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I've been running two small businesses (both LLC/S-Corp)

I've been running two small businesses (both LLC/S-Corp) in CA, USA for several years - one Internet/Media-related and the other selling electronic/gadget accessories thru' online channels (e.g. Amazon) and distributors around the world (with majority of the products manufactured in Guangzhou, China, which is next to Hong Kong). The two companies have a total of 1-2 independent contractors (1099's). I'm considering to relocate both companies to Hong Kong, where I have my roots (with HK Resident ID card). I plan to continue hiring independent contractors in CA, USA to support the two businesses in Hong Kong. I'm aware of FATCA reporting requirements.What are the proper procedures for small companies (like mine) to relocate to foreign countries??In particular, I'm only concerned about USA-side: For example, whether I need to (somehow) officially close down my businesses here in CA first and then reincorporate in Hong Kong (the latter is simple & straightforward and not an issue). If so, what are the “step-by-step” procedures, such as preparing & filing “closing” financial statements & specific tax forms (for Federal & State), etc. Hope my CPA who prepares the annual tax returns for both of my businesses would be able to do it.Are there other alternatives, such as setting up two companies in Hong Kong first, and then buy-out (or merge with) the two companies in CA, USA?? If so, what are the “step-by-step” procedure??

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Mark Taylor

Certified Public Accountant

Masters

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346 satisfied customers
I live in Costa Rica, and being new to the FBAR, I had a

Good morning, I live in Costa Rica, and being new to the FBAR, I had a friend file my 2013 & 2014. Upon reviewing those years, I noticed huge discrepancies in the amounts reported. What can I do to rectify this? What are the penalties? I'm scared!

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Robin D.

Vocational, Technical or Trade School

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20,604 satisfied customers
I'm a 33 years old man living in New Jersey. My Roth IRA had

Hi, I'm a 33 years old man living in New Jersey. My Roth IRA had $35,231 in it. On 6/6/2016, Merrill Lynch (the company it was with) had decided to terminate it & distribute the funds ($31,613) back to me. They penalized me $100 for an early account termination fee, and withheld (subtracted) $3,518 to be sent to the IRS given the premature termination of the Roth IRA.I was overseas while it all happened, and that caught me by surprise, as I had no desire nor intention to terminate the Roth IRA account. I've opened a new Roth IRA account with another firm and now wish to "reverse the process" by re-depositing the funds.My questions:(1) What must I do with the check ($31,613) I had received from Merrill Lynch? May I go ahead and simply deposit it in my regular checking account?(2) I now have a new Roth IRA account open with another firm. As I'm well within the allowed 60 days period, I'd like to "reverse the process" by re-depositing the funds I had at the original Roth IRA. What amount shall I deposit at the new Roth IRA account for it to be considered a 'roll over' of the previous Roth IRA I've had? note that as of now, I do not plan on contributing any new money to the Roth account for 2016.(3) Must I fund the new Roth IRA account in any specific way (say, using the check I've gotten from Merrill Lynch), or may I use any desirable way (wire the money from my personal checking account, write out a new personal check etc)?(4) Since I had no intention to distribute/terminate my Roth IRA, how will I get back the $3,518 withheld by Merrill Lynch and given to the IRS?Thanks in advance for your help. I appreciate it.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have a BVI company that invest in US start-up companies by

I have a BVI company that invest in US start-up companies by owning their preferred/common shares directly under my BVI company. I'm not a US citizen/green card holder and I do not reside in the US. My BVI company is 100% owned by me and used as an investment vehicle and doest not have a permanent establishment in the US. Would the BVI entity or myself be subject to any US taxes for capital gain?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,764 satisfied customers
I am a sub s company that was registered to do business in

I am a sub s company that was registered to do business in California. A final tax return was filed and clearly markedsurrender, however a certificate of surrender was not filed with the secretary of state.No further business was conductedin the state since the final return was filed. Now the state is claiming all past tax returns must be filed with filing feesand penalties due. What cure remedies do I have.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,926 satisfied customers
I am trying to correct an error on a 1120S 2013 return. A

I am trying to correct an error on a 1120S 2013 return. A credit on form 4136 was claimed for gasoline fuel, which was sold by an ultimate vendor. I believe this is incorrect. How can I correct it and correctly file for the credit.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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I'm generating Oregon Form WC. I'm selling a

I'm generating Oregon Form WC. I'm selling a property for $120,000 with no money down and carrying the loan at 9.4% interest. So the first year will be mostly interest payment and very little principle. I read at https://www.oregon.gov/DOR/forms/FormsPubs/form-or-18-wc-tpv-18_101-183_2015.pdf that " The authorized agent is only required to submit a tax payment on the first installment of an installment sale". Since this is a straight 30 year payment plan with $0 cash up front (i.e. first money I receive is 30 days after the sale), then what line item on Form WC reflects this? #1 Consideration? or maybe #3 Net Proceeds?

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

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3,922 satisfied customers
Could you tell me what my total S.S. will be when I turn 70

Could you tell me what my total S.S. will be when I turn 70 next year and would you please stop taking out Medicare payments?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,926 satisfied customers
Online reseller sales tax question. I sell on the Amazon

Online reseller sales tax question. I sell on the Amazon marketplace as a third-party seller. I pay sales tax on the purchases when I make the purchase to fulfill the order. Amazon might or might not collect sales tax from the buyer. I am considering applying for tax exempt status when I make the purchase from my supplier, but am totally confused on this issue. I don't actually make the sale. Amazon makes the sale, receives payment from the buyer, sends the order to me to fulfill, charges me a fee to see on their marketplace, and then sends me the balance. I don't collect sales tax from the buyer, because they are not my direct customer; they are Amazon's customer. I need some direction on this.

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

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3,922 satisfied customers
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