TaxMama » Corporations http://taxmama.com Free Tax Advice where Taxes are Fun Wed, 08 Feb 2012 19:39:02 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Free Tax Advice where Taxes are Fun TaxMama no Free Tax Advice where Taxes are Fun TaxMama » Corporations http://taxmama.com/wp-content/plugins/powerpress/rss_default.jpg http://taxmama.com/category/corporations-category/ Another Deadline http://taxmama.com/tax-quips/another-deadline/ http://taxmama.com/tax-quips/another-deadline/#comments Thu, 15 Sep 2011 06:10:42 +0000 TaxMama http://taxmama.com/?p=10088

Today TaxMama wants to talk to you about filing deadlines and the consequences of ignoring them. 

Dear Friends,

Today is another of those tiresome deadlines. I’ve just come to realize that not everyone who is affected, understands the implications. So… If you opened up an LLC, partnership, corporation, etc. in 2010 and have not finalized your accounting – you still need to file a tax return. Even if you’re just not ready. 

 

]]> http://taxmama.com/tax-quips/another-deadline/feed/ 6 *Tax Quips,800.2.INCORP,attorney,Business/Finance,Corporate taxation in the United States,deadline,FISCAL FOLLIES taxmama,Free,helplessness,Human Interest,Internal Revenue Service,Political economy Today TaxMama wants to talk to you about filing deadlines and the consequences of ignoring them.  - Dear Friends, - Today is another of those tiresome deadlines. I’ve just come to realize that not everyone who is affected, understands the implications. (http://farm4.static.flickr.com/3071/2661425133_1328692483_m.jpg) Today TaxMama wants to talk to you about filing deadlines and the consequences of ignoring them.  Dear Friends, Today is another of those tiresome deadlines. I’ve just come to realize that not everyone who is affected, understands the implications. So… If you opened up an LLC, partnership, corporation, etc. in 2010 and have not finalized your accounting – you still need to file a tax return. Even if you’re just not ready.    TaxMama no 3:10 Real Estate Sales http://taxmama.com/tax-quips/real-estate-sales/ http://taxmama.com/tax-quips/real-estate-sales/#comments Wed, 31 Aug 2011 16:35:50 +0000 TaxMama http://taxmama.com/?p=10022

Today TaxMama hears from Fred in the TaxQuips Forum, with a technical question. “Page 32 of the 2010 Instructions for Form 1120S (the S Corporation tax form) explains how to determine the adjusted gain or loss to enter on line 15b of the 1120S schedule K-1 (the partners’ share of income and transactions). Then it [...]]]> http://taxmama.com/tax-quips/real-estate-sales/feed/ 0 *Tax Quips,1120s,1231,1250,Accountancy,Business,business assets,Business/Finance,corporate tax forms,Depreciation,Depreciation recapture,Finance Today TaxMama hears from Fred in the TaxQuips Forum, with a technical question. “Page 32 of the 2010 Instructions for Form 1120S (the S Corporation tax form) explains how to determine the adjusted gain or loss to enter on line 15b of the 1120S schedule... (http://farm1.static.flickr.com/142/372441411_a938b07205_t.jpg)Today TaxMama hears from Fred in the TaxQuips Forum, with a technical question. “Page 32 of the 2010 Instructions for Form 1120S (the S Corporation tax form) explains how to determine the adjusted gain or loss to enter on line 15b of the 1120S schedule K-1 (the partners’ share of income and transactions). Then it says that if any part of the adjustment is net section 1231 gain (loss), "identify the amount of adjustment that is unrecaptured section 1250 gain (http://taxmama.com/forum/taxmama%c2%aes-taxquips-click-here-to-ask-your-question/the-amount-of-adjusted-gain-that-is-unrecaptured-1250-gain/)". How do I figure out the amount of the adjustment that is unrecaptured 1250 gain?”  TaxMama no 2:55 How to Waste a Corporation in One Easy Lesson http://taxmama.com/tax-quips/how-to-waste-a-corporation-in-one-easy-lesson/ http://taxmama.com/tax-quips/how-to-waste-a-corporation-in-one-easy-lesson/#comments Thu, 11 Aug 2011 13:20:15 +0000 TaxMama http://taxmama.com/?p=9871

Today TaxMama hears from Kennet in the TaxQuips Forum, who has this issue. “I incorporated my HVAC company from a sole proprietorship (c-corp) six months ago. I was told that I could temporarily borrow the income coming in from the company to pay my bills – and that I could create a payroll later. Long story short, I still haven’t created the payroll yet. How do I do handle the taxes for the moneys borrowed?”

]]> http://taxmama.com/tax-quips/how-to-waste-a-corporation-in-one-easy-lesson/feed/ 0 *Tax Quips,Accountancy,bank account,borrowing,Business/Finance,corporate minute book,corporate minutes,corporate officer,Corporation,Expense,Finance,Free Today TaxMama hears from Kennet in the TaxQuips Forum, who has this issue. “I incorporated my HVAC company from a sole proprietorship (c-corp) six months ago. I was told that I could temporarily borrow the income coming in from the company to pay my bi... (http://farm6.static.flickr.com/5099/5460644832_d6b4d42c7d_t.jpg)Today TaxMama hears from Kennet in the TaxQuips Forum, who has this issue. “I incorporated my HVAC company from a sole proprietorship (c-corp) six months ago. I was told that I could temporarily borrow the income coming in from the company to pay my bills - and that I could create a payroll later. Long story short, I still haven’t created the payroll yet. How do I do handle the taxes for the moneys borrowed?” TaxMama no 2:38 TaxMama’s Tax Roundtable – July 2011 Session http://taxmama.com/bookkeeping/taxmama%e2%80%99s-tax-roundtable-%e2%80%93-july-2011-session/ http://taxmama.com/bookkeeping/taxmama%e2%80%99s-tax-roundtable-%e2%80%93-july-2011-session/#comments Sat, 16 Jul 2011 10:36:03 +0000 TaxMama http://taxmama.com/?p=9706

TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms. ]]> http://taxmama.com/bookkeeping/taxmama%e2%80%99s-tax-roundtable-%e2%80%93-july-2011-session/feed/ 0 Annual S Corp Meeting http://taxmama.com/tax-quips/annual-s-corp-meeting/ http://taxmama.com/tax-quips/annual-s-corp-meeting/#comments Thu, 02 Jun 2011 12:47:31 +0000 TaxMama http://taxmama.com/?p=9509

Today TaxMama hears from Alyx in the TaxQuips Forum who is creative. “If you have a wife and husband S corporation, how can you write off an 8-day Caribbean cruise as a business expense for an annual meeting?  Is it true that if you have the meeting on one of the ports of call you can use the cruise ship as a means of transportation to and from the destination in which you hold your annual meeting?” She has a couple of other questions, too.

]]> http://taxmama.com/tax-quips/annual-s-corp-meeting/feed/ 2 abusive expensives,annual meeting,board of directors meeting,Business Expenses,Business plan,Caribbean,Corporation,cruise ship,deductible business travel,excessive expenses,Free,husband and wife Today TaxMama hears from Alyx in the TaxQuips Forum who is creative. “If you have a wife and husband S corporation, how can you write off an 8-day Caribbean cruise as a business expense for an annual meeting? (http://farm6.static.flickr.com/5047/5249173401_5c4b85f89e_t.jpg)Today TaxMama hears from Alyx in the TaxQuips Forum who is creative. “If you have a wife and husband S corporation, how can you write off an 8-day Caribbean cruise as a business expense for an annual meeting?  Is it true that if you have the meeting on one of the ports of call you can use the cruise ship as a means of transportation to and from the destination in which you hold your annual meeting?” She has a couple of other questions, (http://taxmama.com/forum/taxquips/annual-s-corp-meeting-in-us-vi-tax-deductible/) too. TaxMama no 2:06 How to Incorporate Your Own Business – or Your Clients’ Businesses http://taxmama.com/non-profit/how-to-incorporate-your-own-business-or-your-clients-businesses/ http://taxmama.com/non-profit/how-to-incorporate-your-own-business-or-your-clients-businesses/#comments Wed, 04 May 2011 12:03:06 +0000 TaxMama http://taxmama.com/?p=9368

Hi Eva, I was hoping that you could point me towards a place where I could learn more about incorporating small business’s. For a couple of years I’ve been sending people to lawyers to get incorporated and I’m tired of it. I incorporated my own business and my husband’s so I have a pretty good idea of [...]]]> http://taxmama.com/non-profit/how-to-incorporate-your-own-business-or-your-clients-businesses/feed/ 1 Owing Employment Taxes http://taxmama.com/tax-quips/owing-employment-taxes/ http://taxmama.com/tax-quips/owing-employment-taxes/#comments Wed, 23 Mar 2011 12:47:21 +0000 TaxMama http://taxmama.com/?p=9167

Today TaxMama hears from Ryan in the TaxQuips Forum, who recently got a shock. “My wife and I purchased and ran small business about 3 years ago for a period of exactly 6 months. We decided to give the business back to the owner we bought it from because we could no longer afford to purchase it. So we gave the business back to the original owner and had our lawyer dissolve the LLC. We just received a letter from the WI unemployment insurance office saying we owe $10K in employment taxes! And the months that it says we owe for, we did not even own the business? What can we do?”

]]> http://taxmama.com/tax-quips/owing-employment-taxes/feed/ 0 attorney,business dissolution,Business/Finance,dishonest seller,employer ID number,Finance,Fraud,Free,Human Interest,Labor,lawyer,payroll taxes Today TaxMama hears from Ryan in the TaxQuips Forum, who recently got a shock. “My wife and I purchased and ran small business about 3 years ago for a period of exactly 6 months. We decided to give the business back to the owner we bought it from becau... (http://farm1.static.flickr.com/2/1398626_176bdee739_t.jpg)Today TaxMama hears from Ryan in the TaxQuips Forum, who recently got a shock. “My wife and I purchased and ran small business about 3 years ago for a period of exactly 6 months. We decided to give the business back to the owner we bought it from because we could no longer afford to purchase it. So we gave the business back to the original owner and had our lawyer dissolve the LLC. We just received a letter from the WI unemployment insurance office saying we owe $10K in employment taxes! (http://taxmama.com/forum/taxquips/unemployment-taxes/) And the months that it says we owe for, we did not even own the business? What can we do?” TaxMama no 2:23 TaxMama’s Tax Roundtable – March 2011 Session http://taxmama.com/business/taxmama%e2%80%99s-tax-roundtable-%e2%80%93-march-2011-session/ http://taxmama.com/business/taxmama%e2%80%99s-tax-roundtable-%e2%80%93-march-2011-session/#comments Mon, 21 Mar 2011 15:57:54 +0000 TaxMama http://taxmama.com/?p=9159

March 17, 2011 TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms. ]]> http://taxmama.com/business/taxmama%e2%80%99s-tax-roundtable-%e2%80%93-march-2011-session/feed/ 0 One Business or Two? http://taxmama.com/tax-quips/one-business-or-two/ http://taxmama.com/tax-quips/one-business-or-two/#comments Wed, 02 Mar 2011 14:31:42 +0000 TaxMama http://taxmama.com/?p=9054

Today TaxMama hears from Paula in the TaxQuips Forum, who has a question. “We have one “established” business that has been in operation since 2005.  In 2010 we started a new business (another S Corp) and our first business funded the start up fees and expenses for the new business in 2010.  The new business has not to date made a profit and has not paid anything back to the first business.  The first business has made a profit in 2010, and we are now wondering if we can use the expenses that Company A paid for on their tax return.”

]]> http://taxmama.com/tax-quips/one-business-or-two/feed/ 0 advisors,Business,Business plan,Business/Finance,Corporation,Expense,Finance,free tax advice,P/E ratio,Public finance,S corporation,S.Corp Today TaxMama hears from Paula in the TaxQuips Forum, who has a question. “We have one "established" business that has been in operation since 2005.  In 2010 we started a new business (another S Corp) and our first business funded the start up fees and... (http://farm4.static.flickr.com/3459/3183484673_36598a58a2_t.jpg)Today TaxMama hears from Paula in the TaxQuips Forum, who has a question. “We have one "established" business that has been in operation since 2005.  In 2010 we started a new business (another S Corp (http://taxmama.com/forum/taxquips/new-business)) and our first business funded the start up fees and expenses for the new business in 2010.  The new business has not to date made a profit and has not paid anything back to the first business.  The first business has made a profit in 2010, and we are now wondering if we can use the expenses that Company A paid for on their tax return.” TaxMama no 2:05 Corporate Net Operating Losses http://taxmama.com/tax-quips/corporate-net-operating-losses/ http://taxmama.com/tax-quips/corporate-net-operating-losses/#comments Mon, 15 Nov 2010 14:20:17 +0000 TaxMama http://taxmama.com/?p=8316

Today TaxMama hears from Monty in the TaxQuips Forum, who needs help. Let me paraphrase his question. “When a corporation has net operating losses (NOL) for two years in a row, 2008 and 2009, how do you handle carrying back the NOLs?” Dear Monty, When you have a large net operating loss, you may [...]]]> http://taxmama.com/tax-quips/corporate-net-operating-losses/feed/ 0 business failures,Business/Finance,businesss downturn,Finance,Financial ratios,losing money,Net operating loss,Rate of return,Tax,Taxation in the United States Today TaxMama hears from Monty in the TaxQuips Forum, who needs help. Let me paraphrase his question. “When a corporation has net operating losses (NOL) for two years in a row, 2008 and 2009, how do you handle carrying back the NOLs?” - Dear Monty, (http://farm4.static.flickr.com/3285/2972166647_3ab65bfc66_t.jpg)Today TaxMama hears from Monty in the TaxQuips Forum, who needs help. Let me paraphrase his question. “When a corporation has net operating losses (NOL) for two years in a row, 2008 and 2009, how do you handle carrying back the NOLs?” (http://taxmama.com/art/nav/tmreplies.gif) Dear Monty, When you have a large net operating loss, you may be permitted to use that loss to get refunds from taxes the corporation paid in the good years. Starting with the 2008 NOL, carry it back as far as you are permitted.  If you have a big enough loss from 2008 that you could not use it up in 2005 and 2006 – you carry the balance to 2007. See if you end up using it all up. That's what you need to do first.  The corporate application for a tentative refund form,  Form 1139 (http://www.irs.gov/pub/irs-pdf/f1139.pdf) has room to use the NOL for three years. THEN, if there is still anything left, it goes forward to 2008 and 2009 (where you don't need it), then on to 2010.  As to the new loss in 2009 – if there is still any income left in the earlier years that has not been fully reduced by 2008 NOL carrybacks, yes, prepare a new Form 1139. You would prepare a new Form 1139 for each year where losses originate.  If there are no years to which you can carry losses back, you must make an election to forgo the NOL carryback – and send the losses forward.  Be sure to attach a worksheet to the future corporate tax returns to show the source of the losses and how much was used up in each year. Hopefully, the company will turn around and start making profits! Pay attention to state rules. Your state may not even allow the use of net operating loss carrybacks or carryforwards. But where they do, remember to claim those refunds as well. Also, be aware that there are different rules for NOLs, when it comes to personal tax returns. You have some extraordinary flexibility. You may select the year you start using the NOLs, anywhere from 2 years to 5 years backwards. And remember, you can find answers to all kinds of questions about net operating losses and other tax issues, free. Where? Where else? At www.TaxMama.com (http://www.taxmama.com/). [Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.com link - it's free!] Please post all Comments and Replies in the new TaxQuips Forum (http://taxmama.com/forum/taxquips/) TaxMama no 2:43