Unanswered Tax Questions
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Parent subsidiary tax question
I have an LLC that only does online sales like Amazon and Poshmark. I am about to start a new LLC that does litter pick up for commercial properties . I want to make my current LLC the soul managing member of my new LLC.. My question is can I pay my self directly from the subsidiary? Or do I need to pay the owning LLC first. Then pay me through that? Would the income be double taxed once as income for the subsidiary second as income for the parent company?
Asked Saturday, December 30, 2023 by Randy D.Sign in to Answer
Unrelated Business Income for a Church
Looking for advice on how best to setup tracking/record keeping/filings of unrelated business income for a 501(c)(3) organization. This is something we have not dealt with before. Thanks
Asked Friday, December 29, 2023 by Mike S.Sign in to Answer
MLP K1 Nonresident State Taxes
I have mlp k1's that have a state schedule. I am unsure if I have to file a return in multiple states that I do not reside in. Is their anyone I can talk to about this issue?
Asked Friday, December 29, 2023 by Lucas B.Sign in to Answer
What should I do with left over money from S Corp?
The left over money from the S-corp after payroll and expenses is roughly 25% Do I file 1120S & Sch K1 and move the money into my personal bank account and call it Distributions? If I need money for my business account do I move it back and call it Capital Contributions? or do I leave the money there and pay taxes and call it Retained Earnings? What's the best practice here?
Asked Thursday, December 28, 2023 by Shun T.Sign in to Answer
What taxes do I have to pay for my LLC formed in Wyoming?
Hello, I am a non-us citizen and reside outside of usa. I want to form an LLC online in Wyoming (an online apparel store). What taxes will I have to pay? Will I have to file tax reports to the IRS? Thank you.
Asked Thursday, December 28, 2023 by wolf w.Sign in to Answer
Recording a Credit Card transaction being disputed
Hi, I made an purchase through an online marketplace, and they failed to communicate and send me the items. The marketplace was not helpful in fixing the issue so I put in a Credit Card claim and am waiting to hear back. In the meantime I am wondering how I would record the transaction on my Credit Card?
Asked Thursday, December 28, 2023 by Owen J.Sign in to Answer
3 years unfiled - how to most efficiently pay
I haven't filed for 20 - 21 - 22. I have them ready to send. I owe about $2,000 - $3,000 - $1,300 respectively. Should I write one check and send all 3 in one envelope? Should I send them individually with individual checks? How (and should) I estimate my penalties and include that in the check(s)? What is the best way to try to beg mercy and what will get them processed the most quickly?
Asked Wednesday, December 27, 2023 by larry b.Sign in to Answer
Will we qualify for child tax credit with our combined income $60,000?
Will we qualify for child tax credit(we have 2 children). We made $55,000-60,000 combined income
Asked Wednesday, December 27, 2023 by Amber G.Sign in to Answer
Is there a tax credit or an adjustment to my taxable income from a (SSI) overpayment repayment to the (SSA) 20+ years. No, this amount is NOT recorded in Box#4 on SSA-1099
Hello, for the past 20+ years we have been repaying back (SSI) benefits to the (SSA) for an overpayment 20+ years ago. Is there a tax credit or an adjustment to my taxable income amount for this overpayment? I found this online: If you have overpaid the Social Security Administration (SSA) for Supplemental Security Income (SSI), you may be eligible for a tax credit. According to the Program Operations Manual System (POMS), the American Taxpayer Relief Act of 2012 (ATRA)
Asked Tuesday, December 26, 2023 by Jessica K.Sign in to Answer
Wire Transfer Proceeds from China Property Sale
I received a wire transfer from a China relative who is a Chinese-national, as part of family property sale. Amount is $25,000. I am a U.S. Citizen. Do I need to report this to the IRS?
Asked Tuesday, December 26, 2023 by Gary D.Sign in to Answer