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I have a client who is currently a Sole Prop., but wants to
Hey Lane,I have a client who is currently a Sole Prop., but wants to be an S Corp starting 2020. What forms do I need to fill out for the IRS and California?Thanks,Kathleen… read more
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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
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I have a single member LLC formed in Texas, does business
I have a single member LLC formed in Texas, does business only in Texas at one location, and all income is reported and taxed on my personal 1040 filing. The business has been operating since 5/22/201… read more
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A tax payer set up a LLC in the state of Texas and elected
a tax payer set up a LLC in the state of Texas and elected to be treated as a 1120S.. The individual now wants to change to a general partnership and file a Form 1065. How would this be done?… read more
Lev
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Bachelor's Degree Equivalent
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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
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We are an LLC partnership wishing to make an election to be
We are an LLC partnership wishing to make an election to be taxed as an S-corp under the late conversion rules Rev. Proc. 2013-30. It is unclear if we need to file IRS form 8832 and IRS Form 2553 or o… read more
Alexander Efros
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Client was incorporated as a Disregarded entity in 2017.
Client was incorporated as a Disregarded entity in 2017. Client now wants to become an S Corp and wants me to go back to the date of incorporation for the company. When switching from an LLC disregard… read more
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My tax accountant advised me to elect my LLC to be taxed as
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I am starting a business. I would like some help in deciding
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TaxRobin
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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
17,300 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
17,300 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
17,300 satisfied customers
I formed an LLC back in April 2014 but didn't start 'using'
I formed an LLC back in April 2014 but didn't start 'using' it until fall of 2015. I used this entity to buy and sell residential real estate. My accountant brought it to my attention that, because th… read more
Mark Taylor
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I want to file S corp election late. My company is
I want to file for an S corp election late. My company is an LLC. How far can you go back in terms of electing the S Corp tax treatment? Can you still get the benefit for tax year 2015? How liberal is… read more
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I am a clinical psychologist. Last year, 2014, I created an
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Lane
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i have an llc and am a sole proprietor. I would like to switch
i have an llc and am a sole proprietor. I would like to switch to a S-corp. If I established my LLC in 2006 what forms do I need to fill out. FWIW I'm in Oregon Also, I saw somewhere if I file the cha… read more
Rakhi Vasavada
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Bachelor's Degree
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* 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
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Formed an LLC, wanted to be treated for tax purposes as an
Formed an LLC, wanted to be treated for tax purposes as an S corp, I thought you did not need to file the 8832 anymore and only needed to provide a 2253 election. Am I wrong?… read more
JKCPA
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