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Thanks for the video, i am tax Preparer and you told right most important thing is the retained earnings.

Wow Senorita, very educational, I will need some training from you!!!

Do you have a video on a LLC being taxed as a scorp for the 1st time?

Thank you! please show how to do if 1120S corp has PAYROLL AND SALE TAX

Thank you

What credentials are needed to prepare taxes for an Scorp? Can this be done as just a PTIN holder?

@CryptoQueen8888

4 ай бұрын

File form 2553 for s corp tax election. Tax year can be backdated. Just state reason such as " not informed that LLC can be elected to be tax as a S corp".

Would that same steps apply for C-corp?

@eataxresolutions

2 жыл бұрын

Unfortunately not. The C-Corp is a totally different tax return.

So i most likely have excess distribution since the S corp purchased personal properties under my name. I am 100% shareholder. How can i avoid taxes on this distribution??

@eataxresolutions

4 ай бұрын

Hey! I went over your comment in my most recent livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. Be sure to stop by and ask your TurboTax Question. The link is time stamped to when i answered your question. kzread.infoozFJYOmHHdI?si=JDt4OLQl8EtMQQix&t=2509

Question #11 in the Schedule B under 1120S. Does the corporation satisfy BOTH of the following conditions? My answer is NO a. Corporation’s total receipts for the tax year were less than $250,000? b. Corporation’s total asset at the end of the tax year were less than $250,000? If “YES”, the corporation is not required to complete Schedule L and M-1 Question, my answer to above for A) NO. B) YES Since I did not satisfy both conditions as “YES”, it sounds like I may not need to complete Schedule L and M since I only satisfied one of the two conditions as YES. Confused….. Please help to confirm. Thank you 🙏

@eataxresolutions

2 жыл бұрын

You are correct. You will need to complete schedule L and M-1 since the corporations assets were more than $250,000.

@wattsobx

Жыл бұрын

What was the answer?

Does S-corp have retaining earnings?

@eataxresolutions

Жыл бұрын

Yes, it can

I'm not sure I'm understanding as to why you are comparing the balance sheet for end of year for 2018 to the balance sheet of the end of 2019? Of course they are going to be different they are from two different years. Shouldn't you be comparing end of 2018 with beginning of 2019?

@eataxresolutions

Жыл бұрын

Good question, the Tax Return ending Retained Earnings for 2018 is the final number (adding the net income minus distribtuions) whereas in the Books you see those numbers displayed separately. That's why you need to look at the following year's retained earnings and that will total the same amount as the tax return for the previous year.

@xiulingsu5175

6 ай бұрын

The END of 2018 and BEGINNING of 2019 is the same number