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If a C corporation's owner is not on payroll, can an
Hi, if a C corporation's owner is not on payroll, can an accountable be set up for the corporation to reimburse the officer for use of mileage and home office expenses? There is not another physical l… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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We are converting our LLC to be taxed as an SCORP starting
We are converting our LLC to be taxed as an SCORP starting in 2021. This company has shares and will pay dividends, has employees, and will handle payroll and other administrative tasks. I am also for… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,073 satisfied customers
Lane, I have a client that bought couple of rental property
Good morning Lane, I have a client that bought couple of rental property for investment and she is actively and materially participating in the these properties. She uses a portion of her appartment t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,763 satisfied customers
S corporation with 2 shareholders (husband and wife)
Hello, S corporation with 2 shareholders (husband and wife) operating from office at home. I want to make sure we are doing the home office deduction correctly under the S-corp.Question 1: Right now, … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,763 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, MBA, CFP, CRPS
Doctoral Degree
20,763 satisfied customers
S Corp >2% shareholder rents portion of home. (For the
S Corp >2% shareholder rents portion of home. (For the record, for 2019, the S Corp will have an accountable plan and reimburse the shareholder for the office in home.) For 2018, the S Corp had an … read more
Lev
Lev
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Bachelor's Degree Equivalent
41,073 satisfied customers
In usa, can a sub s corp fully deduct the expense it
in usa, can a sub s corp fully deduct the expense it reimbursed to an officer? amount of reimbursement is higher than the profit of sub s corp. is deduction limited to profit or can it create a net op… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,530 satisfied customers
I need a second opinion regarding an S-Corp tax question vs.
I need a second opinion regarding an S-Corp tax question vs. what my CPA is reporting to me. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,073 satisfied customers
I have a client who is a 1 person S-Corp. The S-Corp wrote
For LaneI have a client who is a 1 person S-Corp. The S-Corp wrote check to himself every month to pay rent for space he worked out of in his apartment. I know have to do a schedule e on her personal … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,763 satisfied customers
I have "engineers" who's responsibility is to go to clients
I have "engineers" who's responsibility is to go to clients to address issues. However, when NOT going to a client, they come into the home office or work from home. About half of these employees have… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,530 satisfied customers
IRS Tax Question: A S-Corp is using their personal vehicle
IRS Tax Question: A S-Corp is using their personal vehicle and paying out of the S-Corp account. They are also paying for gas and other expenses out of the S-Corp account. How should this be treated f… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,763 satisfied customers
Starting in 2018 with the tax changes, would it be
starting in 2018 with the tax changes, would it be preferable for an entity, even a sole prop llc, to rent the home office from the individual or stock holder, to move some of the income to the E and … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Morning Lev, I recall reading that the IRS frowns upon S Corp
Morning Lev, I recall reading that the IRS frowns upon S Corp Shareholders having a Home office. Is this true? I also read that it is recommended that they develop an accountable plan for such home of… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,073 satisfied customers
Hi Lane, I have a client who is a >2% shareholder for 3 different
Hi Lane, I have a client who is a >2% shareholder for 3 different Sub S entities. He conducts all the administrative duties out of his home office. My understanding is that under these circumstance… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,763 satisfied customers
I just need a second opinion....client has an S corp, can not
I just need a second opinion....client has an S corp, can not take an office in the home, can they take a portion of the utilities??? Electric, Water?? Not RE tax and mortgage interest, not filing a s… read more
USTaxAdvising
USTaxAdvising
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Bachelor's Degree
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I am a 2% shareholder in an S Corp. I am a general contractor
I am a 2% shareholder in an S Corp. I am a general contractor that stores company tools, equipment, and supplies in a detached building (not a shed, but has a poured foundation & cinder block walls) a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,073 satisfied customers
I have a sole proprietorship and a c-corp that share the same
I have a sole proprietorship and a c-corp that share the same home office space. The c-corp has a reimbursement plan to pay for its share. Form 8829 is used for the calculations for the home office ex… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,073 satisfied customers
I am 100% owner of an S Corp. We are adding on to our ...
I am 100% owner of an S Corp. We are adding on to our home, including an office that I intend to use for the S Corp. Is a percentage of the cost of the construction (the office part) tax deductible? H… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
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