Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsDissolving Delaware LLC with Vehicle Asset & Seeking CPA for Retail and Real Estate Ventures
Asked onWednesday, January 24, 2024 by AndreyHello. I am considering dissolving a Delaware-registered LLC, currently while residing in Texas. This LLC owns a vehicle valued at approximately $135,000, which was purchased outright with cash contributed to the company's capital. The vehicle has been used for personal purposes, and since the company hasn't initiated any commercial activities, no tax deductions have been claimed for this asset. Additionally, I'm looking for a CPA who can manage the financial aspects of my existing retail sales company, specializing in automotive wheels, and a future real estate investment business. I need a professional with expertise in both retail operations and real estate investments. For the dissolution of the LLC, I would appreciate insights on: Tax implications of dissolving a Delaware LLC in Texas, especially when it owns a high-value asset like a vehicle bought with contributed capital. Required steps for transferring the vehicle's ownership from the LLC to an individual. Any potential sales tax or other tax liabilities, beyond the costs related to the dissolution and asset transfer. I welcome advice on the LLC dissolution and interest from CPAs with relevant experience in the retail and real estate sectors. Thank you in advance.
What are the tax implications of being a Private Mortgage lender for my daughter and son in law?
Asked onWednesday, January 24, 2024 by JuneMy daughter and my son-in-law are embarking on a first-time home purchase. They approached me about my willingness and ability to be a private mortgage lender for part of their mortgage. I am 70 years old this year, continue to work part-time as well as have been receiving Social Security as of last year. I have retirement money in Roth accounts and a SEP IRA accounts. Preliminary Questions: 1. Can I withdraw unlimited money from my Roth? Sep IRA? Is there a maximum amount that I can withdraw? 2. What are the tax implications of withdrawing any amount? 3. Would the money that is paid back to me be considered income? 4. Can I reinvest this money into my retirement accounts?
When do I need to send a 1099?
Asked onWednesday, January 24, 2024 by SarahI work for a partnership LLC. What form, if any, do I need send to the other LLCs that I contracted and paid more than $600 to in 2023?
Old $25 series e bond from 1957
Asked onWednesday, January 24, 2024 by StephenJust located an Old $25 series e bond from 1957, that my mom had from my grandfather. If I cash the bond will there be a tax penalty accessed from the irs?
Retirement Bonus/IRA
Asked onTuesday, January 23, 2024 by KenI retired on 12/31/2022. I received two payments in 2023 from my prior employer (Bonus in March of 2023 and Deferred Tax Distribution (Non qualified plan) in June of 2023. I am 58 and had no other earned income in 2023. Would either of these payments be defined as earned income in 2023 to all for a IRA contribution (including tax deduction)?
Question regarding 1099 NEC
Asked onTuesday, January 23, 2024 by AnjaliHow should I handle the tax filing process for a consultant who provides services to a company, has been invoiced in their books, but does not report taxes personally?
I need to find a CPA in Nevada that understands Virigina Capital Gain Tax.
Asked onTuesday, January 23, 2024 by MichaelI have to pay capital gain taxes to the state of Virginia due to a small inheritance and I don't know how to go about it. I gave some away to charity and only made $20194.00 last year between work and social security so I know I'm OK on the Federal side of things.
illegal immigrant tax
Asked onTuesday, January 23, 2024 by CynthiaI am looking for a CPA in Illinois to help an illegal immigrant pay taxes. We live near Springfield but are willing to drive to get a CPA to help.
4-way LLC profit sharing involving 2 members and 2 "major contributors"
Asked onMonday, January 22, 2024 by FredericHow do I legally handle 4-way profit sharing involving 2 members and 2 "major contributors." The company is a Texas multi-member LLC with 2 managing members (50% ownership each) and 2 individuals who will help out as they are able but don't want the obligations and responsbilities of membership. I'm hoping for revenue to be divided as follows: 20% in a tax account, 30% for operations, and 50% as a distribution split equally between the members and major contributors (25%-25%-25%-25%).
Europeans LLC Propsal for a 50/50 partnership
Asked onMonday, January 22, 2024 by DenisHi wanted to open a company with a friend of mine from overseas. We came to the conclusion WY is propably the best place, wanted to check with people here before consulting an accountant. After some initial brainstorming, we have considered the following structure: - P1 Overseas (foreign) - P2 Overseas (foreign) - P1 Real Estate LLC - P2 Real Estate LLC - USA LLC (50/50 split, agency) - P1 Holdco LLC - P2 Holdco LLC Questions 1. Our intention is to draw a minimum wage via billing on the overseas companies (P1 and P2 Overseas), which seems to be the norm for overseas LLC owners? 2. Our key question revolves around the process of billing the USA LLC and via P1 and P2 Real estate, subsequently acquiring property pre-tax, is this allowed even though the Real estate has not much to do with the USA LLC (which will be a design agency)? 3. Are we allowed to invest (trading account) and buy real estate as EU citizens via the Real estate LLC? 4. Is it only reserved for US citizens / equivalents that they can refinance the properties and pull out cash in this way? 5. Additionally, we are contemplating introducing a holding company, wherein it would hold 50% of the LLC and 100% of the real estate company for each of us + to protect our assets separately. 6. Is this a feasible / legal structure and how much would we need in revenue before this would be beneficial? 7. Additionally, how much would it cost on an annual basis to file the taxes for the whole of the above structure (if feasibl