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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

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I have an SCORP and my building is an LLC. The SCORP has

I have an SCORP and my building is an LLC. The SCORP has paid for landscaping rock for the building. I need to know if I should record the transaction as a distribution from the SCORP and then pick it up on the LLC as contributed capital and then clarify the landscaping as a land improvementJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: In regards ***** ***** any other expenses that the SCORP pays for the LLC, it should all be treated as a distribution from the business and then picked up as contributed capital and the properly expensed on the LLC

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Lane

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In 2016, a loan from my employer was discharged in Chapter 7

In 2016, a loan from my employer was discharged in Chapter 7 bankruptcy. My employer has reported this as income on my 2016 W2. I have completed form 982, and I can see how it would work if I had been issued a 1099-C, however, my employer's tax consultant directed them to report on the W2. I have also found references online to 1099-C only being used by financial institutions, and that W2 reporting is appropriate.How do I move the amount of the discharged debt out of my AGI?

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Lane

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My son and his wife has had their 2016 tax return kept by

My son and his wife has had their 2016 tax return kept by the IRS due to a missing 1099 from a former employer on a 2014 filed return. The old employer stated he sent it but my son only worked for him a month or so and never received it when they moved and forgot about that job when filing. The total gross he made was $8,000.00 and their return would have been $6,500.00 this year and they keeping it all. Is there anything they can do because there would be no way $6,500.00 would be due on $8,000.00 total earnings.

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Lane

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A client is provided a pickup truck for work. He drives it

a client is provided a pickup truck for work. He drives it back and forth and to different jobs. He does not pay for any maintenance, gas, oil, or anything like that. There is no personal use (or de minimus with permission). He hadJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: he had $735 taken out of his check last year (approx. $15 a week) for use of the vehicle. Can he deduct that amount?

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Lane

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I am a part year resident of AZ and MT. On Schedule A, item

I am a part year resident of AZ and MT. On Schedule A, item 5, Option a is for state income taxes paid. I paid some to MT. Option b is for sales taxes. I paid no income taxes to AZ so could use the tables to determine the allowable amount of sales taxes and apportion it for the months lived in AZ, my current residence. My question is will I trigger concern or an audit or a denial of one or both of the amounts claimed if I check both boxes and enter the appropriate amounts for each. Thank you, ***** *****.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I don't believe I have any questionable items. My wife and I are retired and only have retirement income. Property taxes will be high as I paid in 2 states and interest is high becuse of points paid for the mortgage.l expenses

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Lev

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My S Corp. Lost money this year (2016). I could not pay

My S Corp. Lost money this year (2016). I could not pay myself a Wage - without "Loaning" more money... Am I in violation of the "Reasonable Salary" for an S Corp Owner....And for 2017 is looks like I could/will have a Net Profit about $20K - I would rather have my Loan Balance repaid than take a Wage - JamesJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Not at this point....James

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Lane

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If a policy holder accepts a lump sum payment for a

If a policy holder accepts a lump sum payment for a discounted (75%) lifetime balance of a Disability Income Policy, is it subject to Federal Income tax?

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Lane

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DOES TUITION PAID FOR A KINDERGARTEN PROGRAM RUN BY A CHILD

DOES TUITION PAID FOR A KINDERGARTEN PROGRAM RUN BY A CHILD CARE CENTER QUALIFY FOR THE CHILD CARE CREDIT?

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Lane

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