If I decide to retain earnings in our firm (rather than distributing them as profit at the end of the year), will I and my business partner be liable for the taxes on that money this calendar year?
  1. Hi, if you and your partner opt to not take distributions you will still be taxed on the net income of the partnership. The way partnership taxation works, at t ... Read more

A bank account that belongs to the S Corp has been making payments that belong to the Partnership. I need to know how to record this and when. If you can please give me the journal entry framework to make ...
  1. I would book the cash transactions as they occur so your clients books are current and accurate at any moment, and so you can reconcile cash monthly. Waiting ti ... Read more