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I have a partnership accounting/tax question. We are a
Hello, I have a partnership accounting/tax question. We are a startup. One partner is now providing website services to the partnership as a business administration service. Hourly rates are documente… read more
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Another question while I am waiting for the other answer.
Another question while I am waiting for the other answer. Lets say a partnership LLC redeems out another partner's interest during the year and just becomes a sole proprietor llc. Would a 1065 need to… read more
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Clarify line 10 of form 1065, guaranteed payment to a
Clarify line 10 of form 1065, guaranteed payment to a partner. Should the working partner's draws be considered salary or draw? … read more
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I am considering participating in a side business as a
I am considering participating in a side business as a contractor. The company wants to offer me 5% equity that vests over 3 years with no cash payment throughout the duration of the 3 years. I would … read more
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A follow-up question to a chat that is posted under the
A follow-up question to a chat that is posted under the question "LLC partnership has a 401(k) plan." I get how it should be reported, but I don't know how I can enter the retirement contribution for … read more
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If you are a general partner in a partnership are you
If you are a general partner in a partnership are you allowed to be paid any compensation through payroll if you are still going to file a 1065 and receive a K-1? If you are a limited partner can you … read more
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My wife and I own a partnership. We are 50/50 partners. I do
My wife and I own a partnership. We are 50/50 partners. I do 99% of the work in the partnership. Can I change her from a 50% partner to a 10% partner to save on self employment taxes when we file our … read more
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If an llc has multiple members with equal ownership, can each
If an llc has multiple members with equal ownership, can each member be paid an hourly wage for hours worked? This would be above and separate from the annual distribution. Some members will not be ab… read more
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Can an LLC schedule K profit for a participating member (100%
Can an LLC schedule K profit for a participating member (100% participating in the LLC and also majority member) offset a long-term loss from stocks accrued for that individual member? I have about 10… read more
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I am Co-Founder of my company that is formed as a LLC. I am
I am Co-Founder of my company that is formed as a LLC. I am the owner along with two others. I own 37.5%, one owns 37.5%, and the other 25%. The one that owns 25% bought in at a later time. In additio… 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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On a k-1 from form 1065, line 1 is ordinary income. Guaranteed
On a k-1 from form 1065, line 1 is ordinary income. Guaranteed payments are on line 4. The way I understand it guaranteed payments are those which are guaranteed regardless of a profit or not. Does th… read more
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At the beginning of 2013 I formed an LLC with one additional
At the beginning of 2013 I formed an LLC with one additional member (as such, we are a categorized as an LLC partnership). My questions relates to our tax situation. First, we do NOT have any employee… read more
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I am working on a 1065 partnership. The partners agreed to
I am working on a 1065 partnership. The partners agreed to have the business pay the tax liability impact on their final personal returns. So, if they have K-1s showing earnings of $25,000 which adds … read more
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Are “guaranteed payments” on Form1065 taxable to a partner?
How is “guaranteed payments” on Form 1065 taxable to a partner? I manage an LLC (let's call it A, LLC), which is taxed as a partnership (files 1065). Both partners are other companies (B, LLC and C, L… read more
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i have a client who is a partner in an llc. he is also the
i have a client who is a partner in an llc. he is also the manager of the cattle feed lots (llc). the llc pays him a salary of $40,000 a year. how is the tax figured on this? the k1 amount is added to… read more
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On the 1065 Members Draw is entered. This amount is reflected
On the 1065 Members Draw is entered. This amount is reflected in the botXXXXX XXXXXne.Then the members draw is then carried over to the K1 and also to the partners' indivial return as income, correct?… read more
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Can a person contribute to a 401K with payments received through
Can a person contribute to a 401K with payments received through "guaranteed payments" from his Partnership… read more
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