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We're looking for help with questions regarding the ppp. Not
We're looking for help with questions regarding the ppp … read more
Carter McBride
Carter McBride
LLM
5,218 satisfied customers
Lane, I have a c-corp trucking company with 100% owner who
Hello Lane, I have a c-corp trucking company with 100% owner who employs several independent contractors. He pays them and himself 1099-Misc. What meals expense can he deduct on his 1120? (except regu… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
Lane: A computer consulting Programmer rendering Programming
Hi Lane: A computer consulting Programmer rendering Programming services on 1099-Misc and filing return with Sch-c, where he reports only net profit ( no wage drawn). can he claim Deduction for qualif… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
ONLY Note: taxpayer convert C corporation to S Corporation
This question is forCustomerONLYNote: taxpayer convert C corporation to S Corporation in tax year 20171. Do I include the $2693 federal income tax in E & P calculation(see attach yellow hightight)? th… read more
taxmanrog
taxmanrog
Master's Degree
2,038 satisfied customers
I am amending my client's 2016 1120S to include $3,850 as a
Second opinion] Hi, I am amending my client's 2016 1120S to include $3,850 as a SEP-IRA contribution on Line 17. My question is how do I adjust the balance sheet?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
I have a client LLC elected as S corp, single member. Had a
I have a client LLC elected as S corp, single member. Had a significant profit but wants to leave it in the business. What is my end of the year entry? Do I close out Retained earnings and Cr a Owners… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
Taxpayer has a single member S Corp. He pays himself
taxpayer has a single member S Corp. He pays himself $120,000 per year with all payroll taxes taken out. … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
Double entry accounting. What accounts from chart of
Double entry accounting. What accounts from chart of accounts should I use to account for this transaction:Company credit card was used to pay for something that cannot be deducted for tax purposes.… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
I have an LLC with 3 members, one of the members wants to
I have an LLC with 3 members , one of the members wants to get out. We need to do it through a sell of shares. Accounting wise how should my entries be? on the tax return itself what is the schedule w… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
Amending return, all Schedule numbers appear correct; overstated
Amending return, all Schedule numbers appear correct; overstated income by $80000; cash is correct on return; where in the world does one offset this reduction? Schedule M-2 as other increases?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
We prepared a 2012 final K-1 for a member who had a 25% interest
We prepared a 2012 final K-1 for a member who had a 25% interest in the company. His ending tax basis capital account balance per the K-1 was $2,478. Does this amount then get allocated to all remaini… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
23,024 satisfied customers
I have asked this question in the past but still need additional
I have asked this question in the past but still need additional answer. A family member has a S corp and is filling his return for 2013,now on extension he has opened a new C corp and will not be doi… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,666 satisfied customers
Question Regarding Schedule M-1 I am filling out my 1120
Question Regarding Schedule M-1 I am filling out my 1120 for my corp. I know I do not have to file a schedule L, M-1 or M-2 but i would like to just for my records so I know that I balance back to my … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
closing c corp, reorganizing under treasury regulations 1.368-3(g).
closing c corp, reorganizing under treasury regulations 1.368-3(g). The assets are being transferred to the re-org corp. In schedule L, do I set all eoy asset values for the closing corp to zero or le… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,111 satisfied customers
When I convert from S-Corp to C, can I keep existing EIN?
When I convert from S-corporation to C-corporation can I keep my existing EIN number for the S-corporation? Also, do I have to dissolve the S-corp when it is converted to a C-corporation? If so, how c… read more
winktax
winktax
Enrolled Agent
Master's Degree
425 satisfied customers
I have an S Corp that was a C Corp prior to 2010. Trying to
I have an S Corp that was a C Corp prior to 2010. Trying to figure out what should be zeroed out and what accounts should have balances in QuickBooks as my Tax Accountant do not complete the end of ye… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
what J/E do I need to make to zero out a Balance Sheet Suspense
what J/E do I need to make to zero out a Balance Sheet Suspense Account entry from 2006 of -$10K that was originated by making a credit card payment?… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
when filing for an S-Corp What is the purpose of an M-1 and
when filing for an S-Corp What is the purpose of an M-1 and M-2. Where are these numbers being generated from, especially concerning the M-2? what is the difference, if any, between the bank account b… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
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