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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......
Anonymous Member
Anonymous
(Student) 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...
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO at SBAConsulting.com) What changes have you made to your COA? What spending practices have you changed?
Anonymous Member
Anonymous
(Owner) 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...
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO at SBAConsulting.com) 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?
Member's Profile
Yelena Sivaya
Title: Finance and Compliance Officer
Company: Advanced Combat Solutions Inc.
(Finance and Compliance Officer at Advanced Combat Solutions Inc.) 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...
Adam Brown
Title: Student
Company: The University of South Dakota
(Student at The University of South Dakota) 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?
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?
Anonymous Member
Anonymous
(Owner) 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,...
Anonymous Member
Anonymous
(Sr. International Accountant) 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!
Anonymous Member
Anonymous
(Director of Finance) 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...
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.