2
votes
1answer
20 views
Vehicle sale date determination
To verify I declared the sale date correctly, I'm inviting independent opinions on my question.
State = Missouri
I own 100% of my S-Corporation. S-Corp is setup as on accrual bas …
1
vote
2answers
45 views
S Corporation and Life Insurance Premiums
I am preparing an S Corporation return for 2009. The S Corporation owns a life insurance policy and pays an annual premium. Does the premium reduce the Accumulated Adjustments Ac …
1
vote
1answer
45 views
foreign (out-of-state) S Corp Taxes in NYS/NYC
I fully own and run a small software subchapter S-Corp entirely based in Massachusetts currently with four employees, the most valuable of whom is planning an upcoming move to New …
4
votes
4answers
52 views
Increasing net profit by reducing salary
I have been told that with an S-corp, I should reduce the salary and increase the distributions to save on SS & Med., But if I do that then I am reducing my expenses and increa …
2
votes
4answers
122 views
Is Home Equity Interest on Loan Payments Paid by S Corp Deductible?
Sole S Corp shareholder took out a home equity loan on his personal residence and transferred the money into his corporate bank account. There is no formal loan agreement between …
2
votes
4answers
115 views
Does GAAP allow S-Corporations to accrue distributions to shareholders?
When a C-Corp declares a dividend a liability (dividends payable) is created.
Can S-corporations also accrue their distributions?
4
votes
6answers
116 views
Reasonable wages for s-corp owner
I am the only owner/officer/employee of my s-corp.
From time to time I perform programming service for my only client on hourly basis during evening/weekend hours through my s-corp …
2
votes
2answers
37 views
Should I include distributions to shareholder on nys-45 ?
I am the only owner, shareholder and employee of my NYS s-corp.
I perform programming work to make income.
I am paying reasonable wages to myself and take leftovers of corp income …
2
votes
2answers
101 views
LLC Elected to be Taxed as S Corp - how to revoke?
LLC created 10/2008 and prior account elected S corp tax treatment. Taxpayer now wants to be taxed as disregarded entity. Do I follow the same procedure as I would if revoking S …
1
vote
2answers
80 views
Converting from Schedule C to Corp - New EIN Required?
A long-time sole proprietor already has an EIN number (for sales tax purposes). He is converting to an S Corporation. Is he required to obtain a new EIN in this case due to a ch …
2
votes
3answers
66 views
Two s-corp question
I'm curious, if I setup two s-corps (one to sell digital software products and one for contract programming) and have one own the other (99% ownership) leaving me with the other 1% …
4
votes
2answers
109 views
Health Insurance for S Corp >2% Shareholders
I am finding contradictory information (shocking!) on treatment of health insurance premiums for a >2% shareholder in an S corporation. There appear to be 3 schools of thought (as …
2
votes
3answers
143 views
C corp to S Corp to LLC Conversion
Our property management company used to be a C Corp but was switched to an S Corp when ownership changed back in mid-2004. We are now contemplating adding more owners and converti …
2
votes
1answer
123 views
NYC S Corporation with no employees only files quarterly sales tax returns?
If one has a New York S Corporation that is ran out of NYC with no employees and 1 person who owns 100% of the stock what needs to be filed in terms of quarterly payroll & sale …
1
vote
3answers
160 views
S Corporation Buy out help
I own 25% of the stock in an S Corp. I am selling out of the business, and would like to know what kind of tax I am going to have to pay.
the selling price is $80,000.00
My cash …
