Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Just want to verify after reading the above discussion about
Just want to verify after reading the above discussion about a suspended nol in a dissolved c corp. Client operated as a c Corp for three tax years and lost money in each year, accumulating a loss of … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
I am the sole shareholder in a C Corp that has carry forward
i am the sole shareholder in a C Corp that has carry forward losses. my last corp tax filing was thru june 30, 2017 although operations ceased Dec 31, 2016. can these losses be applied to my personal … read more
Carter McBride
Carter McBride
LLM
1,484 satisfied customers
I was just talking to you about a CPA is there one I can
hi i was just talking to you about a CPA is there one I can talk to now … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,339 satisfied customers
In a business, if we have incurred loss for the past three
In a business, if we have incurred loss for the past three years, and make a profit of 170K this year, can we offset the profit with previous year loss? It is a C corporation.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
Question to me received by tax preparer: went from a 1120
Question to me received by tax preparer: went from a 1120 to 1120s where when an 1120 filer there was carryover losses. So, can you tell me what is the difference: prior year loss a NOL, passive loss … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
We have a two person S-corp whose only asset is shares in an
We have a two person S-corp whose only asset is shares in an LLC. The S-corp was created years ago when the LLC was created by : 1) a money raise of $3.0 million; and 2) the contribution of IP from th… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
What happens to loss carryover of a C corp that is liquidated
What happens to loss carryover of a C corp that is liquidated and prepares final return. No assets remain in corp at liquidation.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
My small business (an LLC) is such that we dont see regular
My small business (an LLC) is such that we don't see regular income. We make software and the development cycle can take multiple years. We will operate at a loss for a year or two and then release a … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
I am majority owner of 2 California "C" Corporations, both
I am majority owner of 2 California "C" Corporations, both in electronics but different markets. 90+% of the stock in both corproations is owned by the same shareholders. Corporation A has been in bus… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
My husbands S-Corp is operating at a significant Net Operating
My husband's S-Corp is operating at a significant Net Operating Loss this year due to the economy. Will he get a refund on his personal return or does it carry over through the S-Corp next year?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
Im trying to find out what, in the experience of a tax professional,
I'm trying to find out what, in the experience of a tax professional, would be the IRS position on the following scenario: A small private Corporation (C Corp) is formed in Nevada, which consists of o… read more
ezcpa
ezcpa
Certified Public Accountant
Bachelor's Degree
75 satisfied customers
2009: 1120 S Corporation set up 2010: 1120 S Corporation
2009: 1120 S Corporation set up 2010: 1120 S Corporation file 2011: 1120 Corporation file (S corporation revocation approved as 01/01/2011 due to covert to c corp. from s corp.) < Schedule L - end … read more
808chachie
808chachie
CPA
Bachelor's Degree
3 satisfied customers
2010: 1120 S Corporation file 2011: 1120 Corporation file
2010: 1120 S Corporation file 2011: 1120 Corporation file (S corporation revocation approved as 01/01/2011 due to covert to c corp. from s corp.) < Schedule L - end of year for 2010) Cash 100.00 Lo… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
I own two C Corporations for 20 years. One has a loss carry
I own two C Corporations for 20 years. One has a loss carry forward of $300,000. Is there a simple way to transfer the loss to the other C corporation that needs it? What is the IRS ruling?… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
sub chapter s tax question a sub s corp is formed snd the
sub chapter s tax question a sub s corp is formed snd the investment into the business is 90,000. year one they lose 50,000 year two lose 20,000 year three they make15,000 what is the basis in the com… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
I have received business loss credit on my s corp (personal
I have received business loss credit on my s corp (personal tax) for two years 2006 and 2007 due to large losses to the business. the s corp is out of business for 2008 and I don't have w4 for 2008, b… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My company operated for a short time as a C corp and then became
My company operated for a short time as a C corp and then became an S corp. There was a net ordinary business loss as a C (about -1,100.00) reported on Form 1120. Can this loss be carried over in any … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,293 satisfied customers
I own a share of an S corporation that reported a loss ...
I own a share of an S corporation that reported a loss last year of $60m ( my portion). This year the profit was $72M (my protion). I am not employed by this company and have no say in the day to day … read more
Cassandra
Cassandra
Accountant and Tax Preparer
Bachelor's Degree
170 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.

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

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 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 >

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