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loan repayment from s corp
Dec 12, 2014 - 9:54 PM - by cheno
I took out a loan from the bank, in my name not the s corps name, not a guarantee loan for the s corp.. I loaned my partner half of the money I borrowed from the bank. We have a loan agreement for him to pay me back. We both took the money and put into the s corp.. The s corp. has been making the payments directly to the bank. We are being audited and the Auditor is disallowing our losses and basis. We have pasted the material participation test. What should we have done? Can the s corp. make... [Read More]
Waitree wages
Nov 24, 2014 - 9:42 PM - by dawin23
Do I add wages (box 1 w-2) + allocated tips(box 8 w-2) to get the amt for line 7 on 1040?
Confusion about 8865 or 1065 for partnerships
Nov 19, 2014 - 4:13 PM - by stevep98
I need to file a 8865 for a foreign partnership. If you're not familiar with that, it's similar to 1065, and I think the question still stands for 1065.

I will explain what I have been told to do for my 2013 return:

Partnership tax year runs from Nov-Oct, so I will use the data from their Nov 2012-Oct 2013 tax year.

On the 8865, I will write 'Nov 1 2012 (striking out the 2013) to Oct 31, 2013' for the date range at the top of the form.

... [Read More]
Tax Exemption for J1 Visa Worker/Student
Nov 12, 2014 - 9:36 PM - by prayforsurf0
Hi, this question has my CPA stumped. My girlfriend is a resident of the Slovak Republic. 2012 was the 4th summer she came to the US under J-1 visa to live and work for approx. 120 days. In previous years Zuzana utilized the tax service, Taxback, which acted in her name and was able to issue her tax refund to her. Since becoming involved with me, Zuzana decided to use my CPA to file her taxes for the year 2012. Because she paid federal and state income taxes from her paycheck in 2012 she... [Read More]
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