| Recent Answers from Mike Wellman |
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2009-02-10 accounting-determining transaction: It would be a debit to insurance expense and a credit to cash. It will not be until the end of the year when all profit & loss (nominal) accounts are closed to income summary and then retained earnings...
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2008-12-03 profits: The distributions, since they are not deductible, increase the net income of the S Corp and that profit flows thru to your K-1 and is picked up on your Schedule E. You pay tax on it then. By doing this...
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2008-08-05 Deferred Salary accounting: As far as payroll accounting and the IRS is concerned, the payroll taxes are not due until the salary is actually paid. For financial accounting purposes, you accrue the salary of course. You should accrue...
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2008-05-31 1065 Filing Requirements: Hold on there cowboy. Your question asked if a partnership with fewer than ten partners is required to file a 1065. The answer is, of course they are. The regs you cited relate to the late filing penalty...
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2008-03-06 I think my boss is commitiing tax fraud: It sounds fishy but I do not really have all the facts to make that determination. If he has no receipts to back up his expense report though I would say that is a strong indication. On the other hand...
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