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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2930
Experience:  IRS licensed Enrolled Agent and tax instructor
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I started an s-corp 1/15/2014 only my husband and I own and

Customer Question

I started an s-corp 1/15/2014 only my husband and I own and have no employees. The first year we worked cleaning vacation rentals with no day off getting paid peanuts. Finally, I scored 6 private vacation rental owners and now have time off getting paid triple. I did not hire a CPA and I need to re-do my first year in business taxes because I had no clue what I was doing and fudged it online with an online tax software through Tax Act. Now I am in an Audit over Premium Tax Credit and need to Amend 2014, and have a CPA do it all from Bookkeeping to Amending my 2014 Return, and all Accounting because it was all wrong.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

HI. My name is ***** ***** I will be happy to help you.

If IRS is already auditing your return than do not sent amended return. Wait until IRS notifies your about the results. Than you can decide if you agree with the proposed changes or if you want to challenge it. The premium tax credit is not calculated on your business return, it is on your personal return. The most common issue with the credit is that you didn't reconcile the credit on your tax return (you didn't use form 8962 with your return). I suspect, in your case the problem might be the income. You said you tripled your income in the last year? I would advice you to hire an experienced tax professional - Enrolled agent or CPA to help you with the responds to the letters and amend your return if needed.

Customer: replied 1 year ago.
Awesome thank you 😉
Expert:  emc011075 replied 1 year ago.

You're welcome. Is there anything else I can help you with today?

Expert:  emc011075 replied 1 year ago.

And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.