Tax
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Taking advantage of new corporate taxes - Where am I going wrong?
Hello, The situation I have is I want to move pre-tax funds (payment for services) from company A (I do not own) to company B (I do own) this is as simple as writing a check. As of right now company B is an LLC. My question is, if I deposit the money into the business account and elect to be tax…
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How have you accounted for the new tax law?
What changes have you made to your COA? What spending practices have you changed?
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S corp owned investment property
Hi all. I am helping a family member who has been holding an investment property for many years in an s corp (bad, I know). Due to depreciation and the rise in market value, his basis is very low. He wants to get a commercial mortgage on the property but has been advised that if he pulls the loan p…
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Meals are essentially no longer deductible under the new tax law
What do you see as the fall-out to the company, business culture and the bottom line of not only your company but your favorite "meal" establishments?
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Schedule O Form 1120
Hey Guys, I have a question: I am filing a consolidated return for a small parent-sub group (both are c-corps). Do I have to necessarily file schedule O (form 1120) along with the forms 851 and 1122 in relation to the fact that it is a consolidated return? The schedule O is all about consent plan…
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Is Lighting on a Leasehold Improvement considered Section 179 depreciation expense or standard
A client has spent a considerable amount on electrician expenses during there improvement project and the lighting is not permenently fastened to the building. would it qualify as a 179 expense?
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Sales Tax Question
Our company is in a state that has sales tax, while we often make sales to customers in states that don't have it. If someone were to place an order in a state that doesn't have sales tax, but drive to our location to pick it up - should they be charged sales tax?
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Tax withholding for nonresident alien employees?
As a US-based online business, I have several employees living in the Philippines (citizens of Philippines). Are the wages I pay them considered to them to be US source income? Am I required to withhold tax at 30% for them? Am I required to file Form 1042 and Form 1042-S, and are they required to f…
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tax related guidance for doing business in Massachusetts
Does anybody know of what we might need to know tax wise related to doing work in Massachusetts? We are legal services related attorney firm. Thanks!
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Tax Submission
While it isn't currently my primary business, I did prepare taxes fro a couple of clients this year for a fee. We received back a letter from the IRS listing penalties and interest for not filing and paying on time despite the fact that my client did so via certified mail return receipt requested. …
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Basics on VAT
I would like to have basic knowledge on VAT which is going to be implemented in UAE.
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Our company based in the US rents villas in Mexico. Do we need to report to IRS remittances to Mexican homeowners whose villas are rented out.
Our website registered and operated out of US, lists oceanfront villas and condos that are located in Riviera Maya, Mexico. Some of these Villas and Condos are owned by Mexican nationals. Once we rent a property we collect the rental subtract our commission and remit the balance to the homeowner wh…
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Is there withholding tax on management fee paid to foreign company?
Company A, registered in New York state, need to pay mangement fee to the company outside US. Does company A need to deduct withholding tax from fee amount?
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Underpayment of Sales and use tax
While filing in march for Feb 2016 sales and use tax, the balance sheet for 2015 was used instead of the 2016. This caused an underpayment of the sales and use tax. Also and over payment of the battery tax occurred due to this error. As March was quarter end and we are now in apr what would be the …
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Washington state sales taxes
We are an AZ based corporation. We do not have a nexus in Washington state. The tax "expert" at our outside CPA firm told us there is a new law that requires us to collect and report sales tax in Washington. They told us that Washington now requires sales tax to be based on the delivery point …
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Use Tax
I work in the finance office at a company who does not pay use tax on any of the purchases from any vendors who do not charge us the sales tax directly. I spoke to the company's accounting firm about the matter and I was advised that "we should be paying it but I am not worried about it because I h…
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Sales Tax Consultant?
Hello, We are expanding our Canadian trade show business into the US, and I need some help figuring out what states we need to charge sales tax in, if any. Can anyone recommend a good consultant that could help me make sure we are doing everything correctly? Thanks! Brenda
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As of Feb 2016, are Enterprise Software sales and Support and Maintenance Agreements subject to CA Sales Tax?
(1) A California-based Independent Software Vendor licenses the same software to multiple enterprises subject to a Software License Agreement. Vendors retains all intellectual property rights. The software is only made available for electronic download - no physical media is used. (2) ISV offers an…
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1099-misc reporting of reimbursed expenses
Can anyone provide me with an authoritative answer on reimbursed expenses being reported on a 1099-MISC.
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Sales Tax Errors Statute Of Limitations
"How many years are available to correct sales tax errors if you make them? Is there a statute of limitations or the like?" This question was asked at a recent webinar, now available on-demand: "How to Prepare for your Next Sales Tax Exemption Certificate Audit" Please add your thoughts about it …
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Use Tax Liability Tracking in Accounts Payable
Here's the scenario: Your company occasionally buys goods/services from vendors located outside your state/city and you need to track which AP invoices need to be included in a state/city Use Tax filing. The vendors are not registered in the local tax jurisdictions so they do not charge sales tax …
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State Income Tax implications of providing professional services in different states?
Any controllers/CFO's in the consulting industry - just want to ask how you handle employees state tax withholdings if they work with clients in multiple states during the year. I think most of the large firms tell their employees to file personal income tax filings with each state in which they wo…
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