Tax FAQ
 

Settlement Of A Debt Guarantee In A Business Stock Purchase - C Corporation - Tax Consequences?

Question by Buddy L | Posted in United States

If you negotiated the realize of shares of stock in a c-corporation by having the company purchase the stock but being a personal guarantor and the cast failed, does a partial settlement of the debt by the guarantor result in strange income tax liability?

 
 

Should I Form A Partnership, C Corporation Or S Corporation ? Tax Purpose?

Question by CARGUI99 | Posted in United States

Should I conformation a partnership, C corporation or S corporation ? Tax purpose, Tax advantages

Answer: Way to many variables to give a acceptable answer. It will depend heavily on your specific circumstances and you should consult a lawyer or accountant, or both for a unchangeable answer. In simple terms:

Partnerships are just regular sole proprietorships that are run by more than one child. Gains/losses, etc can be split in many different ways, but in the end the taxes are paid by the owners as party income.

C Corps are completely autonomous entities. They make money,

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What Tax Return Do I Need To File For A C-Corporation In Illinois? & Where Do I Report If I Have An Employee?

Question by ZFSAV | Posted in United States

My mistress just recently start his own business last year. It is a registered C-corp in Illinois. Which tax recrudescence does he need to file for that? Also, he has an employee/intern working for him too. Where is he supposed to dispatch that?

Answer: 1120 is the primary form, but there are others; See http://www.irs.gov/businesses/small/arti cle/0,,id=98240,00.html

IL versions can be found at http://tax.illinois.gov/Businesses/index finger .htm

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For A Newly Formed C Corporation Paying The $800 State Tax, What Is The State Tax Form This Is Associated?

Question by fj | Posted in United States

In the matter of the state tax for CA, it is my understanding that the $800 must be paid, so I am not sure which form under the EFTPS this needs to be associated with. Since the concern is operating at a loss, there is no need for the federal taxes so I am only concerned with State taxes.

Answer: The California Corporation Franchise or Return Tax Return Form 100

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Dissolve A Company, Tax, C-corporation , S-corporation.?

Question by Mike Frmn | Posted in Corporations

On May 2006 I filed "Trim 532: Initial Articles Of Incorporation" in OHIO and got the certificate. But propitious after that we decided move to another state so I did not follow the procedure to apply Fed Tax Id and we did not start do any business, nor opened any account with it. Besides the filing fee, we did not have any asset associate with it. After we moved to another phase around Feb 2007 we totally forgot about it. Now Ohio state mailed us a letter demand we owe tax to it for

Answer: One goal, although I am not sure this will work, is to amend your Federal returns from 2006 forward and selected S-Corp status.

Another idea is to file an appeal with the state of Ohio tax power. Check the state web site for information on how to do that. You may be able to at least get the penalties removed.

Since you moved out of imperial you could also ignore it. But there is a chance that the states have some sort of arrangement with the IRS regarding this sort of

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MY COUPLE OF CENTS

by Robert D Flach

If a tax preparer is prevailing to bring to light a patron that a sub-S corporation has less of a luck of being audited he/she also has the promise to ascertain the shopper that becoming a sub-S corporation, or a even C corporation, involves intrinsically much... I do, however, into that tax decisions should be made based on tax law and not on unrealized audit peril, that organizing one’s petty house as a sub-chapter S corporation is not the most desirable recourse in many if not most cases, and that advising a......

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