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I have an LLC business I registered through IRS an I need
I have an LLC business I registered through IRS an I need help on deciding the best form to be taxed, if form 8832 vs 2553 for my insurance business. I would appreciate the helpt … read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
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RE: • S-Corp to LLC • Discarding an Entity, and notifying
RE: • S-Corp to LLC • Discarding an Entity, and notifying the IRS • Business Name Change without Federal Tax ID changeDear *****, Few questions: 1. What are the required steps and/or form to designate… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
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Can you change from an LLC to a regular corporation now,
Can you change from an LLC to a regular corporation now , lets say they want to file their taxes now and he is a LLC one member only and now he wants to file as a corporation , can he do that ?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,535 satisfied customers
We formed an LLC in June 2018, and we didn't know we were
we formed an LLC in June 2018, and we didn't know we were supposed to submit form 8832 to elect for s-corp classiication. We have yet to file our 2018 return (we are filing for an extension) and we se… read more
bkb1956
bkb1956
Finance Enthusiast
24,507 satisfied customers
I started a llc so i could work for a call center. the
i started a llc so i could work for a call center. the company says they only would allow me to choose the scorp or c corp designation on my w-9 form . will there be a problem if i file it as a partne… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,217 satisfied customers
I am a new small business owner with no employees. I made my
I am a new small business owner with no employees. I made my first income. What forms do I need to set-up payroll to pay myself? … read more
bkb1956
bkb1956
Finance Enthusiast
24,507 satisfied customers
I made a mess :P I was recently made aware that I filled to
I made a mess :P I was recently made aware that I filled to have my LLC taxed as a C corp back in 2014. I thought I was electing S Corp status, and I also thought I received a letter saying my electio… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,514 satisfied customers
1. What would be the benefit of classifying my LLC as
1. What would be the benefit of classifying my LLC as Corporation as opposed to a regular LLC?2. What kind of corporation can I classify it as?3. How can I determine what my LLC classification is? I d… read more
bkb1956
bkb1956
Finance Enthusiast
24,507 satisfied customers
I had a question about opening an LLC and electing to be
I had a question about opening an LLC and electing to be taxed as an S-Corp … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,535 satisfied customers
I have an LLC and I am not sure if I should file 8832 to
Hi there, I have an LLC and I am not sure if I should file 8832 to elect Corporation status. I am single member LLC now … read more
Carter McBride
Carter McBride
LLM
8,125 satisfied customers
Here's the situation for a CPA. I've picked up the
Here's the situation for a CPA. I've picked up the bookeeping of restaurant that started in 2016. The LLC members filed as a partnership for 2016. They then started to pay themselves a salary (and withheld payroll taxes) in 2017 as they thought the old bookkeeper filed an S corp election. He did not. It's my understanding partners should not pay themselves wages and have payroll taxes withheld. The partnership also has losses this year beyond any equity put into the business so 2018. I've read that one can file a late S Corp filing in order to allow wages however last years return was filed as a pship 1065. I'd like to keep this as simple as possible as the business might be done in a few months depending on finding funding. Although it doesn't seem appropriate, what's the downside of filing W-2s for the members/partners of the LLC and filing a 1065 for 2017? Thanks,Todd … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,217 satisfied customers
Lane, I have a client who is a Single Member, LLC that is
Hi Lane,I have a client who is a Single Member, LLC that is not incorporated. He needs to know if he can take a payroll paycheck rather than a draw?I would like to know the same answer for a Sole Prop… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,217 satisfied customers
It is not a tax question per se. I just created an LLC. I am
It is not a tax question per se. I just created an LLC. I am a physician, solo practice and will be a private contractor with a Hospital. When I created the LLC, I did not create it as an S-corp, but that is what I want to do. However, it is not clear to me if I have to fill both the 8832 and the 2553 forms, or only the 2553 form. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,217 satisfied customers
Can a sub s revoke the sub s status by filing an 1120s short
can a sub s revoke the sub s status by filing an 1120s short year to 4/1/16, then can the entity change taxation to being a partnership from 4/2/16 - forward… read more
PDtax
PDtax
Owner
Master's Degree
6,526 satisfied customers
I have a simple but probably unusual accounting question I
I have a simple but probably unusual accounting question I am an American citizen and I'm interested in setting up an offshore LLC (like a Nevis LLC) to manage my personal investments (in stocks and bonds held in offshore brokerages) and also some consulting work that I do (consulting work is in the US). I would be the sole member. I understand that if I elect to be considered a disregarded entity (in form 2553 and/or form 2883) on my personal income tax return, I would report all income from the Nevis LLC on my Schedule C, but my understanding is that tax returns with Schedule C returns have a much higher risk of being audited (than returns with income on Schedule E, like income from an S Corp) - so as an American citizen is there any way to have a single member offshore LLC and report its income on my tax return like an S Corp's income (Schedule E) would be reported? If no, then if I had a multi-member offshore LLC, could I then report the offshore LLC income on Schedule E? Or is the tradeoff of owning an offshore LLC that the income gets reported on Schedule C and therefore increases the audit risk? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,217 satisfied customers
I need to add myself as a member of an LLC. Or change the
I need to add myself as a member of an LLC. Or change the company's status to a partnership. I need to be liable for all taxes fees etc. but the company can't change the EIN, so i can't simply transfe… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,775 satisfied customers
I am a clinical psychologist. Last year, 2014, I created an
I am a clinical psychologist. Last year, 2014, I created an LLC in the State of Hawaii, with a plan to start my own private practice. It is a sole member LLC (company name in initials: "PH") by IRS, a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,217 satisfied customers
* tax law* I have an LLC that was previously taxed as a
* tax law* I have an LLC that was previously taxed as a sole proprietorship, but I am going to file for the tax election to be s-corp going into 2012. How does this affect the way I run my LLC? What e… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,614 satisfied customers
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