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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...
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.