Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
Working in Quick Books - our books are not closed yet. I
Working in Quick Books - our books are not closed yet. I just realized that I made a journal entry in June of 2021 - it was dated 12/31/20. (I do not know why I did this!) The JE was incorrect, it sho… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
10,936 satisfied customers
This question is for G. I am trying to dissolve a C
This question is for Stephen G. I am trying to dissolve a C Corporation with a large, long outstanding debt to a shareholder. Several options have been proposed: 1. Cancellation of the Debt followed b… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
This question is specifically intended for Stephen G. I
This question is specifically intended for Stephen G. I found an answer from Stephen G. from 2016 that addressed a similar situation. I am in the process of preparing a final tax return for my husband… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
G Only An S corp received a K-1 with a loss of $150K. Its
For Steve G OnlyAn S corp received a K-1 with a loss of $150K. Its opening capital account was $100K. Does the S corp record $100K loss to the extent of basis and show an M-1 adjustment for $50K becau… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
What journal entry does an s corporation make on its books
What journal entry does an s corporation make on its books to record its share of a loss from an investment that leaves it with negative equity capital and where the s corporation does not have any re… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
Again. I have a partnership with three partners. There is a
Steve, Chris again. I have a partnership with three partners. There is a loss in 2020. The partnership only has rental income/loss. The partner's 1040 that I'm working on is disallowing the whole loss… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
Steve. Do you recommend an S Corp shareholder taking annual
Good day Steve. Do you recommend an S Corp shareholder taking annual distributions versus just leaving the cash in the business and "cashing out" when the business closes or the need arises? This assu… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
He !!! Happy Saturday. Listen, I have a C corp that was
He Steve!!! Happy Saturday. Listen, I have a C corp that was formed 10.27.17. No return was filed for that short year. I would like to make an election for the C Corp to be taxed as a S corp. What's t… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
Closing out entries for S Corp? Is this going to cost me?
Closing out entries for S Corp? JA: Have you talked to a tax professional about this? Customer: no JA: Anything else you want the Accountant to know before I connect you? Customer: is this going to co… read more
Mr. Tax
Mr. Tax
CPA
Master's of Science
1,010 satisfied customers
In Quickbooks online my balance sheet shows an entry of "net
Hi, in Quickbooks online my balance sheet shows an entry of "net income" in the Equity section but Turbotax Business Schedule L does not show an entry for "net income". Because of this, the two do not… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
What to do with paid in capital 2,941 and common stock 1,000
What to do with paid in capital 2,941 and common stock 1,000 for final return of a dissolved s corp?… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
I own a C corp. I borrowed 7,500.00 from the company to use
Hello, I own a C corp. I borrowed 7,500.00 from the company to use towards our mortgage down payment. How do I set this up in QB? Yes, I have a promissory note and the money will be paid back with in … read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
I would like with specifics on the dissolution. I would like
I would like to follow up with specifics on the dissolution. I would like to show you the calculation based upon the "components" of the gain or loss, versus the JE that would establish accounts at ze… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,866 satisfied customers
If a C-Corp rents a building from the sole shareholder but
If a C-Corp rents a building from the sole shareholder but can't pay the rent, is there an issue with recognizing the full amount of the rent per the lease as an expense on the C-Corp (and rental inco… read more
PDtax
PDtax
Owner
Master's Degree
6,725 satisfied customers
how do draws impact revenuesie year end entry credit
how do draws impact revenues ie year end entry credit sales debit draw This is a corp. in which owner elected to defer the reporting of paypal sales when received until year end as illustrated in the … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
For an S Corp, can I take a shareholder distribution from last
For an S Corp, can I take a shareholder distribution from last year's earnings (K-1 amount on last year's tax return) to pay back a loan to shareholder that was accumulated in the past? If so, do I ha… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
We have an SCorp which we do not want to dissolve but which
We have an SCorp which we do not want to dissolve but which we will not be working in or generating income in for the next few years (Maybe never). We have a vehicle titled in the company name. The ve… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 satisfied customers
I am the only shareholder in an S Corporation. The company
I am the only shareholder in an S Corporation. The company has a an asset of a loan receivable from me in the amount of $150,000. Do I have to pay back this loan or can I just close the company and as… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,958 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

6,077 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

877 satisfied customers

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

Loren

Loren

Attorney

795 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

24,361 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,667 satisfied customers

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

< 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