14 results in 0.0019 seconds.
-
Foreign Source Income from Humanitarian and Developmental Aid Organizations
For purposes of K-2, K-3, is aid project income earned from international development organizations such as UNICEF, International Development Banks, etc, considered "Foreign Source"? These sort of funds typically have offices all over the world, including the USA. -
1120S Officer equity distributions?
Hi. I'm doing the 1120s for our corp. Officer / Shareholder / Boss has had lots of personal payments and purchases made on his/her behalf over the year, and the amounts have been flowing to the equity in the books. However, the total amount for the year is substantial. Would this be considered dividends or property distributions or dividend distributions?...Last edited by NewToTaxes; 08-14-2020, 03:28 PM. -
Purchase of new S-corp vehicle in October
Realtor has been using standard mileage rates, but she bought a new car in October. Any tips on how to maximize conversion to actual expenses from standard rate for the first nine months of the year? -
Taxation of life insurance premiums for S corp shareholder
A sole owner of S corp pays his life insurance premiums (he is the insured) from his corp account. He is the owner of the policy and his wife is the beneficiary. My understanding is that this is not a tax deduction for the S corp, nor is it a fringe benefit for the shareholder. If anything, the IRS may say it is a dividend, distribution or compensation... -
S-Corp shareholder redemption
S-corporation Shareholder’s shares were redeemed effective 12/31/15. His basis was $40,000 and he was paid $90,000 in 2016 per the agreement. Payments happened in 2016 so final K-1 is 2016. He will receive no 2016 K-1 income allocation of S-Corp income. He was also paid another $20,000 for a separate agreement to share profits in 2016.
... -
Is S-Corp stock basis shared by spouses?
Husband and wife are two of the four shareholders of an S-Corp and each own about 35%. Husband has ~5K stock basis, wife has ~33K stock basis. There is no debt basis. S-Corp has ~20K losses this year, about 14K of which will pass to the husband and wife, split about evenly between the two.
I know that constructive ownership/attribution... -
2% S-Corp Shareholder and Workers Comp - with a twist
Okay, so Workers Comp premiums paid for a more-than-2% shareholder of an S-Corp are taxable income exempt from FICA, just like the treatment for health insurance (IRS Pub 535).
A single-member LLC wholly owned by a S-Corp is disregarded for most tax purposes but is a separate employer under state law and is required to withhold and... -
Using loans to offset negative capital accounts for Partnership to S-Corp conversion
A three-member LLC that has been taxed as a partnership has negative equity apportioned across all three capital accounts. The members want to elect S-Corp taxation, which as you all know is a deemed liquidation whose proceeds are used to buy shares in a new S-Corp and distribute those shares to the members, so the S-Corp inherits all liabilities... -
s corp, never filed k-1's or w-2's , put all income on schedule C
Man I don't know where to start with this mess. The client has been filing their 1120S forms filled out by hand with no k-1's. Except for a few years at the beginning they didn't pay themselves though payroll, and instead just took profit checks. They then filed all the same business information again on a schedule C on their 1040, paying self employment... -
Subsidiary Employment
As you know, the IRS now requires that subsidiaries that are disregarded for income tax purposes nonetheless withhold and file employment taxes in their own right and under their own EINs. It's clear that, when an SMLLC is owned by a person, that person is not an employee of the LLC, but what happens when:
1. The subsidiary SMLLC is... -
S-Corp SEP IRA Contribution; Cash vs. Accrual
I'm wondering if I have been handling something incorrectly. A cash basis S-Corp makes a SEP IRA contribution each year for the single shareholder-employee. Because the contribution does not have to be made until the due date of the return, in the past I have made an adjusting entry to accrue the contribution into the period covered by the tax return.... -
QuickBooks Balance Sheet and 1120S Balance Sheet do not match
Greetings,
I have a new business client who I am doing his business and personal returns. I looked through his previous business returns (1120S) and noticed that the CPA that did the previous returns never reconciled the balance sheet with the QuickBooks balance sheet. Now, many years later, the balance sheets do not match. What is... -
Changing from C-Corp to an S-Corp
My Michigan based company is changing from a C-Corp to an S-Corp at the beginning of 2014. It was an S-Corp many years ago but it has been a C-Corp for over ten years now. Other than filing Form 2553 and watching for built-in gains tax on assets sold within five years, is there anything else I need to do, be aware of, or watch out for? -
More 1120-S woes
I seem to attract this sort of client. I have a new client with a one-person S-Corp that has never, in its six years of filing, reported any distributions. As a result of this, and other errors by his previous preparer, his Schedules M-2 are a mess. (Schedules L and M-1 are not required.) He has plenty of basis, so there are no immediate tax consequences....