Home Page link  

Late S election

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Late S election Wayne Rivers 11-14-2006
---> Re: Late S election Paul Thomas, CP...11-15-2006
---> Re: Late S election Stuart A. Brons...11-17-2006
---> Re: Late S election Paul Thomas, CP...11-18-2006
| `--> Re: Late S election Stuart A. Brons...11-19-2006
Posted by Paul Thomas, CPA on November 18, 2006, 11:48 pm
Please log in for more thread options
> How would it be treated, then, if the partners don't put in
> equal time and efforts, and have agreed to be paid in part
> based on the number of hours they work?

Generally through "Guaranteed Payments" to those partners.

Guaranteed payments do not have to be paid equally to the
partners according to their ownership.

--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net

<< ======================================================= >>
<< 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. >>
<< ======================================================= >>

Posted by Stuart A. Bronstein on November 19, 2006, 9:55 pm
Please log in for more thread options
>> How would it be treated, then, if the partners don't put in
>> equal time and efforts, and have agreed to be paid in part
>> based on the number of hours they work?

> Generally through "Guaranteed Payments" to those partners.
>
> Guaranteed payments do not have to be paid equally to the
> partners according to their ownership.

So guaranteed payments are like salary, but treated as
partnership distributions. Thanks. I wasn't aware how that
worked.

Stu

<< ======================================================= >>
<< 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. >>
<< ======================================================= >>

Posted by Harlan Lunsford on November 18, 2006, 11:48 pm
Please log in for more thread options
Stuart A. Bronstein wrote:

>> AS you say, it's not right, and that is why is should be
>> corrected. Partners do not receive W2 forms and are not paid
>> wages.

> How would it be treated, then, if the partners don't put in equal time
> and efforts, and have agreed to be paid in part based on the number of
> hours they work?

You mean members; not partners. If the operating agreement
of the LLC so specifies, then those corrections will also
have to be made. or should be made.

ChEAr$,
Harlan Lunsfod, EA n LA

<< ======================================================= >>
<< 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. >>
<< ======================================================= >>

Similar ThreadsPosted
Relief for late S-Corp election November 2, 2006, 12:52 am
f8832, Late Filing Election August 8, 2007, 7:08 pm
83(b) election May 20, 2008, 5:16 pm
Partnership and 754 election... March 5, 2008, 12:08 pm
Need help with Trust Tax ID and section 645 election. January 11, 2008, 9:29 pm
Controlled group election and Schedule O March 6, 2007, 5:25 am
Divorce decree exemption election January 26, 2008, 2:41 pm
Revoking an 83(b) election - Rev Proc 2006-31 June 16, 2006, 3:19 am
another late filing of TD F 90-22.1 February 2, 2007, 7:17 pm
Late filing? ? ? April 3, 2007, 2:07 am

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap