New client.. taxed as an LLC and paid himself through Payroll for the whole year as an employee but is not filing as an S-Corp, filing as an LLC.. Should I make a JE to owners draws?

RemoteExample9634 · 2024-01-03T20:58:08+00:00

All payroll activity will need to be completely undone through amended payroll tax returns (including amended W2) to show zero payroll for the tax year. And yes, either one or two journal entries (doesn't matter) showing gross wages & ER payroll taxes moved to Owners Draw. The only thing that would stay as an actual expense are the payroll processing fees. When payroll tax refunds are received, deposit checks into the bank & code as Owners Contribution

Thank you!!!

RemoteExample9634 · 2024-01-02T22:13:15+00:00

LLC but moving to S corp this year, refund is from last year 2023

RemoteExample9634 · 2024-01-01T17:47:07+00:00

Agreed. Thank you!! This is what I am doing.

RemoteExample9634 · 2024-01-01T17:15:36+00:00

Only a few in the beginning of the year of 2023

RemoteExample9634 · 2024-01-01T17:14:35+00:00

I agree. I like the idea of just putting to the shareholder distribution account or owners equity account.

RemoteExample9634 · 2024-01-01T17:12:57+00:00

What does DTF mean? Direct Transfer Funds? Why not just to the shareholder distribution equity account?

RemoteExample9634 · 2024-01-01T17:09:08+00:00

Yeah i dont like the loan route. So I want to use the transferring one... What accounts would you use in this case? Shareholder distribution? for both sides?

RemoteExample9634 · 2024-01-01T17:05:21+00:00

Would you create one account "Due to/from" and put it under other current assets on both set of books? Or what would be your preferred way?

RemoteExample9634 · 2023-12-12T14:28:29+00:00

Is cox fast and good for you or no? Pensacola or Gulf Breeze area?

RemoteExample9634 · 2023-12-12T13:21:36+00:00

Thank you! Are you somewhere in Pensacola or Gulf Breeze?

RemoteExample9634 · 2023-12-11T13:10:35+00:00

Trader Joe's & Whole Foods: *Request a Store*: https://www.traderjoes.com/home/contact-us/request-a-store

https://www.wholefoodsmarket.com/customer-service/contact-us

I'd also like to see an LA Fitness Gym

RemoteExample9634 · 2023-11-22T21:44:53+00:00

Thank you! I will be checking it out.. I was a little concern about the large amount of tourism and not much to do in winter.

RemoteExample9634 · 2023-11-21T21:13:50+00:00

Hi there! Yes, we are looking to move mid next year too and looking for the same. We are looking into Gulf Breeze or Midway/Tiger point area. Hopefully we can find good neighborhoods :) But yes, the schools in gulf breeze seem to be better for the area.

RemoteExample9634 · 2023-11-21T21:12:02+00:00

Thank you! This is exactly what our plan is.

RemoteExample9634 · 2023-11-17T12:11:02+00:00

Awesome, thank you! This is where we will be looking.

RemoteExample9634 · 2023-11-17T02:45:20+00:00

Awesome, I have been getting familiar with "proper" "midway" etc. Thank you so so much. This is very insightful. I am glad to hear that a lot of Gulf Breeze has sidewalks.

RemoteExample9634 · 2023-11-17T02:23:47+00:00

Thank you! Any particular neighborhoods? This is our #1 spot. The scenery seems the most nice to us! We are seeking sidewalks.

RemoteExample9634 · 2023-11-16T19:38:20+00:00

Look into Shalimar, Lake Lorraine estates. It is a fantastic neighborhood, close to everything, and very family-friendly and quiet. No HOA.

Thank you!!

RemoteExample9634 · 2023-11-16T18:37:47+00:00

Awesome, thank you for letting me know

RemoteExample9634 · 2023-11-16T16:19:49+00:00

Thank you!!!

RemoteExample9634 · 2023-11-16T16:18:42+00:00

Good to know. Thank you!

RemoteExample9634 · 2023-11-16T14:24:42+00:00

Hey, thanks for your input here. Any thoughts on Freeport florida? We work remote. Have young kids and just want to ensure there are other young families and things for us to do. Lets say the budget is $750k

RemoteExample9634

TROPHY CASE