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Recent Personal Tax questions

I have a question about taxes if I change my sole

I have a question about taxes if I change my sole propitiership into a partnership or LLC. What is best for my situationJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Mobile site does not show me the message I just sentJA: Is there anything else important you think the Accountant should know?Customer: Ok now I can see it

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PDtax

Owner

Master's Degree

7,916 satisfied customers
If a C-corp pays $0 wages to owner-officer, is it a good

If a C-corp pays $0 wages to owner-officer, is it a good idea to still file W2/W3? And if filed anyway, does it cause any trouble to the officer personally when he tries to e-file a personal tax return including an all-zero W2?

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Matthew Breecher

President

MBA

90 satisfied customers
For each of the following, is a just-incorporated C-Corp

For each of the following, is a just-incorporated C-Corp start-up paying $0 wages/dividends to sole shareholder-officer required to start filing, and why: 1) FUTA Form 940, 2) FICA Form 941, 3) W2/W3, 4) Texas TUCA, and 5) Texas Workers Comp.

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39,608 satisfied customers
I am the treasurer for a non profit organization with my

I am the treasurer for a non profit organization with my name being on their bank account. I personally owe the IRS money. Can the IRS freeze the organizations bank account because my name is ***** *****?JA: Can you tell me where the nonprofit is registered?Customer: IllinoisJA: Has anything been filed or reported?Customer: I have filed my personal taxesJA: Anything else you want the lawyer to know before I connect you?Customer: no I think that is about all

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I paid the tax twice, can I get the money back? I sent a

I paid the tax twice , can I get the money back?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I sent a cheque to the tax office , and return cheque the first time, then I paid online at once, but they deposit the cheque again, so I Paid the money twice can anybody help me in Chinese?JA: Is there anything else important you think the Accountant should know?Customer: the EIN # is###-##-####

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Anne

Master Tax Preparer

3,332 satisfied customers
I have a question regarding filing a 1040X for 2015. It's a

Hello. I have a question regarding filing a 1040X for 2015.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It's a bit of a long question with some context. Should I paste it into this chat window?JA: Is there anything else important you think the Accountant should know?Customer: This is related to tax preparation related to rental property assets.Context: I used TurboTax to prepare my personal taxes in 2015, which includes rental properties. While preparing my 2016 taxes, I noticed that the acquisition 'cost' values for a few of the assets associated to one of the rental properties were not reflected correctly. So, I checked my 2015 return and it appears they were not entered correctly in that return either (2015 was the first year these assets were placed in service). I'm 50% owner of the this particular rental property, and I was assuming that I could enter 100% of the cost values for these assets and that TurboTax would allocate the cost values by 50% ownership (like TurboTax does for revenue and expenses related to rental properties). But, I know realize TurboTax didn't adjust it in this way.The net effect is approximately $10K in total asset costs, or $5K for the 50% allocated to my return. This is spread across ~5 assets placed in service in 2015 (i.e. new washing machine, etc.).So, I'm looking for the best way to proceed. My assumption is:1) Complete a 1040X, sign the 1040X document, and attach the Schedules/Forms that changed. In this case, it's Schedule E, Form 8582, and Form 4562 that contain line item values that changed.2) Re-transfer the data from the (now amended) 2015 tax return into TurboTax so that the updated/amended depreciation schedules are reflected for the 2016 return. Proceed with 2016 tax preparation using this updated data.A couple questions related to this approach:1) Is this the recommended approach?2) Note: I've created an initial draft of the 2015 1040X using TurboTax in this way, and there are no changes ($0's all the way down the form) to the 1040X itself. I believe this is because all the rental losses from depreciation, etc. were already all disallowed (i.e. creating more passive loss carryovers), so these +5K in adjustments simply reduce the disallowed amounts (i.e. reduce the passive loss carryovers), but don't change the final Schedule E total, and therefore don't impact the taxes owed for 2015. So, my question is:Does it make sense to file a 1040X where all the values/adjustments are $0, and the net tax is exactly the same, but then to send in updated Schedule E, Form 8582, and Form 4562 along with the 1040X? I don't want to create confusion with the IRS by sending a 1040X with all 0's for the adjustments.3) Alternatively, since it appears the net effect with a 2015 1040X approach is $0, would it be an acceptable alternative to simply adjust the asset acquisition 'cost' values in 2016 tax return to the correct values and skip the 1040-X for 2015?

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Brian Michels

Partner

Bachelors of Business Administration

220 satisfied customers
Jonathan, I an 100% shareholder of an S corp. The initial

Hi Jonathan,JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I an 100% shareholder of an S corp. The initial years were not profitable and I loaned the business money which is documented and an interest expense was recorded on the P&L statement. Now the business is profitable, I am ready to start paying myself (100% shareholder) back for the loan. How is the best way to do this? I understand I don't have to pay taxes on the loan repayment, but how is the best way to repay the loan? Does it show up at all on the K1? Does it show up on 1020S other than the balance sheet? Thanks! DougJA: When we are ready I'll take you to the appropriate web page. Is there anything else important you think the Accountant should know?Customer: No...I think this covers it.

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Lev

Retired

Bachelor's Degree Equivalent

25,410 satisfied customers
I had a business judgement loss of $875k, which I paid last

I had a business judgement loss of $875k, which I paid last year. how can i claim that on my personal tax return and carryover to next year and so on?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The judgement originated from personal injury case, the taxicab business was run under an LLC, the cab driver leasing a cab from business rear ended the old lady, the judgement was 1.75 mil , my share came to 875000, which I paid last year. My tax liability is close to 100k fro 2016. The LLC is closed and I have to take the loss or deduction on my personal tax return. How can I do that and carry it over for next year.JA: Is there anything else the Accountant should be aware of?Customer: not interested in the 3k deductions over 20yrs.

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Arthur Rubin

Doctoral Degree

1,854 satisfied customers
I am trying to file taxes for my LLc i have a few questions

I am trying to file taxes for my LLc i have a few questions is a loan that is taken out to open a businiees if the loan is repaid by the business is it considered a non recourse loan and subject to ammorization becuase the interest on the loan? what happens if a guarenteed payment puts the business at a loss and id last years startling capital was zero is it still zeroJA: The Accountant will know how to help. You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: okJA: Is there anything else important you think the Accountant should know?Customer: maybe i dont know right now

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Brian Michels

Partner

Bachelors of Business Administration

220 satisfied customers
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