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Can an owner of an S Corp collect mileage on the following:
Can an owner of an S Corp collect mileage on the following:The vehicle is owned and paid for by the company. The vehicle's fuel is paid by the company. All maintenance is paid for by company.A previou… read more
NPVAdvisor
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My client paid Federal estimated taxes for 2017 from their
Hi Pearl. My client paid Federal estimated taxes for 2017 from their S-Corporation checking account with the S-Corp EIN in the memo. This was by accident on their part. When we filed the 1040, we repo… read more
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Ok, so I run a small business, a single member LLC, if I
Ok, so I run a small business, a single member LLC, if I ever had a huge tax bill can the IRS come after personal assets or only business assets? … read more
Robin D.
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Vocational, Technical or Trade School
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My friend is 100% owner of a small restaurant, set up as an
My friend is 100% owner of a small restaurant, set up as an S-corp. He is also 100% owner of LLC which owns the restaurant building. The s-corp is supposed to pay the LLC rent. But has been struggling… read more
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I am an EA. I have a client who just told me he started a
I am an EA. I have a client who just told me he started a new LLC in February 2017, and he thinks he made it an S Corp. Let us assume for now it is an S Corp. He is checking that out. HIs projected pr… read more
Barbara
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This question is in regard to an LLC taxed as an S-Corp with
This question is in regard to an LLC taxed as an S-Corp with 1 owner. The owner built out the home office (around $50k) and paid for the construction using a line of credit in the LLC name. However, t… read more
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Company had paid for IRS payments for individual 1040's on
Company had paid for IRS payments for individual 1040's on behalf of owners. Is this correct or what is the next step if incorrect for company to pay for IRS?… read more
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I started an Partnership LLC in March 2014 with a 50% ownership
I started an Partnership LLC in March 2014 with a 50% ownership to my partner Aaron, and 50% to myself. Aaron is out of the country and will not become an actual working member of our business until A… read more
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Phillip Bell, EA
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Hello all, I apologize if this was kind of generic. I need
Hello all, I apologize if this was kind of generic. I need a little tax advice, or perhaps a lot! I ran a small business with a friend as co-owners as an S-Corp. We had our materials prepared and thro… read more
Lev
Lev
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I have a business that is filed as a sub S corp that I opened
I have a business that is filed as a sub S corp that I opened in 2004 or 2005. I have been an employee of this business and paid myself a fair salary. I have never filed a business tax return. I read … read more
keeperumiami
keeperumiami
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A client sells the assets of the S Corporation. The goodwill
A client sells the assets of the S Corporation. The goodwill portion of the sale was split equally between the sole owner of the S Corportaion and the S Corporation entity. The owner was key to the tr… read more
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Life insurance proceeds paid to a Sub S corporation how do
Life insurance proceeds paid to a Sub S corporation how do proceeds get distributed to the shareholders without tax?… read more
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Im a partner in a partnership LLC can we the three partners
I'm a partner in a partnership LLC can we the three partners pay ourself interest on our capital balance in the partnership?… read more
fastfile
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S Corp has 3 vehicles in personal name, 3 employees (1 of
S Corp has 3 vehicles in personal name, 3 employees (1 of them being the owner) all 3 vehicles are set up in a accountable plan stating to pay himself a total of 500.00 a month for all three vehicles … read more
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Can someone offer some advice on how to correct reasonable
Can someone offer some advice on how to correct "reasonable wages" for an S Corp (over 2% owner) that has not taken any salary out of the business in 2010? They had no payroll reports filed all year a… read more
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Stephanie B.
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I am 100% owner of an S corp for 7 yrs. Our line of credit
I am 100% owner of an S corp for 7 yrs. Our line of credit through Wells Fargo is at around $150,000. It's possible our line of credit may be getting cut or interest rate raised due to low profits and… read more
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A question from my friend My husbands company (whom he works
A question from my friend: My husband's company (whom he works for) pays for his housing. The company gave a cap of $2500/month to cover a completely furnished unit including utilities and maid servic… read more
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We have had a lot of contractors this year doing improvement
We have had a lot of contractors this year doing improvement of our business building and equpment repair. One contractor billed us with his own company bill that showed "company name Inc" . My husban… read more
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