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Kathleen Reardon
Title: Controller
Company: South Shore YMCA
(Controller at South Shore YMCA) we have always reported former Directors from prior years on our 990 even though they are not paid. am I correct in determining they do NOT need to be reported as that have not been paid over $10K during the year? thanks, Kathleen
Member's Profile
Zack Siegel
Title: Owner
Company: Bullish Advertising
(Owner at Bullish Advertising) I am sending out invoices to clients for marketing services. For this alone, it is sales tax exempt in Florida, but if it contains the sale of a product it does not. If we are delivering websites and such, will that be considered a product or just a service? Is there some...
Member's Profile
Debbie Longoria
Title: Accounts Payable Coordinator
Company: Blue River Services, Inc.
(Accounts Payable Coordinator at Blue River Services, Inc.) We are leasing a postage meter and are now receiving a property tax invoice.
Anonymous Member
Anonymous
(Consultant) Hello, I am unclear on how to handle tax accounting and journal entries under the following scenario. The company ordered a business computer from a retailer in December 2017 and received an invoice. The computer was shipped and delivered in January 2018, and the retailer...
Anonymous Member
Anonymous
(president) is it possible not to have to calculate basis for a primary residence sale? acct thinks that all such sales must, without exception, calculate basis and report any non-excluded capital gain but in very rare scenario, would be better to report as ordinary income if allowed...
Anonymous Member
Anonymous
(Director, Payroll) There will be a contest where there is a prize of exercise equipment and package for membership etc. The total value is $3500 per package and 6 will be given away. How is something like that taxed for the employee as well as the the taxation to the employer?
Member's Profile
Hello, I have a cleaning company, I work for several real estate agents as a sub-contractor, they send a 1099 for the amount of money that they've paid me throughout the year. I have a new agent that I'm starting to work for, I sent her an invoice for a days work, she...
Sohaib Khan
Title: Business Solutions Consultant | ERP, CRM..
Company: Independent
(Business Solutions Consultant | ERP, CRM.. at Independent) I'm planning on registering an LLC in Wyoming. I don't live in the US neither I have ever visited. I'm actually a Pakistani and live in Karachi. I came across some consultants they offered me their services. I did some research and found out that Wyoming is a business-...
Anonymous Member
Anonymous
(CEO) Hello, I filed for late election relief under rev. Proc 2013-30. Stating that client intended for the LLC to be an S-Corp and is compliant with all taxes. However, IRS approved it for next year. My question is : Can we appeal this decision and ask them to approve for...
Anonymous Member
Anonymous
(Director of Finance and Accounting) Hello everyone, I was just recently hired at a real estate development company to clean up their accounting. They have had a bad history with the accounting and finance department and have gone through a numerous number of accountants and finance professionals within the...
Member's Profile
Luca Pacioli Jr.
Title: Owner
Company: Manufacturing
(Owner at Manufacturing) My S corporation is a manufacturer. I am the only stock holder. Yearly sales $500k. My salary $70k per year (all taxes are withheld). A bonus paid at the end of the year $63K (all taxes witheld). Net income after above and all other expenses comes to $108k (report on K1)...
Srikanth lakshminarayanan
Title: SR.ASST MANAGER-FINANCE
Company: PANSONIC MARKETING MIDDLEEST FZE
(SR.ASST MANAGER-FINANCE at PANSONIC MARKETING MIDDLEEST FZE) I would like to have basic knowledge on VAT which is going to be implemented in UAE.
Anonymous Member
Anonymous
(VP Finance) A number of years ago, the company accepted a promissory note from an employee for purpose of acquiring 25,000 shares of its stock at $2 per share. The stock would be paid for with employee's annual bonus. The Note carried a term of five years, accrued interest at 4% per...
Anonymous Member
Anonymous
(Finance/Accounting) We give employee stock options. Naturally at a given time, some of the options are vested, some are not. If company is sold for cash, how do we make sure: (1) vested portion (which we plan to give employee net gains) does not incur immediately (we want employees to get long...
Anonymous Member
Anonymous
(manager) I buy merchandise from a reseller company for full price but i sell it at discounted price because they offer me a rebate from the discounted merchandise. I'm i supposed to pay tax on the full price of the merchandise, or should i be tax on the discounted price that i...
Anonymous Member
Anonymous
(Fixed Asset Accountant) My company has begun setting up what they call "pop-up" stores to liquidate inventory. These sites use TTP such as shelving, stands, benches etc. Some of these pop-ups will be collecting sales for as little as 3 days or as long as 90 days. Currently, there are no plans for...
Anonymous Member
Anonymous
(Fixed Asset Accountant) My company has begun setting up what they call "pop-up" stores to liquidate inventory. These sites use TTP such as shelving, stands, benches etc. Some of these pop-ups will be collecting sales for as little as 3 days or as long as 90 days. Currently, there are no plans for...
Anonymous Member
Anonymous
(Medical) Hello. I'm in dire need of some advice. I made non deductible contributions to an IRA thinking I could easily convert it over to a ROTH IRA. So I did exactly that about 4 times last year. Unfortunately, I did not realize I would be subject to taxation since I have a...
Member's Profile
Jae Lee
Title: Senior Accountant
Company: SURKUS
(Senior Accountant at SURKUS) Hi, We have a formar officer who sold the stock options in 2017 so basically, we paid him 100k and he bought it for $500 back in 2015. What tax form do i need to use to file? I think 1099-DIV but not even sure what number box to use. Thank you for your help. Jae
Anonymous Member
Anonymous
(Accounting Manager) I am new (contractor) to this company and received a notice from the owner saying that an old 940 filing was delinquent. It is from 2016. The owner claims that the IRS also has the entity mis-represented as a "general partnership" even though it is a disregarded entity......