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Anonymous Member
Anonymous
(Director of Finance and Accounting) Hello everyone, I was just recently hired at a real estate development company to clean up their accounting. They have had a bad history with the accounting and finance department and have gone through a numerous number of accountants and finance professionals within the...
Member's Profile
Luca Pacioli Jr.
Title: Owner
Company: Manufacturing
(Owner at Manufacturing) My S corporation is a manufacturer. I am the only stock holder. Yearly sales $500k. My salary $70k per year (all taxes are withheld). A bonus paid at the end of the year $63K (all taxes witheld). Net income after above and all other expenses comes to $108k (report on K1)...
Srikanth lakshminarayanan
Title: SR.ASST MANAGER-FINANCE
Company: PANSONIC MARKETING MIDDLEEST FZE
(SR.ASST MANAGER-FINANCE at PANSONIC MARKETING MIDDLEEST FZE) I would like to have basic knowledge on VAT which is going to be implemented in UAE.
Anonymous Member
Anonymous
(VP Finance) A number of years ago, the company accepted a promissory note from an employee for purpose of acquiring 25,000 shares of its stock at $2 per share. The stock would be paid for with employee's annual bonus. The Note carried a term of five years, accrued interest at 4% per...
Anonymous Member
Anonymous
(Finance/Accounting) We give employee stock options. Naturally at a given time, some of the options are vested, some are not. If company is sold for cash, how do we make sure: (1) vested portion (which we plan to give employee net gains) does not incur immediately (we want employees to get long...
Anonymous Member
Anonymous
(manager) I buy merchandise from a reseller company for full price but i sell it at discounted price because they offer me a rebate from the discounted merchandise. I'm i supposed to pay tax on the full price of the merchandise, or should i be tax on the discounted price that i...
Anonymous Member
Anonymous
(Fixed Asset Accountant) My company has begun setting up what they call "pop-up" stores to liquidate inventory. These sites use TTP such as shelving, stands, benches etc. Some of these pop-ups will be collecting sales for as little as 3 days or as long as 90 days. Currently, there are no plans for...
Anonymous Member
Anonymous
(Fixed Asset Accountant) My company has begun setting up what they call "pop-up" stores to liquidate inventory. These sites use TTP such as shelving, stands, benches etc. Some of these pop-ups will be collecting sales for as little as 3 days or as long as 90 days. Currently, there are no plans for...
Anonymous Member
Anonymous
(Medical) Hello. I'm in dire need of some advice. I made non deductible contributions to an IRA thinking I could easily convert it over to a ROTH IRA. So I did exactly that about 4 times last year. Unfortunately, I did not realize I would be subject to taxation since I have a...
Member's Profile
Jae Lee
Title: Senior Accountant
Company: SURKUS
(Senior Accountant at SURKUS) Hi, We have a formar officer who sold the stock options in 2017 so basically, we paid him 100k and he bought it for $500 back in 2015. What tax form do i need to use to file? I think 1099-DIV but not even sure what number box to use. Thank you for your help. Jae
Anonymous Member
Anonymous
(Accounting Manager) I am new (contractor) to this company and received a notice from the owner saying that an old 940 filing was delinquent. It is from 2016. The owner claims that the IRS also has the entity mis-represented as a "general partnership" even though it is a disregarded entity......
Anonymous Member
Anonymous
(Student) Hello, The situation I have is I want to move pre-tax funds (payment for services) from company A (I do not own) to company B (I do own) this is as simple as writing a check. As of right now company B is an LLC. My question is, if I deposit the money into the business...
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO at SBAConsulting.com) What changes have you made to your COA? What spending practices have you changed?
Anonymous Member
Anonymous
(Owner) Hi all. I am helping a family member who has been holding an investment property for many years in an s corp (bad, I know). Due to depreciation and the rise in market value, his basis is very low. He wants to get a commercial mortgage on the property but has been advised...
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO at SBAConsulting.com) What do you see as the fall-out to the company, business culture and the bottom line of not only your company but your favorite "meal" establishments?
Member's Profile
Yelena Sivaya
Title: Finance and Compliance Officer
Company: Advanced Combat Solutions Inc.
(Finance and Compliance Officer at Advanced Combat Solutions Inc.) Hey Guys, I have a question: I am filing a consolidated return for a small parent-sub group (both are c-corps). Do I have to necessarily file schedule O (form 1120) along with the forms 851 and 1122 in relation to the fact that it is a consolidated return? The schedule O is...
Adam Brown
Title: Student
Company: The University of South Dakota
(Student at The University of South Dakota) A client has spent a considerable amount on electrician expenses during there improvement project and the lighting is not permenently fastened to the building. would it qualify as a 179 expense?
Anonymous Member
Anonymous
(Accountant) Our company is in a state that has sales tax, while we often make sales to customers in states that don't have it. If someone were to place an order in a state that doesn't have sales tax, but drive to our location to pick it up - should they be charged sales tax?
Anonymous Member
Anonymous
(Owner) As a US-based online business, I have several employees living in the Philippines (citizens of Philippines). Are the wages I pay them considered to them to be US source income? Am I required to withhold tax at 30% for them? Am I required to file Form 1042 and Form 1042-S,...