I understand salary must be "reasonable in industry standards" but who decides that, and what if there simply isn't enough revenue to sustain a "reasonable" salary for the owner? I'm a sole prop now (just me, pretty small income), and I'm trying to study the... Read more »
To put things in perspective, it's important to remember that an S-Corporation is its own legal person, separate and distinct from its owners. When you, as a single person, elect to turn your LLC into an S-Corporation, you automatically wear two hats - that of a business owner and that of an...Read more »
It's a hardline rule, 1 year 364 days doesn't work. It's also more complicated than just 2 of 5, there's 5 steps that can be found at https://www.irs.gov/publications/p523/ar02.html#en_US_2015_publink10008937. IRS Pub 523.
i was doing masters that will be completed by May 2016 i am good affiliate marketer in my country so i want to do affiliate marketing for some famous sites ,some even gave me permission to do seeing my background on marketing but i am not doing anything now ,am i eligible to do that , some of... Read more »
You can do as many jobs as you want when you are on OPT, but you will have to report all those jobs and they pay taxes properly. If you get an H1 you can not work for anyone else except the employer who sponsored your H1 visa. All the best.
For handling the canceled debt in an S corporation, have your accountant potentially review (Sec. 108(d)(7)(A)) and Gitlitz, 531 U.S. 206 (2001), in case. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting...Read more »
Generally, a tax credit may reduce all type of taxes, including your SE taxes. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. For specific advice, please consult a tax attorney in person. Good luck....Read more »
Use your best estimate with respect to income and expenses to amend your tax returns and the schedule C. Put down “Service/Sales” and “Miscellaneous” for classification. The important thing is that you file the accurate tax returns and pay the accurate tax amount. Good luck. Zaher...Read more »
IS NOT LISTED AS AN OWNER ON MY MORTGAGE. SHE OWES MONEY TO THE IRS. IF SHE MOVES INTO MY HOME AND SHE BECOMES DELINQUENT ON THE AMOUNT SHE OWES TO THE IRS OR IS UNABLE TO PAY AT ALL,CAN THE IRS COME AFTER ME OR MY SISTER OR MY PROPERTY? THANK YOU
So, your sister who has no ownership interest in your property, which is co-owned with another sister, moves to and lives in you property. The IRS cannot come after the property owner; you and the other sister. The IRS can only attach her own assets, not where she live in. Good luck.
It will be advisable to file all non-filed tax returns and depending on your finances, make an offer-in-compromise or ask for an installment plan. Generally, the BK must be filed at least TWO years after the returns filed by TAXPAYER (not the IRS)or at lease 240 days after the IRS assessed the tax...Read more »
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