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Posted by davidturrigiano on March 16, 2007, 12:52 pm
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I have a case where an S-corporation that closed during
2004, had a sales tax audit during 2005 that was settled in
2006. There was $39,000 in total sales tax paid as a result
of the audit to New York State along with $9,000 to the CPA
(not me) which is divided among 3 S- corp shareholders
I do the personal taxes for two of the shareholders. My
question is this. How does the $13,000 in sales tax paid by
each of the two shareholders get recorded? Even though the
corporation was closed during 2004, would a 2006 corporate
return be filed (which would then flow to their individual
returns since it was an S-Corp) Or, would it go somewhere
directly on their personal returns without filing a
corporate return? I know there is a sales tax category on
Schedule A, but that is for personal sales tax and even if I
put it there, then the state and local taxes taken from
their W-2s could not also be claimed.
Also, if the sales tax goes on the personal return, I assume
the $3,000 in CPA Fees would just go on Schedule A as tax
preparation.
Does anyone have any idea on what to do? Thanks!
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Posted by Phoebe Roberts, EA on March 16, 2007, 10:16 pm
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davidturrigiano@optonline.net wrote:
> Does anyone have any idea on what to do? Thanks!
Officer debt guarantee for the whole amount (sales taxes
plus fees) would be my first thought. But I haven't looked
to see if your situation would qualify.
Phoebe :)
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phoebe Roberts, EA on March 20, 2007, 3:05 pm
Please log in for more thread options davidturrigiano@optonline.net wrote:
> On what form would an officer debt guarantee go?
Followup back on MTM, where it belongs.
Nonbusiness bad debt on Schedule D.
Phoebe :)
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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