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Type: Posts; User: Bizcoach70
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In 2010 a two member LLC filed form 2553 with the IRS to request to be taxed as an S Corp. The IRS granted permission and the co has filed form 1120-S since that time. Effective January 1, 2017 one...
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Need help with accounting entries please.RE: A 2 member LLC taxed as an S Corp. Member 1 owns 75%, Member 2 owns 25%.Effective 1-1-17 the LLC is purchasing Member 2's 25% for $45000. The contract...
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One member of a two member LLC taxed as an S Corp is selling his 25% interest to the LLC for $45000. Included in the 45000 is 8000 of retained earnings. The remaining 37000 is payment for the 25%...
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Thanks much for the reply. It seems reasonable and is what I was expecting.
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Accounting/ Tax question.
An assisted living center is fined by the state in the amount of $13000 as the result of an audit which disclosed violations of the regulations for assisted living...
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Fair enough and thanks for the response.
I know how to handle the recording of the new obligation and cancelling the old obligation. I am unsure of the misc charges. Can I expense the loan charges,...
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3850Amount of new loan 625000
Loan chrgs - orig fee 250
- Appraisal fee ...
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