asked
What are the proper accounting and tax practices for a shareholder loan (loan from the shareholder to the corporation) in the context of paying both payroll obligations and various expenses when the company did not have assets to cover them? How should these transactions be tracked in bookkeeping accounting entries, and how do they affect the corporation's current asset, expense, and liability balances? Additionally, how should these values be reflected in the 1120 end of year filing, particularly regarding the inclusion of amounts paid by the shareholder for payroll in the salaries and wages (line 13) of form 1120?
November 27th, 2024
Can a single member LLC (S-Corp) pay management fees to another Single Member LLC (disregarded entity) where the member is the same in both entities?
February 28th, 2024
I inadvertently gave my SSN to an annuity salesman who is now pestering me. My stock broker believes he's a fraud. I'm 79 years old and a single woman handling my own affairs. What should I do to protect my bank accounts and other accounts from being accessed by him?
September 14th, 2024
If I prepare and submit original IRS tax returns and the corresponding California tax return after the IRS OIC (Offer in Compromise) is accepted, would that create a problem with the accepted OIC, especially if the prepared returns show less net income than the SFR (Substitute for Return)?
May 24th, 2023
Is the lead generation structure for my small business solid, where I provide raw leads to my colleagues via Keller Williams|FergusonGrant Real Estate with the following commission payout structure upon successful closing: $000.0 - $200K = 20%, $200.1 - $500K = 25%, $501.1 - $750K = 30%, $750.1 - $1M = 35%, $1.001M - $2.0M = 40%, $2.001M+ = 50%?
March 23rd, 2024
I was laid off from work and bought two existing franchises last year for a total of $400k, owner-financed with a down payment of $160k from my 401k and retirement fund using ROBS. My questions are: 1. How do I classify the $160k down payment? 2. Can I use the interest on the loan from the sellers as a business expense?
September 7th, 2024