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I am trying to reconcile info on an S Corp balance sheet and
I am trying to reconcile info on an S Corp balance sheet and a S Corp Tax return. The balance sheet shows larger distributions (and retained earnings) than the tax return. I'm wondering if the differe… read more
PDtax
PDtax
Owner
Master's Degree
9,538 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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Tax preparer, (A), of 40+ years started exhibiting early
Tax preparer, (A), of 40+ years started exhibiting early signs of dementia/Alzheimer in 2014. He passed his practice on to a younger preparer, (B), as of 01/01/2015. "A" just walked away from the busi… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
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Client is dissolving S-Corp. One shareholder owes $6823.
Client is dissolving S-Corp. One shareholder owes $6823. Both shareholders took distributions of $5125 each. Common Stock is 1000, Retained Earnings is 9103 and Net Income is 6970. How should I make t… read more
Lev
Lev
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If total receipts are $78,000 for a C Corp, I believe I am
If total receipts are $78,000 for a C Corp, I believe I am not required to fill out schedule L and M then total Assets show as 0 is that correct … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,218 satisfied customers
I have a C Corp and I own the sole owner. I am now preparing
I have a C Corp and I own the sole owner. I am now preparing my business and personal returns for 2016. I want to pay myself compensation on W-2 which I did not file with the IRS yet nor did I pay pay… read more
James Daloisio
James Daloisio
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Doctoral Degree
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For form 1120 c corp.. my sales are over 250,000 but my
for form 1120 c corp.. my sales are over 250,000 but my assets are not.. am i required to submit a balance sheet?… read more
Brian Michels
Brian Michels
Partner, CPA
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My Client received a k1, with $25,000 posted on line 1, and
My Client received a k1, with $25,000 posted on line 1, and $84,000 posted on line 16 D. I don't understand the Shareholder Distribution. She didn't receive cash, did she receive stock valued at $84,0… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,388 satisfied customers
I have a question about a sole shareholder of a cooperation
I have a question about a sole shareholder of a cooperation who starts distributing money out of the corporate paid-in capital. Can the destitutions considered tax free?About a couple of years ago I f… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I am doing a tax return for a client. I just finished his
I am doing a tax return for a client. I just finished his 2015 1120S based up on data from Bookkeeper. I have not efiled yet.Then I got his 2014 1120S and the ending assets on 2014 are different from … read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
AFTER CALCULATING SHAREHOLDER BASIS, HOW CAN I KNOW IF I CAN
AFTER CALCULATING SHAREHOLDER BASIS, HOW CAN I KNOW IF I CAN TAKE OR NOT THE LOSS FROM A K1? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,218 satisfied customers
When you have a corp 1120 with fiscal year end 3/31/16 and
When you have a corp 1120 with fiscal year end 3/31/16 and you pay a dividend to a trust with fiscal year end 4/30/16 (Div paid on 3/30/16)- What 1099-DIV is filed on corp level (2015?)(2016?) - since… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I have a client who was advised by an earlier accountant or
I have a client who was advised by an earlier accountant or advisor that she could invest in a company--an S corp--, and she got the idea when the loan was paid back, she could use that to reduce her … read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
LLC being treated as an “S” Corp purposes. The Net Profits
For an LLC being treated as an “S” Corp for tax purposes. The Net Profits for prior years should be shown as what on the Balance Sheet? Am I coorect int thinking that those Net Profits that are not pa… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
This question involves C corporation Cash Distributions,
This question involves C corporation Cash Distributions, form 1099 Div and Form 5452. A very good knowledge in these areas are required to answer these questions. I have a Delaware C-Corp which I have… read more
Megan C
Megan C
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Master's Degree
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Is it ok to record income received in 2016 (checks dated in
Is it ok to record income received in 2016 (checks dated in 2016) in 2015 to show a business profit? We would like our small business to show a profit for 2015, but a few of our clients paid after the… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
How to zero out Retained earnings about 9,000 and Share
How to zero out Retained earnings about 9,000 and Share Capital $1,000 in a C corporation (having a single shareholder) so as to minimize income tax when the Illinois corporation is being dissolved in… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
What if S-corp has two non-equal members (stock ownership and
What if S-corp has two non-equal members (stock ownership and stock basis) and received different amounts of non-dividend distribution throughout the year... How would this be reported on 1120S tax re… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
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