Unanswered Tax Questions
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How to know if you need a new EIN
If a single member LLC sells their company to a new owner, will the new owner need a new EIN, if the original owner is filing as a disregarded entity. The IRS told me you can only transfer the EIN to the new company if the old company is filing as an S corporation, but there has been some confusion/disagreement. And in this example, if a new EIN is gotten a few months after the sale, is there a different way to file taxes the next year for the few months when the old EIN is being used, since it would be two separate people filing with the same EIN. One last part, if an IRS form 8822B is filled out for change of responsible party, I believe that only changes who controls the LLC, it does not transfer the EIN to the new person. Thank you for your help.
Asked Thursday, June 22, 2023 by Tracy K.Sign in to Answer
Business Law in Accounting
Hello, I just wanted to know how big of a role does Business Law play in Accounting, and how has it affected you in your role?
Asked Wednesday, June 21, 2023 by Josiah D.Sign in to Answer
Married but filing single
My husband and I are separated, not legally. His choice was to file this way. He claimed me as a dependent on his taxes without asking me. I've already done my taxes and I don't even know if I could have claimed myself or not because I owe in $95 to the IRS I just want to make sure that it's legal that he claimed me. We do own a house together. So maybe he could do that as head of household.
Asked Wednesday, June 21, 2023 by Kellie P.Sign in to Answer
Hardship withdrawal from my 401k
I'm thinking of taking a medical hardship withdrawal from my 401k. I am in New York state. Principal (the 401k holder) claims that they withhold 10% to pay taxes on the withdrawal and will 1099 me in January. Will this 10% null any increases to my state and/or federal income tax for 2024?
Asked Wednesday, June 21, 2023 by David R.Sign in to Answer
ACA Insurance or Company Insurance
My S corp pays all of my medical insurance for my wife and I . We have no employees. I've semi-retired and moved to FL. Would I be better off expenses my medical cost with the business or getting a private policy through the market place, ACA? Example Blue Cross Insurance $1600 a month with the government crediting $1200 a month, net cost $400 a month.
Asked Wednesday, June 21, 2023 by Steve R.Sign in to Answer
Quarterly taxes
We live in Indiana and my wife and I are both now retired, our combined income, which includes Soocial Security and a Pension is around $52,000 annually. Should we pay quarterly taxes?
Asked Wednesday, June 21, 2023 by Jeff M.Sign in to Answer
i got a settlement do i have to pay taxes
i got a settlement do i pay tax on $13,999.00 dollars
Asked Wednesday, June 21, 2023 by belinda a.Sign in to Answer
Opening up LLC for gambling business
I have a gambling strategy that I’d like to use as a side business for a few hours everyday. (My actual job pays 110,000 and I am in New York City. I am a 22 year old single). Would it be tax efficient to open an LLC to avoid increasing my adjusted gross income? (Does increasing my AGI by $10,000 even make a difference in taxes?) If so, is it beneficial to open one out of state (to reduce annual filing fees)?
Asked Tuesday, June 20, 2023 by Damien Y.Sign in to Answer
IRS Form 8594
If I buy a business for 1,000 and the cash in the bank is 25,000 and the inventory is worth 50,000 do I pay tax on the difference?
Asked Tuesday, June 20, 2023 by Patrick r.Sign in to Answer
Deductions for 2 jobs
I work a full time job at a gas station. How do taxes work of I start doing doordash? Can I still take the standard deduction from my first job and then deduct the mileage from doordashing as well?
Asked Tuesday, June 20, 2023 by Matthew S.Sign in to Answer