2
votes
1answer
25 views
S-Corp Bankruptcy
S-Corp liquiation.
Please give me your thoughts on how to handle the s-corp inventory.
One of the two shareholders filed for bankruptcy. I am closing out the scorp. The only real …
1
vote
0answers
11 views
Transfer of Property with Mortgage in LLC
I need help in sorting out whether this is a taxable event and how to handle the transactions that transpired. Below is the circumstance:
1) Six individuals transferred land with …
2
votes
3answers
51 views
Can S corp write off stock buyback as an expense or investment?
Scenario is S corp in California, Three working partners with 25k stock each. One owner is retiring. Buy sell agreement states that the company will buy back his stock with 10% dow …
2
votes
5answers
230 views
Can an S-Corp buy out the only shareholder in the corp?
An S-Corp initially issues 800 shares of stock to 4 shareholders at 200 shares each.
Three shareholders (600) shares have subsequently been purchased back by the company.
Can t …
2
votes
2answers
43 views
dividing a business under s corporation
We are a family owned & opperated business doing business under an s corporation. Mother is getting bought out leaving two sons who then wish to part ways. The problem is in di …
4
votes
3answers
203 views
S-Corp New York State Tax Liability
I had an S-Corp in NYS.
My last filing was in 1994.
I did not file the paperwork in NYS to discontinue my S-Corp. I did not realize this had to be done - I thought you just stopp …
3
votes
2answers
103 views
Can I deducting the interest for personally guaranteed lines of credit?
I have an S corp that has personally guaranteed lines of credit.
Since these are in the business name but have my name on them as well, can we deduct the interest when using them …
2
votes
2answers
46 views
penalty abatement chances
A physician had a previous accountant start him with an S corp and a defined benefit plan.
Physician is the sole shareholder and no employees. tax returns were timely filed. Upon b …
2
votes
4answers
135 views
Recording a gift to a client in Quickbooks
(Background: I recently started an S corporation. I currently sell software services, not products.)
Over the holidays, I purchased a restaurant gift card and gave it to a client …
3
votes
6answers
269 views
election for single member llc to taxed as corp
Single member LLC formed Jan, 2008. Filed 2008 tax return as disregarded entity on Form 1040, Sch C., will do same for 2009. Form 8832 was not filed, used the default rules. Now …
2
votes
3answers
49 views
As a non-resident alien employee for a S-Corporation what forms do I file?
As a non-resident alien employee for a S-Corporation what tax forms would I have to file, if any?
**Sorry, I mean C-Corporation. Also can you be NR employee of a C-Corporation?
3
votes
6answers
152 views
What is the advantage of filing as a Partnership (Form 1065) instead of SubChapter S Corp (1120S)?
What is the advantage of filing as a Partnerhsip (Form 1065) instead of SubChapter S Corp (1120S)?
2
votes
1answer
72 views
Non-existant S-Corp Election - Form 2553
It has been awhile since I have had to deal with this, but we had a new client that setup their S-Corporation with someone else back in early 2008 and it has just been discovered t …
3
votes
7answers
871 views
S-Corp return late filing penalty abatement
has anyone had success in having this penalty abated when the shareholders timely filed their personal returns with S-Corp k-1 income included ?
3
votes
3answers
220 views
Shareholder loans as basis
Can an S-corp shareholder loan money to his calendar year-end S-corp in December 2009 to create basis so he can deduct the loss on his 1040 and then repay the loan to the sharholde …
