Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsUnrelated Business Income for a Church
Asked onFriday, December 29, 2023 by MikeLooking 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
MLP K1 Nonresident State Taxes
Asked onFriday, December 29, 2023 by LucasI 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?
What should I do with left over money from S Corp?
Asked onThursday, December 28, 2023 by ShunThe 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?
What taxes do I have to pay for my LLC formed in Wyoming?
Asked onThursday, December 28, 2023 by wolfHello, 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.
Recording a Credit Card transaction being disputed
Asked onThursday, December 28, 2023 by OwenHi, 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?
3 years unfiled - how to most efficiently pay
Asked onWednesday, December 27, 2023 by larryI 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?
Will we qualify for child tax credit with our combined income $60,000?
Asked onWednesday, December 27, 2023 by AmberWill we qualify for child tax credit(we have 2 children). We made $55,000-60,000 combined income
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
Asked onTuesday, December 26, 2023 by JessicaHello, 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)
Wire Transfer Proceeds from China Property Sale
Asked onTuesday, December 26, 2023 by GaryI 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?
1099 payment write off
Asked onThursday, December 21, 2023 by CharlyI want to pay a former employee who helped me build my business, $10k and 1099 him. Can I write this off against my business income? I am an S corp.