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I have the following questions about federal income taxes

that relate to my FL...
I have the following questions about federal income taxes that relate to my FL LLC formed in 2003 and having no employees. The situation's the result my health that degraded over a few years to the point of total inability to participate in the company - I don't know if that information's helpful.. My wife kept the company alive until my health improved. No personal or business taxes or estimates have been paid for 2015 & 2016. Here's the questions: 1) For various periods in 2015 & 2016 Forms 941 & 940 were filed this year for my wife and me. Taxes and penalties have been paid. Can I get them back? Generally how? 2) Since 2003 we have filed an 1120S and not a Sch C. Does this cause or add to any problems for the past 2 years? 3) In the past 2 years we have drawn (early) from my IRA & Roth for essential bills. Is there any allowance for hardship when withdrawing early? 4) What's the penalty for question 3? 5) About 2007 the company was moved from me as the owner to my wife. It now needs to be changed back since my health is better. Does or can this affect my other questions, and how?
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Answered in 24 minutes by:
4/19/2017
Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 162
Experience: Partner at Michels & Hanley CPAs, LLP
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Hello. My name is ***** ***** I'll be the Expert assisting you today. I’m a licensed CPA in New York. I look forward to helping you with your issue. I will address each question separately.

1) It appears that you were an LLC taxed as a Corporation since you mentioned you filed an 1120S in the past. If that is the case you are required to file a business income tax every year, regardless of whether the company had any income or loss. All domestic corporations must file an income tax return whether or not they have taxable income.

2) You indicated you filed annual / quarterly payroll tax returns. Was there payroll paid to you during the years? If you paid yourself or your wife a salary than you should have received a W-2. The W-2 would have been used to file your personal tax return for 2015 and 2016. If there was withholding on the income you may be entitled to a refund, depending on any other income you had for the year.

3) Generally, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59½ are called ”early” or ”premature” distributions. Individuals must pay an additional 10% early withdrawal tax unless an exception applies. The penalty exception applies to funds that are used for higher education expenses, medical expenses or health insurance premiums paid while unemployed.

4) The penalty for an early withdrawal is 10%

5) If you change the ownership from you to your wife or vice versa it won't have an impact on your return if you file jointly.

You indicated that you have a new accountant who doesn't do taxes. It would be beneficial to hire an accountant who understands the tax law for both business and individual / personal. If you need assistance don'e hesitate to ask. I'm happy to help.

I hope I’ve provided the information you were seeking. If you are happy with my service, your 5-star rating at this time is most welcome. If you need more help, please let me know so l can continue to assist you.

Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 162
Experience: Partner at Michels & Hanley CPAs, LLP
Verified
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Brian Michels
Brian Michels
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Category: Tax
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