Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsForeign Contractor Advice
Asked onWednesday, December 04, 2024 by JasonHello, I have worked with a foreign contractor on smaller projects under the $600 requirements for 1099-NEC. But recently I have been getting more work and want to bring this contractor on board with a more formal agreement and more long term projects. My questions involve what the tax ramifications are and if there's anything I need to fill out in regards to foreign contractors. Additional information: Resident State: Michigan Contractors country: Russia Industry: Vtuber Rigging (Highly specialized, and theres not many people in the USA or even the world that do this) Im open to hiring a CPA to help with this if this is more complex than what can be answered here.
Mom is my dependent
Asked onSaturday, November 23, 2024 by JustinMy mother moved in, in June and is my dependent. Should I update my W4 now? Can I claim her through June when I file early next year?
Profit & Loss Statement
Asked onSaturday, November 23, 2024 by PATRICIACost of Goods, Business Loss Due to Crime Civi Suit
I am renting my property to a family member. I am renting this property below market value. Do I have to declare this as income?
Asked onFriday, November 22, 2024 by PaulI am renting my property to a family member. I am renting this property below market value. Do I have to declare this as income?
Sale of business, owner financed, pay all tax upfront??
Asked onFriday, November 08, 2024 by MelissaWe are selling our business as a Membership Interest Sale (according to the attorney). We are seller financing - collecting a 20% down payment on Jan 1 2025 and will collect monthly payments for the following 6 years, amortized over 9.5 with a balloon payment due at the end. Our local CPA tells us that we will owe taxes in 2025 on the full sale price amount, even though we won't collect that money in 2025. Is this correct and/or is there a way to not have to pay so much up front? Sale price is 300k, down payment is 60k and he is telling us that the majority of that down payment will go straight to taxes. If it's helpful, we have structured it as 50k assets, 250k goodwill, but can change that in the documents that have yet to be signed..
EIN update with IRS
Asked onWednesday, November 06, 2024 by AzizHello, I have formed single member LLC in Wyoming now i need to change it to multi member LLC. Please advise how to update EIN with IRS.
Taxes return
Asked onTuesday, October 29, 2024 by JonasI have a business license, I run my own business through Amazon.com as a seller, and this year I have been breaking even on my sales and advertising cost most of the year. Would I be able to to deduct that advertising cost for a return?
Closing C-Corp with IRS
Asked onWednesday, October 23, 2024 by DEVENDRAHello, Need Help Closing a C-Corporation with the IRS. Tax Details: • Formation: 2012 • Filed Tax Returns & Paid Taxes: 2012, 2013 • No Tax Returns Filed: 2014 to 2023 • Business Activity: No transactions from 2014 to 2023 • State Status: o Administrative Dissolution: 2017 o Formal Dissolution Planned: 2024 How to properly close your C-Corporation with the IRS by fulfilling all federal tax obligations, including filing all required tax returns and forms, and addressing any potential penalties?
Can a person on H4 EAD who is present in US from the past 10yrs can elect LLC as Scorp?
Asked onThursday, October 17, 2024 by RaghuI'm current on H4 EAD and have a small business and residing in US from past 5 yrs. As I'm a non citizen/green card holder, i will be considered as a Non resident alien but I meet the substantial presence test. So in that case, I can elect my LLC as S Corp?