any accountants out there that i can ask a question?

[dealvr]

This discussion was very bashert 

Just took REG today and luckily I knew about special assessments.

Thanks guys!

Good luck. Waiting for scores is brutal.

[Ephcc90]

Good luck. Waiting for scores is brutal.

It's the worst. Waiting for REG as well. Hopefully my last one.

[yitzf]

It's the worst. Waiting for REG as well. Hopefully my last one.

Same here ☺

[churnbabychurn]

Start up business has burnt through 800k in cash from investors mostly in R&D. These are expensed per Gaap.

How do I create a BS that will balance? Do they have negative equity?

[Ephcc90]

Same here ☺

Done:) how about u?

[AtallD]

Start up business has burnt through 800k in cash from investors mostly in R&D. These are expensed per Gaap.

How do I create a BS that will balance? Do they have negative equity?

Assuming this is first year operations, if net loss exceeds contributed capital then yes, there would be negative equity

[henche]

Start up business has burnt through 800k in cash from investors mostly in R&D. These are expensed per Gaap.

How do I create a BS that will balance? Do they have negative equity?

You didn't spend more money than you had.  if you did, you borrowed.

[AtallD]

You didn't spend more money than you had.  if you did, you borrowed.

Which would still result in negative equity

[churnbabychurn]

You didn't spend more money than you had.  if you did, you borrowed.

I expensed the cash.

[churnbabychurn]

Assuming this is first year operations, if net loss exceeds contributed capital then yes, there would be negative equity

So it's called negative capital? Looks ugly....
Can it be negative retained earnings? Or is that for future years?

[AtallD]

So it's called negative capital? Looks ugly....
Can it be negative retained earnings? Or is that for future years?

I believe you can show it as follows:

Members' Equity            $(Contributed Capital Amount)
Accumulated Deficit       $(Net Loss)
Total Members' Deficit   $ (Net Total)

THis is assuming guidance hasn't changed - I haven't looked at a start-up in a while.

[churnbabychurn]

I believe you can show it as follows:

Members' Equity            $(Contributed Capital Amount)
Accumulated Deficit       $(Net Loss)
Total Members' Deficit   $ (Net Total)

THis is assuming guidance hasn't changed - I haven't looked at a start-up in a while.

That's better thanks

[yitzf]

Done:) how about u?

Mazal Tov!

Yes b"h

[Medic97]

If anyone can help with this is greatly appreciate it.

If my wife and I work for the same employer, for tax (savings) purposes, should we take separate pay checks or is it better to have it under one income only?

Also does anyone know where I can find a comprehensive list of what is included parsonage? And what dangers do I run into if I don't declare it at all?

[churnbabychurn]

If anyone can help with this is greatly appreciate it.

If my wife and I work for the same employer, for tax (savings) purposes, should we take separate pay checks or is it better to have it under one income only?

Also does anyone know where I can find a comprehensive list of what is included parsonage? And what dangers do I run into if I don't declare it at all?

You pay SS tax on 6.2% of earnings up to $118500.
So if combined salary is greater... But I wouldn't do this.

[MarkS]

If anyone can help with this is greatly appreciate it.

If my wife and I work for the same employer, for tax (savings) purposes, should we take separate pay checks or is it better to have it under one income only?

Tax avoidance is legal, tax evasion is illegal. If both of you work and one draws a double salary, any tax savings would be tax evasion. I've heard that the food in Otisville isn't too bad though!

[henche]

Tax avoidance is legal, tax evasion is illegal. If both of you work and one draws a double salary, any tax savings would be tax evasion. I've heard that the food in Otisville isn't too bad though!

And you'd likely be messing yourselves up for unemployment and all sorts of stuff.

[churnbabychurn]

And you'd likely be messing yourselves up for unemployment and all sorts of stuff.

And SS benefits

[Yehuda25]

I need to open a new LLC, any reason to wait for 1/1 so I don't have to file taxes for 2015 on this LLC? Or is now close enough to '16 that I don't have to file for '15 anyhow?


TIA

[lunatic]

Technically,  you need to pay taxes either way.  Perhaps you can save on the llc fee/return,  depending on the state...