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A physician is a partner in an 1120-S corporation. He has a
A physician is a partner in an 1120-S corporation. He has a professional corporation that employs him. The professional corporation provides professional services to the S-Corp. Does the S-Corp report… read more
Carter McBride
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An S-Corp builds residential houses. Are the income from the
An S-Corp builds residential houses. Are the income from the sale of the completed house, and the related house building cost, reported on line 1 and line 2 respectively of the 1120S tax return?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Own an 1120s. I now own a small crafts company. First year
Own an 1120s. I now own a small crafts company. First year owned was 1/1/2018. I am doing my return, I have cost of goods now. Where on my 1120s do I breakdown the cost of goods sold? Also, in additio… read more
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I've sold items online and Paypal sent me 1099K. On form
I've sold items online and Paypal sent me 1099K. On form 1099k, I have $1300 in line 1a and $1300 in line 1b as well. Am I supposed to add those amount and report it as an income? Why did I receive th… read more
Barbara
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I'm the sole owner of two llcs taxed as s corps which I own
I'm the sole owner of two llcs taxed as s corps which I own 100% . Im filling my 2018 tax return 1120s and now k-1s which data i then transfer to 1040. What about the previous years net income losses … read more
Lev
Lev
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I am billing a job in new mexico and trying to figure our if
i am billing a job in new mexico and trying to figure our if i need to charge sales tax … read more
Tax.appeal.168
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What were the sales thresholds in 2012 that would trigger
what were the sales thresholds in 2012 that would trigger the requirement that an 1120s corporation file on an accrual basis as opposed to a cash basis and please note any changes to those thresholds … read more
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2 Questions: SALES TAX COLLECTED and GROUPON SALES Does
2 Questions: SALES TAX COLLECTED and GROUPON SALESDoes Sales tax get reported on the Corporate Tax Return (1120) as part of Gross Receipts or Sales?I just got an IRS bill because I did not include Sal… read more
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I need some help regarding exercising Stock Appreciation
I need some help regarding exercising Stock Appreciation Rights in 2016.I went through probate in order to be able to access my deceased husband's YUM brands SARs. I sold them and received 100,417.62.… read more
Lane
Lane
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I am trying to fill out a Illinois ST-1 form. In step 1 line
I am trying to fill out a Illinois ST-1 form. In step 1 line A I entered the $ amount of alcohol purchased. Then on step 2 line 1 it says to enter the total taxable receipts (including alcohol sales).… read more
Dr. Fiona Chen
Dr. Fiona Chen
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I am trying to help reconcile a tax return from 2007- they
I am trying to help reconcile a tax return from 2007- they have a balance of retained earnings of -484474 and the difference in gross receipts between their income statement and their TR is $483498. C… read more
Mark Taylor
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I have received a bunch of 1099Ks of my clients, an Uber
I have received a bunch of 1099Ks for one of my clients, an Uber driver with a wife and a a few small businesses. Some are for credit card transactions, one is for uber payment. It is good data, I bel… read more
Robin D.
Robin D.
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In dealing with an IRS Field Audit (Examination), a client
In dealing with an IRS Field Audit (Examination), a client has incorrectly filed a Schedule C to report business activity for an entity that must either file Form 1065 or 1120S. It is immediately unde… read more
Lane
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I have a question about regarding 1099-. I'm trying to
I have a question about regarding 1099-B. I'm trying to complete my taxes for the tax extension that's due today. I have a statement from Scottrade, my old investment broker. I'm trying to figure out … read more
Lane
Lane
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, I own a restaurant and am an S corp. I was issued a 1099
Hi, I own a restaurant and am an S corp. I was issued a 1099 K by the credit card companies and also had backup withholding. My question is where on the 1120 S do you report the credit card sales and … read more
Megan C
Megan C
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I have received a 1099k tax form, for credit card transactions
I have received a 1099k tax form, for credit card transactions , where I should enter it for tax preparation?… read more
winktax
winktax
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I am filing a 1120 for a start-up corporation with no income,
I am filing a 1120 for a start-up corporation with no income, inventory... I have already filled out section L for Delaware taxes. We have stock, cash and consultant's payments. Can you provide guidan… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My S-corp starting balance was $1200, and ended with $40.
My S-corp starting balance was $1200, and ended with $40. It had $8000 come in and $9000 went out....net loss $1000. I paid myself a $5500 consulting fee. How do I report this on my 1120S? I don't und… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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