Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
Have S corporation 2 S/H's. 1 S/H filed personal bankruptcy
Have S corporation 2 S/H's. 1 S/H filed personal bankruptcy as was relived of her portion of the debt that is on the books of the S corp by court order. Closing corporation down, corporation is insolv… read more
PDtax
PDtax
Owner
Master's Degree
4,764 satisfied customers
An S-Corp sole shareholder loaned the Corp monies. Corp is
An S-Corp sole shareholder loaned the Corp monies. Corp is paying her back with interest. I deducted the interest expense on the 1120S BUT can I show the interest paid to her on the K-1 line 4 or do I… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,763 satisfied customers
Balance Sheet 1065 Partnership. The building asset is
Balance Sheet for a 1065 Partnership. The building asset is debited and partner;'s capital is credited for the amount of the building. I am refereeing to last years return prepared by another accounta… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,256 satisfied customers
Registered company as LLC and elected as S corp purpose. Did
Registered company as LLC and elected as S corp for tax purpose. Did not issue stock. Spend 50,000 to purchase equipment. For tax return 1120S page 4 schedule L, Asset is 50,000. for the liability and… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
On the 1120, where does one enter a loan made to an officer
On the 1120, where does one enter a loan made to an officer or third party for the purposes of generating future income through interest? It is not compensation as it is a loan, but not sure where to … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
I am working on a private C Corps year end books and they have
I am working on a private C Corps year end books and they have a loan that one of the owners took out personally and gave to the company 11 years ago. The company set this up as a liability(loan from … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I founded a company late last year, as a C-corp. We are not
I founded a company late last year, as a C-corp. We are not generating any revenue but only paying out expenses to developers. Problem is we did not create a separate bank account for the company but … read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
Hi, Stephanie, If John Doe provides a $500k personal loan
Hi, Stephanie, If John Doe provides a $500k personal loan to a C corp at 10% interest annually, but paid out quarterly, John Doe would have to report this as interest income on his 1040, correct? Will… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
2,692 satisfied customers
I am trying to dissolve an s-corp with 1 shareholder that has
I am trying to dissolve an s-corp with 1 shareholder that has not been in business for years. There are no assets and accounts payable and a loan from the shareholder are to be written off. Retained e… read more
PDtax
PDtax
Owner
Master's Degree
4,764 satisfied customers
i have a professional corp currently a subS corp. it has operated
i have a professional corp currently a subS corp. it has operated for 20+ yrs but in recent years there has been little or no activity and i wish to close it. however, the last accountant said there m… read more
RLWEA
RLWEA
Enrolled Agent
Bachelor
69 satisfied customers
Should an s-corp pay a dividend on its officer loan accounts
Should an s-corp pay a dividend on its officer loan accounts and if yes at what percentage. What form do i file with irs is it the 1099 div?… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
There is an LLP, 50k was contributed to start, by one partner.
There is an LLP, 50k was contributed to start, by one partner. (This partner would like to get paid back with interest.) Would it be better to list as a captial contribution with maybe a contract stat… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
I own an S-Corp and for the 1st time need to lend the S-Corp
I own an S-Corp and for the 1st time need to lend the S-Corp funds in the form of a Shareholder loan. I am using the long-term AFR compounded monthly. I will not be making regular monthly payment to m… read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
174 satisfied customers
I am working on a C corp balance sheet which has in assets
I am working on a C corp balance sheet which has in assets a loan to the 100% stock holder, and accrued interest. It also has a loan FROM stock holder in liabilities and equities. The loan from stock … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,256 satisfied customers
Sub S - basis / debt. Sole stockholder - arranged line of
Sub S - basis / debt. Sole stockholder - arranged line of credits / loans in his name. Advances come direct to corporation and are deposited into corporate account. Corporation pays advances back. Cor… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I have a bank liability that resulted from a joint venture
I have a bank liability that resulted from a joint venture between a c-corp that I have and 2 other companies that I have that are sole proprietorships. The liability is and was initially listed on th… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I hava a new corporate client. In the Balance sheet there
I hava a new corporate client. In the Balance sheet there is a loan to him from the corporation of $102000. and in the Equti section there is a $171,774 additonal paid in capital. I am thinking of off… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My sub s corp just bought the shares from the primary ...
My sub s corp just bought the shares from the primary shareholder (60%) and signed a promissory note showing 5 annual payments going to this person for purchase of this stock. How does the debt get re… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
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.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,937 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

261 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,888 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,659 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

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.

Show MoreShow Less

Ask Your Question

x