Today TaxMama® hears from Bill in the TaxQuips Forum. Bill insists that for payments made in 2012, we do not have to send 1099s to corporations. TaxMama says, she just read that corporations DO get 1099’d. Who is correct?
Category Archives: Corporations
Today TaxMama® hears from Ann in the TaxQuips Forum, who has a very enthusiastic staff. To make a long story short: “Ann just converted her 25-year business to an S Corp. Her staff did the research and found a terrific health insurance policy. They want Ann to set up a flexible spending account so they […]
Today TaxMama® hears from Todd in the TaxQuips Forum who is looking to the future. “I am transferring ownership of a sub-chapter S corporation from myself to a family trust. I have a question on IRS form 2553, in part K, where I need to list both former and current owner of the corporation. Since […]
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.https://www.grapplearts.com/wp-content/languages/new/dissertation-writing-service-uk.html So… If you opened up an LLC, partnership, corporation, etc. in 2010 and have not finalized […]
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 […]
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.https://theteacherpreneur.com/wp-content/languages/new/jiskha-homework-help.html 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 […]
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?https://www.pharmalucence.com/wp-content/languages/new/sildenafil.html Is it true that if you have the meeting on one of the ports of call […]
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 […]
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.https://redemperorcbd.com/wp-content/languages/new/amitriptyline.html We decided to give the business back to the owner we bought it from because we could no longer afford to […]
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TaxMama’s Tax Roundtable – March 2011 Session
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.
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 […]
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 be […]