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IRS form 1120 lines 12 & 13. Gross wages or net wages? 2017,
IRS form 1120 lines 12 & 13. Gross wages or net wages? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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My Wife and I started a company last in 2017, formed as a C
My Wife and I started a company last in 2017, formed as a C Corporation and we are each 50% holders of common Stock. Grossed 50k, expenses are 40 K, net profit of 10K. We have owners withdrawals of 5k… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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2 Questions: SALES TAX COLLECTED and GROUPON SALES Does
2 Questions: SALES TAX COLLECTED and GROUPON SALESDoes Sales tax get reported on the Corporate Tax Return (1120) as part of Gross Receipts or Sales?I just got an IRS bill because I did not include Sal… read more
Tax.appeal.168
Tax.appeal.168
Principal
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This is a business tax question. I have a corporation and am
This is a business tax question. I have a corporation and am filling out form 1120 for 2016. We had one employee and their gross wages were 4835.00 (as reported on their w-2). The employee share of me… read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
422 satisfied customers
1. When the total reported to owner am less than 8%, the
1. When the total reported to owner am less than 8%, the owner must allocate the difference between the actual tip income reported and 8% of gross receipts. In this case, how do we get gross receipts … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
Questions on form SS-4 I incorporated my company in North
Questions on form SS-4 I incorporated my company in North Carolina. I am filling out form SS-4 for an EIN (tried online but got error 101 was told i need to fax for SS-4).https://www.irs.gov/pub/irs-p… read more
BK-CPA
BK-CPA
Bachelor's Degree
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Requesting second opinion regarding presentation of employee
Requesting second opinion regarding presentation of employee tips for corporate tax return: 1. Gross-up income and report employee wages per box 1 of forms W-2 which will include tips. 2. Net tips rep… read more
CFEPro789
CFEPro789
Fraud Analyst
Master's Degree
1,046 satisfied customers
I am one-person s-corp. I am owner and therefore considered
I am one-person s-corp. I am owner and therefore considered a 2% shareholder. This year the s-corp cut a check to my brokerage account for $17,500 for the elective deferral contribution of my Solo-401… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
I am one-person s-corp. I am owner and therefore considered
I am one-person s-corp. I am owner and therefore considered a 2% shareholder. This year the s-corp directly transferred $6,550 from its business account to my HSA account as an HSA contribution. If my… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
on my K-1 for 2011 line 1 ordinary income is $64,715.00 and
on my K-1 for 2011 line 1 ordinary income is $64,715.00 and line 13 (m) for health insurance deduction is $19,086.00. my question is my social security tax schedule E should be base on $64,715.00 or t… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
924 satisfied customers
I am filing my s-corp tax return (1120s). I am importing my
I am filing my s-corp tax return (1120s). I am importing my information from quickbooks pro into turbotax for businesss. My question is regarding the 'salary and wages' line 8 entry. I understand that… read more
BK-CPA
BK-CPA
Bachelor's Degree
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Can a C Corporation adjust the capital gain of a sale of house
Can a C Corporation adjust the capital gain of a sale of house with prior and current year income loses?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
I received the k-1 form. I just need to know where on the
I received the k-1 form. I just need to know where on the 1040 form to enter the amount. It is not under wages. Is it suppose to be under Tavable Interest or Dividens?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
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2 questions on from 1120 s 1. on line 12 it asks for the
2 questions on from 1120 s: 1. on line 12 it asks for the scorps payroll taxes, state taxes and licenses. Do i include the the scorps 941 taxes paid on this line. 2. i am the only shareholder of my sc… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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My S-corp starting balance was $1200, and ended with $40.
My S-corp starting balance was $1200, and ended with $40. It had $8000 come in and $9000 went out....net loss $1000. I paid myself a $5500 consulting fee. How do I report this on my 1120S? I don't und… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
I just discovered a nasty change in the 2008 Form 1120S (Schedule
I just discovered a nasty change in the 2008 Form 1120S (Schedule D). You can no longer carry capital losses that exceed capital gains to your stockholder K-1s! Instead, my S-corp I use for consulting… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
If my s-corp finishes the year with a $5000 profit and that
If my s-corp finishes the year with a $5000 profit and that $5000 is sitting in the corps bank account...am I taxed on that $5000 (I own all stock), just as if I had taken the it all in a distribution… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I am preparing my S corp tax return. In the past I had a ...
I am preparing my S corp tax return. In the past I had a CPA do it and am doing it myself this year. My wife and I are the only employees and pay wages to ourselves and file W-2s. On the w2's I check … read more
Bill
Bill
Master's Degree
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