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Recent Revenue Service questions

S Corp buyout question. 2 owners in an S Corp. One wants to

S Corp buyout question. 2 owners in an S Corp. One wants to retire and be bought out. They agree on a price. The remaining shareholder decides to have the corporation buy the retiring shareholder out so that the loan interest is deductible. In recording this on the books of the S Corp, the credit is of course, the loan payable. I'm assuming the debit is half of the shareholder equity, but that is not enough. Where does the remaining debit go? I don't believe S Corps can have treasury stock? Help!

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,456 satisfied customers
I am trying to fill out form 3520 and needed help. My

hello, i am trying to fill out form 3520 and needed help. My grandfather passed away last year and i inherited money from him. it is over $100,000. He lived in England and was an English citizen. I am a us residentJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: thats about it i think

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
I have dissolved an LLC in State of Indiana and I am looking

I have dissolved an LLC in State of Indiana and I am looking into what needs to be done with the EIN number and what to file with IRS for State and federal. I dont recall getting a State Withholding Tax account but I understand the form BC-100 needs to be submitted.. but I am not sure complete the portion on tax type .. not sure what tax type I should identify ... the LLC was opened in 2016 and we never did any business under it, nor did we open any accounts under it ...JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: it was a single member

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Lev

Retired

Bachelor's Degree Equivalent

24,870 satisfied customers
Where do I mail the Schedule K1 for form 1120S? I need to

where do I mail the Schedule K1 for form 1120S?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I need to mail the form. Does it just go with the form 1120S or does it need to go to another address? I'm located in Oklahoma.JA: Is there anything else the Accountant should be aware of?Customer: No

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
Does the Internal Revenue Service contact you by phone if

Does the Internal Revenue Service contact you by phone if they have any thing against you? I got a call from someone claiming to be from the internal revenue, saying I had a lawsuit against me?

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Robin D.

Vocational, Technical or Trade School

24,142 satisfied customers
I have a complex tax situation. My spouse cares for me in

I have a complex tax situation.My spouse cares for me in the home.There are 2 programs (one VA, one state)that pay her to care for me.Both of these programs area medical benefit for me.The VA program utilizes a nursing careagency to pay my spouse. The Stateprogram uses a fiscal intermediary topay her, although I am listed as theemployer on tax forms. This arrangementhas been ongoing for years now. Unfortunately,we did not know that my spouse is essentiallytax exempt.According to IRS Pub. 926 a spouse's incomeas a household employee is not taxable forincome, social security or medicare taxes. Theproblem is that I am not sure if my spouseneeds to be a 1099 contractor to qualify forthe exemption. I asked the agency if theycould change her to a 1099 contractor, butthey had reservations because they providedinsurance and bonding for her, which accordingto tax law would preclude her to be an employeeand not a contractor.I would also like to go back 3 years and amendthe prior returns to get the taxes paid refunded.Please advise on what our best options are andhow to get a refund for prior years.

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PDtax

Owner

Master's Degree

7,710 satisfied customers
I filed 1099-MISCs and a 1096. The 1099's were correct. The

I filed 1099-MISCs and a 1096. The 1099's were correct. The 1096 was printed with the check in the OID box...instead of the MISC box. I'm guessing I just send in another red 1096 with the check in the correct box for MISC. Right?The 1099s are not going to be voided or corrected. So theydon't need to get sent right?I was just thinking of sending a photocopy of the old 1096 with a scribble indicating the OLD VERSION with the TYPO.You would think reporting bond OID they would send a letter, but the deadline was just Feb 28th. The deadline for electronic submission is March 31st. I've never had to correct a 1096. And the instructions mainly focus on 1099 corrections....TYPE 1 TYPE 2. Not 1096 corrections.The issue was Quickbooks thought the 3rd box from the left was MISC like in 2015. But in 2016 they moved it to the 4th box from the left. So the software put the check mark in the OID box which was 3rd from the left margin.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,140 satisfied customers
Thank you for your help. I worked in the US for 2.5 years on

Thank you for your help. I worked in the US for 2.5 years on a J1 visa. I left in December 2016 as I got a job back in Europe.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I want to fill my tax return for 2016 but I am not sure if I could just send my form1040-nrJA: Is there anything else the Accountant should be aware of?Customer: I don't think so

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,378 satisfied customers
My employer gave me a corrected W-2 because FEIN number was

my employer gave me a corrected W-2 because FEIN number was wrong. I have already filed and received a refund. What do I do with this new W-2JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Do I send the new w-2 to the IRS and if so, is there a formJA: Is there anything else important you think the Accountant should know?Customer: no

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ABC Accounting Group

Bachelor's Degree

1,024 satisfied customers
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