Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
C Corp is on a fiscal year ending June 30. If $20k is
C Corp is on a fiscal year ending June 30. If $20k is distributed in August 2018, the 1099-Div is due to the recipient by the end of January 2019. IMPORTANT FACTS: Positive E&P for FY just ended 06/30… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
5,189 satisfied customers
This S corp is electing to move to a C corp. It has negative
This S corp is electing to move to a C corp. It has negative RE. Does it roll to C or how is it handled tax wise? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,218 satisfied customers
My company, an S-Corp, has been in business since 2009. It's
My company, an S-Corp, has been in business since 2009. It's a consulting company, I'm the only employee. It has no debt, has never had debt. It has negative retained earnings that grew this past year… read more
Carter McBride
Carter McBride
LLM
3,150 satisfied customers
YOU HAVE HELPED ME VERY MUCH IN THE PAST. I have a C Corp
Hi Stephen, YOU HAVE HELPED ME VERY MUCH IN THE PAST.I have a C Corp question. I need to get some cash, accounts receivable and jewelry liquidated to a 100 % shareholder. The cash is $ 190K the A/R is… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
I am closng my S-corp that has $352K prior c corp earnings.
I am closng my S-corp that has $352K prior c corp earnings. The only assets are cash and land and then negative retained earnings. How would I treat the prior c-corp earnings? I have 127K in cash and … read more
taxmanrog
taxmanrog
Master's Degree
2,950 satisfied customers
On an S corp. if there is negative retained earnings on
on an S corp. if there is negative retained earnings on balance sheet and a loan balance from stockholder of 250k with sec 1244 stock. how would this be handled for the final return? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
Negative m2 balance in last year of s corp is identical to
negative m2 balance in last year of s corp is identical to loan from sharehodler loan. company had losses, zero shareholder distributions. how to report on the m2? I feel the ending RE should be zero … read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
5,189 satisfied customers
On a corporate return there is a section marked schedule
On a corporate return there is a section marked schedule M-2, analysis of accumulated adjustments,etc. What does this mean? and how is it accumulated, can the shareholders take this money out of the f… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
I have an S corp filing their final return. They have
hi Steve! I have an S corp filing their final return. They have negative $ 12K in their retained earnings. Does this essentially represent a long term capital loss?… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Have one c corp with carryover losses, another with retained
Have one c corp with carryover losses, another with retained earnings. If both are dissolved, can these be balanced?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
, I have an S corp. I'm the only shareholder. This year,
Hi, I have an S corp. I'm the only shareholder. This year, for the first time, I had an ordinary income loss and it exceeded my R/E from the end of last year. During the year, when I deposited money f… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
5,189 satisfied customers
This is a C Corp Dividend Distributions question. I think
This is a C Corp Dividend Distributions question. I think it is complicated, the person answering should have hands on experience with form 5452 and sections 301, 316 etc. THE QUESTIONS 1. Since there… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
TAXMANROG CPA ONLY S-Corporation 1120S Schedule M-2 (a)
TAXMANROG CPA ONLY S-Corporation 1120S Schedule M-2 (a) Accumulated Adjustments Account column Questions 1. What does the Balance at end of tax year represent and what is this column supposed to tell … read more
taxmanrog
taxmanrog
Master's Degree
2,950 satisfied customers
RE: schedule L, 1120S. I want to show a project escrow (ie
RE: schedule L, 1120S. I want to show a project escrow (ie cash I have which is committed for future expenses on a project which was ongoing 12/31/2012). Would that be other current assets line 6 or o… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
I have an LLC to Corp conversion. The LLC currently has Assets
I have an LLC to Corp conversion. The LLC currently has Assets of Cash and Receivables totaling $260,000 and Liabilities of Credit cards and payables of $278,000 creating a negative equity of $18,000.… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
5,189 satisfied customers
I have a client that closed his business. I have a shareholder
I have a client that closed his business. I have a shareholder loan outstanding that he owes the company. He also has retained eranings and APIC that exceeds the amount of the shareholder loan. Do I c… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Company A” S Corp and Company B” C Corp B” have current
“Company A” = S Corp and “Company B” = C Corp “B” have current year operating loss 2010 and negative retained earning in balance sheet for previous year/ NOL carried forward. “A” has profit for 2010. … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
On a final 1120-S tax return, the Retained Earnings and Line
On a final 1120-S tax return, the Retained Earnings and Line 8 of Schedule M-2 show nwgative balances of 30,000. There is an asset distribution to the shareholder of $25,000. The distribution was reco… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 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