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Howard Smolin
Title: Accountant
Company: HJS & ASSOC
(Accountant at HJS & ASSOC) The home of a decedent became an asset of his estate upon his death. His three children are fiduciaries of the estate. If the estate sells the home, does the cost of the home receive a stepped up basis or is the original basis carried over to the estate when the estate was...
Anonymous Member
Anonymous
(Controller) I work for a US subsidiary (I'll call Inc) whose parent company was based in the Nordics (I'll call A/S) and filed for bankruptcy. A/S no longer exist and is now managed by a Trustee over there. Under the Inc's books, there is an intercompany balance owed that is now...
Anonymous Member
Anonymous
(Accounting Manager) One of our Independent Contractor sent us a W9 with a new EIN#. Should I process two 1099 forms this year, one with the old number and another with new number? or Should I issue their 2020 1099 using their new#?
Member's Profile
Daniel Cox
Title: Owner
Company: FallenValor
(Owner at FallenValor) I am opening up a charity to help Fallen Military personal that have made a mistake in life and ended up with a felony. Would it be against ethics to solicit accountants to possibly suggest their clients to donate to my charity for tax savings? What would be the best way to...
Anonymous Member
Anonymous
(Member) I have a client who is converting his LLC in to a C Corp by checking the box for tax purposes only. New share holders will be foreign corporation . If the company does not have any dividends in the current year will the foreign shareholder need to file an 1120f? They are...
Anonymous Member
Anonymous
(Accountant) 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?
Member's Profile
yoram kahana
Title: owner
Company: shootingstar
(owner at shootingstar) We are a 501 non for profit. A family asked us to pay for a funeral for a terminally ill member who will sadly soon pass away. Are we allowed ($10,000 ) , or is it an inurement, and prohibited? Thank you Star1441
Member's Profile
Anwaar Tayyab
Title: N/A
Company: N/A
(N/A at N/A) Hi All, I'm new to this forum and require a bit of advice from practicing accountant, I recently moved to the USA and own two companies one is sole member LLC and the other one is C Corp where I'm 100% shareholder. Just wanted to know that if I'm not withdrawing any income...
Member's Profile
Anonymous 2020
Title: teacher
Company: Maryland
(teacher at Maryland) Everything was based off of 2018 taxes(joint filing) because I filed my 2019 taxes too late to be considered for stimulus. In 2018, my son finished his senior year of high school and became a full time college student in the fall. He earned about $8,000 with part time work...
Member's Profile
fatima gomez
Title: Businesswoman
Company: Mexico
(Businesswoman at Mexico) My company is Mexican and we were chosen to receive a fund (donation) from an American company. They ask me to fill out a form and they give me the following options: w9, w8 ECI and W8 BEN. it can be an individual form or an entity form. Which one should I fill?
Member's Profile
Eric Rocha
Title: BI Developer
Company: HTX
(BI Developer at HTX) Hello everyone, I have a question, which the accountant I worked before was not very clear when answering and therefore brought me doubts about his work. Me and a partner have a small consultancy business that was opened last year in Texas as a LLC. We decided to take...
Member's Profile
Frankie G
Title: Intern
Company: A Better Way Financial
(Intern at A Better Way Financial) If I did not contribute to a Roth Ira in 2019 but made over 6k net and also will make over 6k net this year could I write a 12k check to put into my Ira this week since taxes got pushed back to July 15th? This way half would be for 2019 and half for 2020.
Member's Profile
Vikas jain
Title: PROFESSIONAL
Company: VIKAS JAIN
(PROFESSIONAL at VIKAS JAIN) I am a freelance bookkeeper and i wish to learn about US taxation. I want some online resources pr webinar links through which i can study US taxation. Please Suggest
Member's Profile
Joseph Dolan
Title: Self
Company: Self
(Self at Self) I am purchasing an existing business in PA and will set it up as an S Corp to save on my salary’s payroll taxes. There are 2 silent investors besides myself and we are investing a total of 340k: I (shareholder 1) am investing 90k for 87.5% equity, shareholder 2 investing...
Anonymous Member
Anonymous
(Coach) Hi All, First time poster so PLEASE go easy on me. I have looked through the forum here and it seems like a wealth of knowledge (insert butt kissing emoji). I am looking for a little info on PPP. My account says I have to go to the banks for info and the bank said I should...
Anonymous Member
Anonymous
(Retiree) An accountant filed my 2018 tax return. He filed F4797 and AMT F4797. Somehow, in the F4797, the cost of the rental house sold was real cost I paid but the AMT cost was much smaller. I could not find any cases which make me use a smaller AMT costs. I read the instructions...
Anonymous Member
Anonymous
(Founder) I made a Keogh deposit of 25K in Feb 2019- well before the April 2019 cut off date for the 2018 year. I then made a deposit feb 2020 for 34K for the 2019 year- again before the April deadline for the prior year contribution. While retrieving my tax documents from Fidelity...
Member's Profile
Matthew Worden
Title: Owner
Company: Go Hike Alaska
(Owner at Go Hike Alaska) Hi, I am the owner/manager of a multi-member LLC. On 1/30/2019, I bought a company van (12 pax) for $5,775, which I placed into service on 2/1/2019. Because the vehicle was supposed to be used for more than a year, I classified it as a fixed asset "vehicle", then I...
Anonymous Member
Anonymous
(Senior Accountant) Would there be a bona fide business purpose risk for owning an accounting firm interest through an S-Corp? The benefit of the SE tax savings obviously can't be a legitimate purpose. Has anyone had any experience with the IRS on this? I am envisioning a professional having...
Anonymous Member
Anonymous
(analyst) Disabled person receiving SSDI needs to maintain SSI eligibility for Medi-Cal. Has inherited her parents IRAs. I know if they were her own IRA, they could not go into the trust, but as they are inherited she cannot contribute to them. How might it be possible to move them...