Does "business" filings mean 1099s and W-2s? Or corporations, partnerships etc.? Also, I need to order a 1099-Div, not sure if the IRS will answer the phone during the govt shut-down?
I do feel this is way over my level of expertise. I prepared her father's taxes. When he died, he left his house in Virginia and portfolio split among three daughters. This daughter moved from VA to U...
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I do feel this is way over my level of expertise. I prepared her father's taxes. When he died, he left his house in Virginia and portfolio split among three daughters. This daughter moved from VA to UK some years ago, she apparently is a US citizen still. Her portfolio has been handled by a local Virginia broker. The address was the father's house's address, she now owned 1/3 of the house. I told her I did not know how to handle international tax returns, she said she had an accountant in UK who could put the two countries' tax data together if I would just prepare the Sch B and D. The federal tax always came out to zero because of the favorable investment tax treatment. She told me she would pay taxes in UK on the portfolio income. Should I quit doing this?!
Perhaps I've done this incorrectly in prior years? This "Out of State" locality is no longer listed in Virginia. I used to file just a federal return for stock transactions. Client used a UK accounta...
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Perhaps I've done this incorrectly in prior years? This "Out of State" locality is no longer listed in Virginia. I used to file just a federal return for stock transactions. Client used a UK accountant to coordinate UK & US incomes, something I don't know how to do. Advice?
Client was employed by a company that worked him in three different states. Occasionally I run into clients who travel and work in several states but are employed by one company. I have never understo...
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Client was employed by a company that worked him in three different states. Occasionally I run into clients who travel and work in several states but are employed by one company. I have never understood why they get their state withholding split among the states. It sure makes preparing their state returns unpleasant for me and I have to buy separate softwares for the non-Virginia states. I assume the company's CPA (who knows more than I do) tells them that they must split up the state withholdings. After enough annoyance, I tell them to go to H&R Block.
Physicians' C-corporation is changing name, I assume EIN number stays, but Medicare reimbursements require a 575CP letter with new name and old EIN, how to get this letter?
Sole Proprietor selling equipment, inventory, goodwill, and Covenant not to compete, evaluated/agreed by buyer and seller for price per category. They agreed to make the goodwill worth almost 1/2 mil,...
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Sole Proprietor selling equipment, inventory, goodwill, and Covenant not to compete, evaluated/agreed by buyer and seller for price per category. They agreed to make the goodwill worth almost 1/2 mil, equip 65K, a small amount for inventory, and 10K for CNC. I entered equipment individually on asset worksheets, inventory into Sch C income, goodwill on long term 4797, and CNC on short term 4797. Does this seem OK? Proseries charged a hefty investment tax on sales of Goodwill and the CNC.
C-Corporation distributes rental house (market value $100K, fully depreciated) to sole shareholder and closes the corp. It has a 40K NOL from prior years. Can I say that shareholder buys the house fo...
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C-Corporation distributes rental house (market value $100K, fully depreciated) to sole shareholder and closes the corp. It has a 40K NOL from prior years. Can I say that shareholder buys the house for $100K so as to make use of the 40K NOL. Or can I say the value of the distribution to shareholder is $60K?
I've read the agreement, and basically the Sole Proprietor (a Veterinarian) received 10K to agree not to compete within 30 miles of town. I understand this is ordinary income but not subject to SE tax...
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I've read the agreement, and basically the Sole Proprietor (a Veterinarian) received 10K to agree not to compete within 30 miles of town. I understand this is ordinary income but not subject to SE tax. Anything better than Line 21?