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If $$ received by corporation is distributed to owners,
If $$ received by corporation is distributed to owners, where does it go IRS Form 1120? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
S-Corp has 2 equal partners (50% each). The corporation made
S-Corp has 2 equal partners (50% each). The corporation made a profit of $100,000 at the end of the year. However, one of the partners took additional 30K during the year. (in other word, the corporat… read more
James Daloisio
James Daloisio
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Doctoral Degree
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I own 1 share or 1% of a S corp. I get approximately $5,000.00
I own 1 share or 1% of a S corp. I get approximately $5,000.00 per year for that. When I do my IRS taxes I check the box that says I am NOT an active participant in the S corp so I pay more taxes on t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
This year I paid myself as a contractor from my company. Is
This year I paid myself as a contractor from my company. Is it better to treat myself as an employee (to give myself w2's instead of a year end 1099)? Would the company bear more of the cost from payi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
My issue is sale of shares of S Corp stock to remaining
My issue is sale of shares of S Corp stock to remaining shareholder. … read more
Jonathan Tierney
Jonathan Tierney
MBA
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I have a company s corp one owner 60% the other 40% in 2014
I have a company s corp one owner 60% the other 40% in 2014 the accountant took out the partner of 40% and the shares were sold for 170,000. but now they have to start paying out the agreement of the … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,026 satisfied customers
In the scenario of a C corporation that has a individual
In the scenario of a C corporation that has a individual majority owner (70%). The corporation would like to come up with a way to eventually buy the majority owner out without forcing outsiders to co… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
Im wondering what the difference is between an owner of a corporation
im wondering what the difference is between an owner of a corporation and a governing person and if they both get issued w2's… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
My new client this year is filing as an Scorp year.
My new client this year is filing as an Scorp for full year. Prior filings were single member LLC on Schedule C. The LLC isn't dissolved. My concern is last years ending inventory was a bogus # ***** … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
RE: HSA Can a >2% Shareholder whose health insurance premiums
RE: HSA Can a >2% Shareholder whose health insurance premiums are in Box 1 W2 also open an HSA and have the contribution be included in Box 1 W2 since the company will pay? Would it be advised that… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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Final Scorp return: I am dissolving an SCorp. and reverting
Final Scorp return: I am dissolving an SCorp. and reverting back to sole proprietorship. The end of the year balances on Sch L are $12K cash, Book value assets $56K, Accum Depr $50K. (NBV $6K). Fmv of… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
I have extended my 1120S - an am preparing 1040, and just realized
I have extended my 1120S - an am preparing 1040, and just realized that I had not paid salary to officer(myself) who is also the sole shareholder. The LLC was formed in Oct 26 2011, so was in operatio… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am preparing a tax return for an S Corporation for 2011.
I am preparing a tax return for an S Corporation for 2011. They have three equal shareholders. One shareholder took a salary last year, the other took distributions and the other took nothing. My ques… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,670 satisfied customers
I own an S-corp (single owner) with 1 W-2 employee. Ive been
I own an S-corp (single owner) with 1 W-2 employee. I've been paying myself 1099 when we have the money (we are still getting going and just barely profitable!). Do I need to be filing those 1099's, o… read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
560 satisfied customers
In the case of an S Corp distribution. In 2009 the S corp
In the case of an S Corp distribution. In 2009 the S corp made a tax profit of 100,000 and was reported on K1 and personal taxes paid. On the books, this is first year we declared a distribution of 10… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have an S-Corporation, I am the only one owner.. how can
I have an S-Corporation, I am the only one owner.. how can I qualify to get qualified dividends since I have only almost $8000 in payroll to myself and I notice that I have $35000 more of business inc… read more
CPAforHire
CPAforHire
Bachelor's Degree
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When the S corporation sells the stock it purchased under treasury
When the S corporation sells the stock it purchased under treasury stock, how does the corporation handle this on the books. Does the new share holder get equity?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
I hava a new corporate client. In the Balance sheet there
I hava a new corporate client. In the Balance sheet there is a loan to him from the corporation of $102000. and in the Equti section there is a $171,774 additonal paid in capital. I am thinking of off… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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