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My uncle, who was from the UK, but took American

My uncle, who was from the UK, but took American citizenship, set up a trust when he died which provides the care of his wife, my aunt, who has severe dementia. The Trustee of the Trust, a US citizen, has died and the Trust documentation has named me, a UK citizen living in the UK, as Trustee. I am informed by the Trust's US lawyer that the trust is now a "foreign grantor trust" for tax purposes. Some (but not all) of the companies who manage the investments are withholding tax on dividends and sales. I have been asked to fill in W-8 BEN or W-8 BENE forms by different companies. What form(s) should i be completing to ensure I can recoup the withholding tax?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Yes - when my aunt dies, I and another (US) person are joint beneficiaries. Is there anything i can do in advance to ensure I minimise the amount of tax I might have to pay and also the amount of forms i have to fill in? Thanks.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
We plan to sell our home in 2-3 years, and we have an in-law

we plan to sell our home in 2-3 years, and we have an in-law rental apartment, and I want to make sure we can still deduct the 500k of the profits, (though we will need to account for the rental somehow, I presume by lowering our basis for any depreciation we've taken)JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: we have shown the rental income on our tax returns, and it is a legal apartment.

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Mark Taylor

Certified Public Accountant

Masters

3,422 satisfied customers
I wanted to find out that in a multiple member LLC a partner

Hello, I wanted to find out that in a multiple member LLC a partner is trying to sell of her shares to other partners. Would her basis be caclulated the same was as we do in an S-Corp?

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Brian Michels

Partner

Bachelors of Business Administration

288 satisfied customers
I'm looking for consultation involving divorce and corporate

I'm looking for consultation involving divorce and corporate lawJA: Because family law varies from place to place, can you tell me what state this is in?Customer: PennsylvaniaJA: Has anything been filed or reported?Customer: I'm in divorce settlement and need advice in particular arrangement.JA: Anything else you want the lawyer to know before I connect you?Customer: I need Lawyer versed in CPA issues along with family law.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
My husband and I own a tax preparation business. Only work

My husband and I own a tax preparation business. Only work part time at it and most tax seasons make about 10K. We originally started the business as a C-Corp. I was wondering if it would be better to become a S-Corp. We do pay ourselves a meager salary since we don't make a lot and I pay taxes on our income and issue W2s for us at the end of each tax year. We don't have any stock. We just keep the left over profits after wages and expenses in the bank.What would be the advantages/disadvantages if we did switch to being a S-Corp?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,004 satisfied customers
I'm an Enrolled Agent tax preparer in California. I can't

Hello,I'm an Enrolled Agent tax preparer in California. I can't find a guide anywhere on how to properly report a Canadian Form T5 on a U.S. tax return. Can you explain what boxes need to be reported? I'm mainly concerned with boxes 24, 25, 26, 15, and 16.Thank you.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
I'm hoping to adjust my W-4 withholdings up so that I reduce

Hi, I'm hoping to adjust my W-4 withholdings up so that I reduce withholdings throughout the year. Goal to have zero liability and significantly less refund at the end of the year.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My gross salary is $115,000, I'm married and she makes $30,000/year. We are pregnant, expecting at the end of the year (not sure 2017 or 2018). We'll file Married Jointly.JA: Is there anything else important you think the Accountant should know?Customer: We will take advantage of student loan and mortgage insurance deductions.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,004 satisfied customers
Are declared dividends reflected on 1120 and accrued as

Are declared dividends reflected on 1120 and accrued as payable? The actual payment of dividend happened in following taxable year.Thank you.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
I'm thinking about leasing my current home. Is it better to

I'm thinking about leasing my current home. Is it better to set up a LLC for my rental property from a tax standpoint?

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Matthew Breecher

President

MBA (Graduate Legal Studies)

334 satisfied customers
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