Tax
-
How do I file a 1099-MISC late in New York?
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. Bob
-
Rules regarding issuing a 1099 to a contractor in India, Phillipines, or Canada
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 know if this is the corr…
-
Relation between subsidiary and parent company regarding to taxes for the purposes of USA taxes reporting and withholding
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 of them is beneficial ow…
-
1099s for SAAS?
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?
-
Confused with bonus depreciation, and recapture amount if sold the following year
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 recapture it. In such a …
-
990 Former Directors
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
-
Sales Tax Exemption for Services in Florida
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 sort of measure we need…
-
My company is a 501(c)3 and are exempt for local property tax. Are we also exempt from leasing equipment property tax?
We are leasing a postage meter and are now receiving a property tax invoice.
-
Section 179 deduction
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 charged the company's d…
-
report primary home sale as ordinary income, not capital gain - possible?
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 no basis calculat…
-
How is Wyoming for registering an LLC?
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-friendly state when it comes …
-
Should I be charging sales tax?
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 replied that I need to char…
2
-
S-Corp election
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 current year? How can it be d…
-
How is an exercise equipment package taxed for employees as well as the company?
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?
2
-
Can I defer taxes this way?
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 past year. I'm sure you …
1
-
Form 2210 & Subchapter S Income
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) My preference …
3
-
Extinguishment of Employee Debt
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 annum, and was secured by t…
-
Tax for employee options
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 term capital gain tax v…
-
are vendor's rebates subject to tax ?
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 actually sold it for?? ple…
1
-
Property Tax treatment for temp stores
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 these pop-ups to be in e…
-
Property Tax treatment for temp stores
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 these pop-ups to be in e…
-
Help w IRA Rollover/Recharacterization
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 significant amount in my Rollov…
-
Officer liquidates stock options - what form do i need to file?
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
-
how can I review the filing status of an LLC
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...LLC. I cannot find th…
Previous
