Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 07-31-2010, 05:21 PM
Junior Member
 
Join Date: Jul 2010
Posts: 2
1120 tax question C-Corp

Guys, I am doing the tax return for 2008 and 2009, Here is the situation:
The company is a C corp in CA. the first year 2008, there is a NOL of $16594, and salary and compensation is $0
2009, there is a profit of $8000 without salary and compensation being involved. The shareholder spend whole year oversea, so he is eligible for form 2555, and not paying federal income, but since the company is located in CA, he will still be eligible for CA personal income? He want to know what is the best option for him to either start paying himself salary to write off the company profit or using NOL from 2008 and remain unpaid by the corporation? The company has not yet filled for W2 and W3, and I assume there might be an penalty if he start paying himself salary due to late filling? For year 2010, the company should expect to make about around $10,000 in profit.

Guys, here is another situation. The owner's tax home is located oversea. He flew to Turkey for an exhibition hosted by his company, the next exhibition is in Germany and a month apart. So instead of the fly back home, he went backpacking and go from Turkey to Germany. However, the exhibition was canceled a week before it start and he has to waited another month for the next one which happen again is in Germany. He continued his trip and travel to other countries in Europe, The whole journey is 65 days, which part of the trip is tax deductible?

Thanks much!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Question-Life Ins on C-Corp drstn12 C-Corporation 2 04-12-2011 04:18 PM
Another NJ S-Corp question NewGuy30 S-Corporation 0 04-02-2009 05:21 PM
S-Corp Estimated Tax Question greyuser S-Corporation 1 02-04-2009 10:32 AM
S Corp 2 owners tax question mike scott S-Corporation 0 12-11-2008 12:23 AM
IRS Issues Final Versions of 2007 Form 1120-F and New Schedule M-3 (1120-F) TaxGuru C-Corporation 0 06-27-2008 11:19 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.