User Submitted Tax Questions
Read Questions Asked by Users and the Answers Provided by CPAs.
View All Tax QuestionsC-corp taxed as s-corp reporting income from 1099-nec issued to ssn
My state does not have corporate or personal income tax. For federal tax purposes, I elected s-corp status for my single shareholder c-corp. As a real estate agent working under a brokerage, my commissions are split with them, so I receive a 1099-nec from them each year made out to my person with my SSN. I report that income as the income for my corporation on my 1120-S etc. Does this pose an audit risk? A CPA set me up this way, but he's subsequently been involved in lawsuits and no longer has a firm, and everything I read in the IRC makes me question this method I've been using.
Asked onThursday, March 09, 2023 by ElizabethCPAs - Sign in to Answer
Best way to contribute to scholarship fund as an S Corp
My family established a memorial scholarship through a local community college foundation. Should we replenish the fund from our S Corp or do an owner distribution and fund it personally? We don't itemize personal taxes.
Asked onThursday, March 09, 2023 by NikiCPAs - Sign in to Answer
Sale of a 1031 LIke-kind exchange
We bought a lot back in 2004, strictly using the guidelines set out by 1031 rules. I contacted the agency who filed our taxes, they no longer have records. Sadly, neither do we have any records, I can give approximate dates and the initial cost but no documentation. I am using Turbo Tax but I can not answer exactly. How should we proceed? We received a 1099S for this sale from the title company who did the closing.
Asked onThursday, March 09, 2023 by GeraldineCPAs - Sign in to Answer
Taxes for llc
I filed my personal taxes. I didn't make any money on my llc but the state is requiring I file a return or my llc will be suspended. Can I still file even though I filed a personal return?
Asked onThursday, March 09, 2023 by VanessaCPAs - Sign in to Answer
New York Tax for Nonresidents
How can I find the amount New York State will tax me as a nonresident for being employed by a company based in New York State?
Asked onThursday, March 09, 2023 by CarlaCPAs - Sign in to Answer
Gambling wining
I am a tax preparer but have never had a return like this. This lady lives in Louisiana is single and only draws VA disability non taxable income. She never has to file she was in Ohio at a casino and won 15633.00 dollars. They held out state taxes but not federal. Really don't know how to file this or dose she have to. If she dose file will she get credit in Louisiana for the state taxes she paid in Ohio. Thanks so much. I am so lost.
Asked onThursday, March 09, 2023 by SusanCPAs - Sign in to Answer
Can I file with a business?
My sister and I own a business(an LLC). Technically the business is in my name, but all the accounts are in hers. We haven't paid ourselves so there's no payroll. In my mind no payroll means no income for us. Can I file taxes for my business and still do it for myself? (we do the taxes quarterly)
Asked onThursday, March 09, 2023 by KhadijahCPAs - Sign in to Answer
Why do I owe IRS money
I toke money out of IRA 20,000. They toke taxes out of it already. I made less than 40,000.
Asked onThursday, March 09, 2023 by RichCPAs - Sign in to Answer
December Incorporation; No Shareholder Compensation until January
I incorporated my LLC and elected it to be taxed as an S-corp on December 16, 2022. I'm the only shareholder and employee of the company. The company didn't make any revenue or start paying me until January 2023, after I set up a business bank account and started generating revenue. How do I properly report this to avoid issues with not paying myself a reasonable wage as a shareholder/officer?
Asked onWednesday, March 08, 2023 by LuisCPAs - Sign in to Answer
W4
Can I file single and no dependants on my w4 (for most taxes to be taken out) then file as head of household and my dependent at tax time
Asked onWednesday, March 08, 2023 by JessicaCPAs - Sign in to Answer