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A member in a multi member LLC receives her 2018 K-1. It
A member in a multi member LLC receives her 2018 K-1. It shows 4,218 of ordinary income on line 1 and 98,827 of guaranteed payments on line 4. Her net earnings from self employment on line 14 (coded '… read more
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Can a closely held business deduct health insurance for the partners without offering health insurance to the regular employees? … read more
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Taxpayer is a partner in an LLP. TP wants to wants company
Taxpayer is a partner in an LLP. TP wants to wants company to open a SEP IRA for partners and employees. Presently, the partners take no salary, only profit sharing distributions at the end of the yea… read more
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I have a question about the new Pass-through tax law. I am a
I have a question about the new Pass-through tax law. I am a partner in an LLC. I am not paid via w-2 but thru guaranteed payments and receive a K-1 each year. I have read in the new law that guarante… read more
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I'm trying to figure out how a partnership "deducts"
I'm trying to figure out how a partnership "deducts" contributions to a partner's retirement plan … read more
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I am a self employed management consultant living in South
I am a self employed management consultant living in South Carolina. I have no W-2 or guaranteed payments of any kind. I am paid through a single member LLC, and the related federal taxes are calculat… 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
Lane
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My client has LLC (partnership tax treatment). Based on the
My client has LLC (partnership tax treatment). Based on the operating agreement one of his partners needs to be reimbursed for health insurance. 1. In 2015 partnership did not have any income (only ex… 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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Can guaranteed payments in an LLC vary depending on income
Can guaranteed payments in an LLC vary depending on income of the LLC? In other words, can you increase GPs when you have more profit available in the company, then reduce them when profit is low?… read more
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hi, I have a situation where an LLC filing as a partnership has members (partners) who
hi, I have a situation where an LLC filing as a partnership has members (partners) who perform qualified services and receive W-2 wages as well as K-1 distributions. I wanted to ask if, for the purpos… read more
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I am calculating a domestic production deduction for a partnership.
I am calculating a domestic production deduction for a partnership. certain expenses do not appear on page one of form 1065 but are taken directly to schedule K-1. Such as section 179 deduction, guara… read more
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I have a Limited Partnership that distrubutes K-1 statments
I have a Limited Partnership that distrubutes K-1 statments to the partners. In 2010 the company split and some partners left so, we filed short in 2010 and then a second filing was completed for the … read more
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When making journal entries to adjust a Partnerships books,
When making journal entries to adjust a Partnerships books, does it make a difference for reporting and ax return purposes if I show money drawn by the 2 partners as guaranteed payments or net profit … 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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I have recently started a partnership in which I am a 50% owner.
I have recently started a partnership in which I am a 50% owner. My partner and I are paying cobra to our previous employer. Can we pay the cobra premiums directly from our new partnership or must the… read more
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I have paid myself through my llc but have not reported those
I have paid myself through my llc but have not reported those wages to the irs. The llc files as a partnership. How do I show these payments on my personal tax return? Also how do I show payments on t… read more
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I am a member in a 2 person LLC. We have been taking draws
I am a member in a 2 person LLC. We have been taking draws but should we take guaranteed payments? How and when do I payroll taxes on my income?… read more
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