My client has an HSA, should the HSA contributions come through payroll? Is it a deduction for the employer contributions, hence reducing taxable income? What if the contributions were done out of payroll module and out of the corporation banking and paid personally?
For unreimbursed partner expenses, I know that the partner can claim these expenses on Schedule E of their individual tax return. However, where does a shareholder claim unreimbursed business expenses?
My new client’s farm is structured as an LLC. Is it possible to elect S Corp status in Virginia, to help shield the losses from hobby loss rules? Would that a make a difference on where to report when the losses pass through to the owner?
I’m a staff accountant for an S Corporation. We need to issue 1099 forms to LLCs and contractors. As an S Corporation, do we need to issue a 1099 for goods and supplies?
My client had a Qualified Subchapter S Subsidiary(QSSS) election that took place on October 1, 2015 for 3 S Corporations. I’m thinking that I have to file a short year return for each S Corporation for January through September. Then, I will file under the parent company a consolidated return for the activity of the subsidiaries from October through December. Is that the correct way to handle s corp tax reporting for QSSS elections?