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Xtyle

Member

• Aug 17, 2017

• #1

I wouldn't normally want to ask this kind of question here as tax questions are always advised to be directed to CPAs and tax attorneys.

However, I got a CPA that I want to file my tax for and he's asked me for information that I am not sure what the significance is and I haven't been able to reach him. I want to give estimates but I am also not sure if these are super important numbers that needs to be exact. This is for year 2016 filing.

· Ending cash balance of the business checking account as of end of year 2016
· Any outstanding loans and credit card balances as end of year 2016

Thank you for anyone that can help.

 

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Linkura

Member

• Aug 17, 2017

• #2

Um, you really should know the ending balances of those by the end of the year if you own a business. That's basic 101 shit. I'm not sure why you wouldn't have these? Even if you don't keep paper statements, you should very easily be able to get that stuff via online banking. They ask this stuff on business tax returns. Would you just "estimate" your income on a 1040? No. Same situation here.

/CPA

 

K

Kyzer

Banned

• Aug 17, 2017

• #3

Xtyle said:

I wouldn't normally want to ask this kind of question here as tax questions are always advised to be directed to CPAs and tax attorneys.

However, I got a CPA that I want to file my tax for and he's asked me for information that I am not sure what the significance is and I haven't been able to reach him. I want to give estimates but I am also not sure if these are super important numbers that needs to be exact. This is for year 2016 filing.

· Ending cash balance of the business checking account as of end of year 2016
· Any outstanding loans and credit card balances as end of year 2016

Thank you for anyone that can help.

Click to expand...

You have some fucking work to do if you dont have this info handy...

 

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tedrotheredro

Member

• Aug 17, 2017

• #4

You just need the bank and loan balances as of 12/31/16. Go to the bank/loan website and pull the reports. Estimates are not applicable.

 

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ZackieChan

Member

• Aug 17, 2017

• #5

I'm more curious as to whether OP 1) doesn't know the info, or 2) doesn't want the CPA to know it, for some reason...

 

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Xtyle

Member

• Aug 17, 2017

• #6

I already said I can't reach the CPA. He's just not responding.
And people, I know I can check my records to get the information needed but I messed up last year by mixing personal and business use on same accounts so that will take some digging...I was hopping this is not too important I can just estimate it.

ZackieChan said:

I'm more curious as to whether OP 1) doesn't know the info, or 2) doesn't want the CPA to know it, for some reason...

Click to expand...

 

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Sky Chief

Member

• Aug 17, 2017

• #7

Are you in the cannabis industry? Just wondering because my friend is in a similar situation

 

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ZackieChan

Member

• Aug 17, 2017

• #8

I use Quickbooks Self Employed to handle categorizing things as personal/business. You may be able to sign up and go back through last year to get to the bottom of things.
The real CPAs here might have better options, though.

 

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Xtyle

Member

• Aug 17, 2017

• #9

Sky Chief said:

Are you in the cannabis industry? Just wondering because my friend is in a similar situation

Click to expand...

No, but I guess filing late is not a good idea for both of us...

 

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E92 M3

Member

• Aug 17, 2017

• #10

I feel like I'm getting trolled here.

 

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Linkura

Member

• Aug 17, 2017

• #11

backslashbunny said:

You do not want to estimate.

That will throw off your basis/equity. This will have tax consequences further down the road.

Also, yes, you should rectify this mistake of mixing personal and business. You've pierced the corporate veil and can be held personally liable (you lose the protection of the LLC).

It's too bad it takes time, but you better do it. The CPA will correct your accounting, usually by reporting the personal use items as a distribution. Again, your basis is more important than ever.

Don't estimate.

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This. I fucking knew that he was mixing personal and business accounts when he asked if he could use "estimates." You don't do that.

 

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TheSecondSpitter

Member

• Aug 17, 2017

• #12

Knock, Knock.

 

S

sflufan

Banned

• Aug 17, 2017

• #13

Why do I have the feeling that the OP is going to have some capital gains from his distributions because they are in excess of his LLC's equity basis?!?