Blog Archives

General Rules for S-Corporation Distributions A Random Walk Down IRC 1368

Unless you elect different treatment, for shareholder income tax purposes S corporation distributions are applied in the following order: 1. To reduce the Accumulated Adjustment Account (AAA) determined without regard to any net negative adjustment for the tax year but

Tagged with: , , , , , , ,
Posted in Asset Classification, Capital Gain, Corporation, Income, Self Employ, Small Business, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

Late Filing 1120 Penalties

For those of you just now starting to get failure to timely file notices for your Subchapter S Corporation, the only relief available to the S corporation for the failure to timely file penalty under §6699 is reasonable cause. There

Tagged with: , , ,
Posted in Small Business, Sub-chapter S
Subscribe via Email

Schedule an Appointment
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification