Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

IRS form 8832 was never filled out or filed to designate tax…

Customer Question
IRS form 8832 was never...
IRS form 8832 was never filled out or filed to designate tax treatment for a corp i created. the corp oissued shares but never distributed them..( one owner)...there were two positions for the corp. A president and treasurer for the corporation created in 2008 in the state of Maryland. is this treated as a disregarded enttity by default provisions for form 8832? if so does any income 9if applicable) go to the personal return of the owner or of the shares of said corp or to the president's return?... Or more specifically, who gets the income or losses from business activity if its disregarded entitiy.
Submitted: 9 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
7/11/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 9 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,406
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. It sounds like this is a single member LLC. Please correct me if I am wrong.

Ask Your Own Tax Question
Customer reply replied 9 months ago
No a corp with two officers..presidential and treasurer. 100,000 shares issued
Customer reply replied 9 months ago
shares remained with one owner
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 9 months ago

Why do you believe it should be treated as a disregarded entity?

Ask Your Own Tax Question
Customer reply replied 9 months ago
because page 4 of 8832 instructions said an entity by default rules is disregarded if there is one owner, from IRS.gov
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 9 months ago

That would apply to an LLC. A LLC is treated by default as a partnership unless there is only one member. A partnership would need to have two or more members. It is acceptable for a corporation to have one shareholder.

Ask Your Own Tax Question
Customer reply replied 9 months ago
trhis corp issued 100,000 shares....and were not held by more than one owner ...so do u think its disregarded...?..and does inc and loss go to owner's tax return?
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 9 months ago

No, it would be treated as a corporation not as a disregarded entity.

Ask Your Own Tax Question
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 9 months ago

What year are you reporting for?

Ask Your Own Tax Question
Customer reply replied 9 months ago
All corps. (Not llc nor partnership s) are considered "Not disregarded
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 9 months ago

Yes, a corporation would not be considered a disregarded entity.

Ask Your Own Tax Question
Was this answer helpful?
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,406
2,406 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I need to file a tax form. Its a new LLC with no income, no
I need to file a tax form. Its a new LLC with no income, no business was generated. Is someone avaiable to help me with this now?… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am doing a partnership and personal return for a man and
I am doing a partnership and personal return for a man and his father. The man is telling me he and his father have agreed for partnership to go from being about 90% owned by father to 90% owned by hi… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
LLC entity is formed in USA (State of NJ) and the only
LLC entity is formed in USA (State of NJ) and the only Member that is listed on Certificate of Formation is a foreign Corporation (in Latvia). How this USA based LLC should file its year end taxes? It… read more
Carter McBride
Carter McBride
LLM
960 satisfied customers
If I am converting an LLC taxed as a partnership to be taxed
Quick question. If I am converting an LLC taxed as a partnership to be taxed as an s corp, would the 1065 for the year prior to the switch be considered a final even though I will be using same ein fo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We have an LLC taxed as a partnership. The only asset on the
We have an LLC taxed as a partnership. The only asset on the books is an Invest we made for 20% share in another LP. I just got the K1 the partnership capital account shows the beg contribution of 500… read more
taxmanrog
taxmanrog
Master\u0027s Degree
903 satisfied customers
Can an LLC taxed as a partnership with only husband and wife
can an LLC taxed as a partnership with only husband and wife owners elect to be a joint venture and put everything on schedule C's? If so, do they need to do an 8832?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Where do report for Partnership (LLC) returns using Form
Where do report for Partnership (LLC) returns using Form 1065 income recipient from taxable federal grant? Specifically, 1099-G, Box 6.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
How does IRS return an unsigned tax form? How does IRS
Hello How long does IRS return an unsigned tax form? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
This is in regards to a partnership tax return Form 1065 and
This is in regards ***** ***** partnership tax return Form 1065 and potentially amending it. The only reason for the amendment would be the distribution information on the K-1s was incorrect. Nothing … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about IRS Form 5472: Information Return of
Hello, I have a question about IRS Form 5472: Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business.Do foreign LLCs (which are deemed … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Are funeral expenses deductible on IRS personal return? My
Are funeral expenses deductible on IRS personal return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Has the IRS made any ruling on the deduction of state
Has the IRS made any ruling on the deduction of state withholding tax and real estate taxes on Schedule A for 2018. Will there be a requirement to deduct withholding in total before moving to real est… read more
abci168
abci168
Principal
27 satisfied customers
I have an LLC that was taxed as a partnership, with two
I have an LLC that was taxed as a partnership, with two members who each owned 50%. My partner is leaving the partnership (as of 12/31/17) and I would now like to continue as an LLC with a sole propri… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
A CPA prepared a filed a personal return last april. There
A CPA prepared a filed a personal return last april. There was a NYS and NYC refund due. The check never was received. The CPA is not helping procure a replacement check, whom should the person call o… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can an LLC (partnership) pay taxes on income and avoid the
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,048 satisfied customers
What are the forms for reporting Rental Income to the IRS on
What are the forms for reporting Rental Income to the IRS on foreign properties - we collect each month? Is this filed separately from our personal returns?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,048 satisfied customers
Penalty for late filing of partnership LLC tax return, not
Penalty for late filing of partnership LLC tax return, not eligible for Rev Proc 84-35 relief because one of the partners is a foriegner… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x