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Andrew K
Title: Director of Tax and Accounting
Company: Silver Leaf
(Director of Tax and Accounting at Silver Leaf) I had someone approach my firm and ask to help them file past tax returns. This client has not filed since 2008, and it appears he may owe taxes between 2008-2012 (he withdrew early from an IRA to put funds into a dying side business). I've agreed to help him file these...
Anonymous Member
Anonymous
(Tax Exexutive) We are in Hotel business located in India and a tax resident in India. Any service rendered to guests would be performed in India. One of the US company has agreed to hold conference in India with its Indian partners. As per contract they are supposed to make a deposit (as...
Anonymous Member
Anonymous
(Artist) Hello, I am an artist and own a small business where I am the only employee. I'm looking to purchase a truck or SUV to be used 100% for business. I will use it to deliver paintings, transport my booth and art to the art fairs and take it into the woods to get to areas i...
Member's Profile
Philip Eldred
Title: CEO
Company: Fairpoint Exchange
(CEO at Fairpoint Exchange) The law is clear that CBD (a cannabis derivative) is only federally legal to sell as an ingredient in an FDA approved medication, such as Epidiolex, which is currently the only approved drug containing CBD. Unless CBD is contained in an FDA approved medication it is...
Anonymous Member
Anonymous
(None) We opened a Vanguard IRA in 2001 and it was supposed to be a Roth. We made contributions in 2001, 2002 and 2003 and all years were under the allowable $3000 limit. Now we want to take out the money (over $12,000) and it should be tax free (we are over 59-1/2). But we never...
Anonymous Member
Anonymous
(Chief Risk Officer) Do foreign (non-US) owned companies owe U.S. federal income tax on income from holdings of U.S. Treasury bonds? For context, the foreign company has no U.S. citizen or resident ownership (not a CFC or PFIC). If yes, - Does the U.S. Treasury withholding some or all of the...
Member's Profile
Charlie Emit
Title: Student
Company: College
(Student at College) Say I invested in a small business in January 2010 (qualifies for 1012 treatment, 75% exclusion) and decided to sell the stock today. I also sold some small business stock at a loss this year (stock I bought 3 years ago). How should I go about netting these together?
Anonymous Member
Anonymous
(Advisor) I have a contract to deliver educational services in Turkey. I will provide services, in country, with US citizens and an Israeli individual. In the US, all of the services are recorded as business expenses, US citizens will get a 1099. What do I have to report, and to whom...
Anonymous Member
Anonymous
(Owner) I own a niche tax practice and took on too much work this year. I've been working 90 hours/week and still don't think I'm going to be able to finish by the deadline. I'm still new (2nd year), so not really a pro at managing the practice yet. What are my options here? Has...
Member's Profile
cam johnson
Title: owner
Company: prop
(owner at prop) The foreign tax credit cannot be more than your total U.S. tax multiplied by the fraction of taxable income from foreign sources. Since I have some U.S. income, it's not possible for the foreign tax credit alone to reduce your total tax to zero (which is what I am...
Member's Profile
musu pura
Title: llc manager
Company: hidea
(llc manager at hidea) I and my wife owns LLC. Personally we(Me and my wife) loaned(Ex: $100) LLC 13 years ago. In 2018, LLC made a profit of $166. Since LLC never made profit last 13 years, there was no money to pay back the loans. Now LLC made money and wants to pay back the loan $100 to Me and...
Anonymous Member
Anonymous
(Owner) As a teenager I collected comic books. I have a dozen large boxes of comics. I never tracked exactly what I had, but 20 years ago I sorted the most valuable into a single box. I stored these casually in my basement for a long time. This summer I decided to catalog them to...
Member's Profile
Is Anonymous
Title: none
Company: none
(none at none) I am a foreigner and moved to the US in 1990. In 1992 I lost money in the stock market and the IRS wrote me that I have to file taxes. So I did. And never again. The reason why I have not files is not because I am trying to evade taxes but that I have never made enough...
Member's Profile
Billy Bob
Title: CEO
Company: BillyBobBob's LLC
(CEO at BillyBobBob's LLC) Hi! I started business late last 2018 and I missed the Jan 31st 1099-misc deadline. I have 2 contractors (1 an S-Corp and 1 a Sole-proprietor) that I need to report payments on. How would I go about filing it late in New York either by e-file or by mail? Thanks in advance....
Member's Profile
Robyn Pinto
Title: Controller
Company: Sylvan
(Controller at Sylvan) We are in the process of onboarding subcontractors that are located in India, Philippines, and Canada. All work will be completed in their resident country and we will transfer the money to their accounts monthly for services. I have sent them the W8EIC form and I wanted to...
Member's Profile
ana bana
Title: compliance manager
Company: LLC
(compliance manager at LLC) When filling out of W-8BEN-E there should be the beneficial owner and disregarded entity (if applicable) identified. Parent company is investing in real estates and is holding 94 %(voting and capital rights) of subsidiary entity, which is a building of apartments. Which one...
Anonymous Member
Anonymous
(Strategic program manager) the 1099 instructions do not specifically address software. however, we purchase software from a vendor who is an LLC. should we send a 1099-misc for this?
Member's Profile
David Matyas
Title: Manager
Company: SpecOp
(Manager at SpecOp) I am a bit confused in regards to recapturing when using the bonus depreciation: If someone purchases a $60k SUV (greater than 6K pounds) and use it 100% for work. Then in 2018, they can deduct the full value. Let’s say in Dec 2019, it gets sold for $45k. Then they have to...
Member's Profile
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...