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S Corp business closed down. Inventory left on books 30k was
S Corp business closed down. Inventory left on books 30k was distributed to the shareholder as a repayment for his loan to the corporation 30k. When preparing the final tax return, where do I show the… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
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I am looking to make my sole proprietorship into a
I am looking to make my sole proprietorship into a multi-member LLC. I have a large inventory noted on my Schedule C. How would I note capital contributions of this inventory on my taxes? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
5,544 satisfied customers
I am a sole proprietor selling art prints online (less than
I am a sole proprietor selling art prints online (less than 1 million as per tax code) and I want to opt out of reporting inventory. I have been unnecessarily reporting COGs for the past 3 years. Can … read more
Carter McBride
Carter McBride
LLM
4,277 satisfied customers
I print and sell t-shirts, posters, cards. My raw materials
I print and sell t-shirts, posters, greeting cards. My raw materials include shirts/paper/ink, but also the service providers who actually print the products as reflected in their final billing to me.… read more
Carter McBride
Carter McBride
LLM
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I have a client that is using the new TCJA to not track
I have a client that is using the new TCJA to not track inventory anymore and rather, take it all as cost of good sold. I'm unsure of how to document that on the balance sheet in the tax return becaus… read more
Carter McBride
Carter McBride
LLM
4,277 satisfied customers
I can't reconcile the COGS on the 1125-A tax form with the
I can't reconcile the COGS on the 1125-A tax form with the COGS on the Quickbooks P&L. We use the accrual method of accounting. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
5,544 satisfied customers
Just not sure whether or not I need schedule 1125-A. I have
Just not sure whether or not I need schedule 1125-A. I have an essential oil business, where I make products and sell them as they are ordered. No real inventory or stock of products. If I report cost… read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,194 satisfied customers
In 2011 on an 1120s tax form line item 2 shows cost of goods
in 2011 on an 1120s tax form line item 2 shows cost of goods sold and says to attach form 1125-a but no schedule 1125-a was attached-is there any reason that would be ok?-transition year to this form … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,497 satisfied customers
Can I report inventory as incidental materials (expensed
Hello, can I report inventory as incidental materials (expensed when purchased) under the new Tax Cut & Jobs Act? My gross receipts are under 25 million… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,687 satisfied customers
I'm taking over a s-corp business and have inventory related
I'm taking over a s-corp business and have inventory related concerns:- After I take it over, I am going to be adding inventory that I already own to it. I can add this inventory to the equity side of… read more
taxmanrog
taxmanrog
Master's Degree
1,889 satisfied customers
Here's the situation: Beginning Inventory and Ending
Here's the situation:Beginning Inventory and Ending Inventory have been very significantly understated for years. As a result, Purchases have been forced to be significantly overstated for years. COGS… read more
PDtax
PDtax
Owner
Master's Degree
5,156 satisfied customers
I am trying to launch an e-commerce site. I purchased
Hello, I am trying to launch an e-commerce site. I purchased inventory much too early before launch. How often can a business owner keep rolling their inventory over from year to year as a tax advanta… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,881 satisfied customers
, I purchased a couple homes with a partner in an LLC, rehabbed
hi, I purchased a couple homes with a partner in an LLC, rehabbed the houses and sold them. I am trying to figure out where to report Purchase, Expenses(Taxes, Material, Contractor Costs, Insurance, O… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,881 satisfied customers
We closed a dry cleaning store in 2014. In the Form 1125-A
We closed a dry cleaning store in 2014. In the Form 1125-A (Cost of Goods Sold), Inventory at beginning of year is 2k, which is for clothing left for more than 2 year. If I enter 0 in the ending balan… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,881 satisfied customers
I need to file a 1120-C for my small corporation. I appear
I need to file a 1120-C for my small corporation. I appear to be a qualifying taxpayer and a qualifying small business taxpayer as my gross receipts are under $1 million. I would like to be a cash bas… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
Are sales based royalties included as costs on 1125-A?
Are sales based royalties included as costs on 1125-A for a non-manufacturing business or small merchandiser? In this case, it's a franchised restaurant.… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
2,693 satisfied customers
I am working on Fed Taxes for an S corp. I used Quickbooks
I am working on Fed Taxes for an S corp. I used Quickbooks Pro for my accounting software and TurboTax for tax filings. In QUICKBOOKS, my profit and loss statement indicates a $39.00 profit for the ye… read more
PDtax
PDtax
Owner
Master's Degree
5,156 satisfied customers
I am running an online shop; I keep my inventory at home and
I am running an online shop; I keep my inventory at home and do all my own shipping. Last year I read something about how businesses that keep an inventory can only deduct the cost of goods sold. Acco… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
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