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I started an LLC and have some investors and trying to
I started an LLC and have some investors and trying to figure out best way to set up the taxation aspect As an S-Corp or Partnership … read more
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How does this work. I have a partnership. two partners, no
i have a partnership. two partners, no employees. we have a 401k plan. i have most of my income coming in as Guaranteed Payments. I did an elective deferral of $18k from this income. On the K-1, to me the correct treatment is for the Gauranteed Payments to all be included in Box 4, and for the 401k elective deferral to be reported in Box 13 code R. However, if this is done, our CPA tells me that my partner's capital account analysis (Part II line L) gets messed up with a double-deduction of the 18k. The current year decrease ends up counting the 18k twice. What is the proper treatment of this on the K-1? … read more
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What is the proper procedure to reimburse members of LLC for
What is the proper procedure to reimburse members of LLC for their initial investment? Does that fact that their capital account will be in a negative position at the end of that tax year as the distr… read more
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I have a couple of questions on how solo 401k contributions
I have a couple of questions on how solo 401k contributions to partner need to be entered on partnership 1065 form … read more
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I have a question about setting up a family partnership,
Hello :) I have a question about setting up a family partnership … read more
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Hi, so confused right now. I'm trying to figure out at-risk limitations (form 6198) and what my Jan 1, 2016 adjusted basis is, and what increases or decreases there are. The K-1 Partner Basis Workshee… read more
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A follow-up question to a chat that is posted under the
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I have a question about a member joining our LLC, This is an
Hello, I have a question about a member joining our LLC … read more
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Two individuals are starting a company as a LLC Partnership.
Two individuals are starting a company as a LLC Partnership. One 2/3 ownership and the other 1/3.They have equipment that is easy to value and add as an asset. The question is about merchandise on han… read more
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I belong to a partnership. My partner contributed 25,000 of
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Client was given 20% ownership ownership for work performed
Client was given 20% ownership ownership for work performed "sweat equity". Nothing was recorded on "books" for compensation. Do I need to make sure to include as guaranteed payment and issue 1099 for… read more
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When a partners draw exceeds the basis he has in the company,
When a partner's draw exceeds the basis he has in the company, how is that reported on the K-1? In "other income?" And coded as? Thank you in advance for any help you can provide me.… read more
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I have a two member LLC where the members want to change the
I have a two member LLC where the members want to change the allocations to either 99 percent to member A and 1 percent to member B, or 100 percent to member A and none to member B. The reason for doi… read more
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I have a partnership between 2 partners. One has made a check
I have a partnership between 2 partners. One has made a check out to themself for 2500 dollars. How and where do i treat this on the return.… read more
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Is it preferable to initially fund a company as a loan or as
Is it preferable to initially fund a company as a loan or as a basis in the company? (to give context, it is a multi-member LLC (4 partners) but only one person (me) is contributing funding while all … read more
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A partner in a partnership contributes a real property with
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A group of investors create an LLC, get a tax ID and all evenly
A group of investors create an LLC, get a tax ID and all evenly contribute to the purchase and renovation of a hunting lodge. Returns are filed for four years capitalizing all improvements, real estat… read more
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How do I request Edward Johnson again or if he is not available
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