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I have a business client who is 100% owner in several
I have a business client who is 100% owner in several S-Corporations. In 2018 the S-Corps had over ($600K) in net operating losses which passed to my client's 2018 Form 1040. The total 2018 AGI was a … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,754 satisfied customers
I would like to confirm a corporation transfer and tax
I would like to confirm a corporation transfer and tax issue. This concerns a husband and wife; the husband is recently deceased. He owned shares in an S Corp from which he carried over significant bu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,754 satisfied customers
Question for Lane, JD, CFP, a PC had a loss last year of
question for Lane, JD, CFP, a PC had a loss last year of -5543. This year there is a profit remaining of 900. can the money be left in the account and be deducted from last years loss without the PC h… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
19,419 satisfied customers
Lane! A client has changed from a C-Corp to a S-Corp. Can I
Greetings Lane!A client has changed from a C-Corp to a S-Corp. Can I carry forward his NOL? Thanks - John… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,754 satisfied customers
I started a company several years ago as a C-corp and had
I started a company several years ago as a C-corp and had several years of accumulated losses. I later switched to a S corp. the losses continued. … read more
Tax.appeal.168
Tax.appeal.168
Principal
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If I have a "C" Corp (only one owner and one employee - the
If I have a "C" Corp (only one owner and one employee - the same person), can I take minimal or no salary and pay dividend distributions from profits?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
19,419 satisfied customers
I have an S-Corp. I also have a sole proprietorship. The
I have an S-Corp. I also have a sole proprietorship. The S-Corp shows a loss on the Schedule K-1. My personal income form, including the sole proprietorship, shows a small profit but so small that I d… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
On my 2013 Federal 1120S there is a K-1 with a negative
on my 2013 Federal 1120S there is a K-1 with a negative figure on the top line. For some reason, yet unknown to me it was not put on my tax return. However, on my 1120S on the shareholders basis state… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
19,419 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
Retired
Bachelor's Degree Equivalent
31,754 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
Retired
Bachelor's Degree Equivalent
31,754 satisfied customers
16. Husband incurs $300,000 NOL in 2010 and before which he
16. Husband incurs $300,000 NOL in 2010 and before which he is carrying forward. Until 2010 husband and wife had been filing separately. In 2011 husband makes $40,000 independently on W2 and $80,000 a… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
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An S corporation was formed in 2006 and has not filed any Forms
An S corporation was formed in 2006 and has not filed any Forms 1120S yet. The S corporation has losses for 2006, 2007, 2008, 2010, and 2011 but had a profit in 2009. If the S corporation desires to f… read more
Lev
Lev
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Bachelor's Degree Equivalent
31,754 satisfied customers
S-Corp who had not filed taxes since 2006. Finally filed taxes
S-Corp who had not filed taxes since 2006. Finally filed taxes and completed audit and returns accepted by IRS. Two parties involved. Now, question is regarding the delimma this situation created for … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,754 satisfied customers
I own a single shareholder S-Corp that retains approximately
I own a single shareholder S-Corp that retains approximately $800K in NOL carry forward. I am interesting in exploring ways that I can share this tax benefit with individuals and/or entities who can g… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
I do part time tax prep. I am not a CPA but experienced. A
I do part time tax prep. I am not a CPA but experienced. A client is demanding I take a business related NOL on his Sch A for a late filing of his 2009 return. The business is an LLC filing as a sole … read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
241 satisfied customers
If I cant use all of my S-Corp loss to offset other taxable
If I can't use all of my S-Corp loss to offset other taxable income in the current tax year, can I carry the loss forward to offset taxable income in future years?… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I own a small S-corp and was overwhelmed by the demands of
I own a small S-corp (Minnesota) and was overwhelmed by the demands of business and got way behind on filing the 1120S. I have not received any IRS notices but I am now filing old returns starting wit… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 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
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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.

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