abctax55
Level 15
12-07-2019
11:04 AM
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"...You are again asking a combination of "how to for QB" and "how to for taxes."
And s/he is doing the same thing on another forum.
I will reiterate that professional help is needed. One canNOT learn S-Corp issues or tax prep by trial & error or via an on-line forum.
And I will warn that getting it wrong can have SERIOUS tax consequences at the Corp level as well as the personal F.1040 level for each shareholder. Both for Federal & State purposes.
I'd bring up whether the "contribution" of assets/liabilities to this S-corp has been handled correctly. And I don't think the question of whether distributions are equal vis a vis ownership has been answered. And I'm just scratching the top of the minefield....
And s/he is doing the same thing on another forum.
I will reiterate that professional help is needed. One canNOT learn S-Corp issues or tax prep by trial & error or via an on-line forum.
And I will warn that getting it wrong can have SERIOUS tax consequences at the Corp level as well as the personal F.1040 level for each shareholder. Both for Federal & State purposes.
I'd bring up whether the "contribution" of assets/liabilities to this S-corp has been handled correctly. And I don't think the question of whether distributions are equal vis a vis ownership has been answered. And I'm just scratching the top of the minefield....
"*******Tax software is no substitute for a professional tax preparer*******
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