Hi Stephen,
Just for kicks, I've attached the relevant pages of the 2013 (first year) and 2014 corp returns. It ssems to me the preparer screwed up. 1099-DIV as not issued.
I'd love your opinion if you have a few minutes.
Thank,
Dan
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Daniel Levine
CPA
DANIEL LEVINE, CPA PC
Scottsdale AZ
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Original Message:
Sent: 08-25-2015 07:24
From: Stephen Mankowski
Subject: corp tax
Daniel, this is an interesting question and unfortunately one that can have many answers. A simple one could be how they recorded dividends or possibly a return of capital to the owners.
Without having more info, one really can't say what the justification is. So, here are a few thoughts (that I'm sure you've already explored):
- contact the current CPA and ask what was going on
- speak with the client. if you can't contact the CPA, maybe the client can ask them your questions
you can feel free to reach out to me directly if you'd like.
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Stephen Mankowski CPA
EP CAINE & ASSOCIATES, CPA LLC
Bryn Mawr PA
610-525-2933 x204
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Original Message:
Sent: 08-24-2015 11:06
From: Daniel Levine
Subject: corp tax
I'm reviewing a 2014 C Corp return of a possible new client and see adjustments to shareholders' equity on schedule L line 26. The supporting schedule shows "shareholder distributions". Is there any justification for this treatment?
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Daniel Levine
CPA
DANIEL LEVINE, CPA PC
Scottsdale AZ
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