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How often is it that a corporation terminates each fiscal…

How often is it that...
How often is it that a corporation terminates each fiscal year with 0 profits? and that may have some consequence with the IRS? The employees receive all the profits and pay their taxes correctly.
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Answered in 1 hour by:
3/13/2018
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,026
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

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Actually, this happens fairly frequently. I have several clients who pay employees (not owners or officers) bonuses at the end of the year. These bonuses are accrued and can be deducted if paid within 2 1/2 months after the year end.

Additionally, others will use profit-sharing plan contributions to zero out income.

SO this is really not that unusual.

I hope this answers your question. IF you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

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Customer reply replied 1 month ago
you answered very clearly. thank you!
You are very welcome. If you have any questions in the future, feel free to come back and ask for me.Also, please don't forget to rate me, is that is how questions are closed.
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Customer reply replied 1 month ago
i tried to rate you with 5 star but for some reason the stars are gray and dont work. i will come back later.
Tonight when I get back home I will login again and post an answer to the question. There is a box I can check that says ready to be rated. I will make sure it's checked and then you should be able to rate me.
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Customer reply replied 1 month ago
i am in firefox and could not click any star. i will try with chrome
Customer reply replied 1 month ago
i am in chrome and still the starts are not working. i will try with edge
Customer reply replied 1 month ago
i am in edge and the stars do not work. I will try opera
Customer reply replied 1 month ago
i am in opera and is the same. what can i do to rate you with 5 stars?

Try it now. I just clicked the box to answer again.

Thanks for keeping with it!

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,026
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
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Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

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