We have a 31-year-old privately held NY State C Corp that has shown a profit for 26 years. In 2015, we are trying to minimize a loss of about $70,000 on an income of $1,150,000. We want to defer certain expenses such as rent, medical expense reimbursements, and travel and entertainment expense reimbursements into next year or beyond without loaning the company money to pay these in 2015. What is the best way to handle and document this?

May 25th, 2023

My accountant will not be able to finish my 2012 tax form. I am owed a refund; will I still be able to get it if she files tomorrow? She says that she has until April 15; is she right?

July 8th, 2024

Can I forgo my salary completely in 2016 for my S corporation that is expected to continue generating losses, especially since I was the only employee in the previous year?

September 22nd, 2024

I have a client who set up a single member LLC and wants to file for treatment as an S-Corp. What do I need to do to correct the 1120-S filing? Should I amend as an LLC or file Form 2553?

August 9th, 2023

I have a Net Operating Loss (NOL) and need to calculate the Alternative Tax Net Operating Loss (AMTNOL). I also need a worksheet to assist with this calculation. Can you provide a worksheet without additional cost?

August 25th, 2024