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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4674
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I have an s corp and doing taxes time in tax act.

Customer Question

I have an s corp and doing taxes for first time in tax act. Who would be considered a share holder?
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.
Hi from Just Answer. I'mCustomer Any actual owner of shares as of the tax year end (most often 12/31/xx) is a shareholder. S corps do not typically offer ownership through more exotic ownership like options or other grants of equity, so the tax return question should be answered only for those owners who will get an 1120S K-1. Thanks for asking at just Answer. Please rate my assistance when you accept my answer, or post follow up questions if you need anything more. I'mCustomer
Customer: replied 1 year ago.

So owner or worker does not need to be a shareholder. I can leave that blank? We are small and never did anything with shares. Thanks

also one company we did work for we got 1099 and other no. do I bunch them together or do I need to specificy who gave 1099 or not.

Tax act is not asking for company name of who we did work for just the amounts. Is this correct? Thanks

Expert:  PDtax replied 1 year ago.
Owner is a shareholder. You can't be an S corp owner without being a shareholder. Bunch together the 1099s. The amounts are fine, but keep a record of the 1099's just in case you are asked in the future.Customer
Customer: replied 1 year ago.

Okay, Great Thanks

Just one last quick question. If one owner and they are shareholder. How many shares would I put?

Expert:  PDtax replied 1 year ago.
I would check the original certificate of incorporation. If you don't have that, just put 100% where the percentage is asked, and leave the number of shares blank.Customer