We executed our settlement agreement for the BP oil spill in December 2016. We received final payment on 01/16/2017. As an accrual accounting based S-Corp, does that income need to be recognized in 2016 or can we recognize it in 2017?
January 18th, 2023
Do I have to file my 1099-R this year as I was laid off and cashed in my 401K in January 2016 due to hardship? I got married in June of 2016.
December 27th, 2023
How can I get a GA state tax lien that was filed in error off my TransUnion credit report, especially when GA state refuses to acknowledge the error and TransUnion requires the lien to be withdrawn?
September 28th, 2024
What is the net worth of a corporation that has $145,000 in the bank, $300,000 in a Profit Sharing Plan (to be divided between the 2 owners), and $110,000 in accounts receivable expected to be collected in full? Is it fair to assume that a corporation can borrow against or use a percentage of the Profit Sharing Plan funds without breaching fiduciary responsibilities?
April 1st, 2023
I have a partnership and the only asset we have is our client list. If we sell that, how is it reported on the form 1065?
January 5th, 2023
I won a trip to Disney Land last year and received a 1099 misc for 2016, but I am just going on the trip in 2017. Should I declare it as income for 2016 or this year?
April 28th, 2023