What are the IRS requirements for charitable donees to send acknowledgement letters to donors? Is there some de minimis amount received below which the donee organization does not need to send acknowledgement letters? What is the deadline for sending the acknowledgement letters to the donors?
JD, MBA, CFP, CRPS