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D
Darknessfall5
Level 3
April 30, 2020
Question

Company LLC, 1120S Dividend Issues

  • April 30, 2020
  • 1 reply
  • 16 views

Good day, 

I have an issue were a Single shareholder from and LLC declared the 1120S grab more money than the retained earnings and the system is giving me an error about this issue.

what can I tell the client in regards this and how I can fix it

 

Thanks

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1 reply

sjrcpa
sjrcpa
Level 15
April 30, 2020

Distributions in excess of basis (if that's what you have) are taxable.

As part of the money grab, did the owner take W-2 wages?

The more I know the more I don’t know.
    D
    Darknessfall5Author
    Level 3
    April 30, 2020

    Thank you for answering and helping.

    he only did himself 1099-MISC. Is there another way to work it.

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