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Recent tax questions

I am self-employed (sole proprietor), but not incorporated.

I am self-employed (sole proprietor), but not incorporated. I do most of my work for the clients of a consulting firm based in Georgia. Last year, I traveled to many states to do work for the clients of the consulting firm. My relationship is with the consulting firm (in Georgia) and I invoice them for the services I provide. Since I treat the consulting firm in Georgia as my client and invoice them for my work, do I also need to file incomes tax returns in all of the other states where I worked (anywhere from a day to several months)?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
After filing IRS form 2553 (Election by a Small Business

After filing IRS form 2553 (Election by a Small Business Corporation) in order to allow my LLC to be taxed an an S-Corporation...Does my LLC also get taxed as an S-Corp at the state level, or remain an LLC for state tax purposes?In other words does the 2553 filing change the LLC into an S-Corp, or only change the FEDERAL filing status (and not effect the state and city level)?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,900 satisfied customers
Please only take if familiar with NYC/NYS Tax

Please only take if familiar with NYC/NYS Tax Laws.Question about New York City, New York State resident erroneously having been assigned to the New Jersey legal entity of the company with multiple legal entities.And while I still was located and worked from Manhattan, I've just discovered that my checks were coming from New Jersey Legal Entity, probably in error. With the direct deposit I never thought to look at the actual pay stubs to see this, until now, when W2's are just about to be printed.So my question is this: my understanding, based on previous experiences of falling into the similar trap is that in my current situation, I myself will be responsible for paying full amount of the NYC (city) tax, while if I worked for a NYC-based employer, all or half of this tax would have been paid for me by my employer through payroll tax on me as a NYC resident.Is this a correct understanding? If not, how does it work in a nutshell?I am trying to isolate the amount which my employer would have been responsible for should they have associated me with a correct, NYC-based legal entity, and compel them to compensate me with this amount.(And do not worry about whether it is indeed I should have been assigned to NYC-based LE. I was, this error was already admitted, it's just they cannot make correction retroactively, it seems, to many adjustments to make, so I think it would be easier for them to just compensate for my undue income tax exposure and made corrections for going forward.)Thanks.

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PDtax

Owner

Master's Degree

 
6,684 satisfied customers
My small business was audited years 2010-2012 and I

My small business was audited for tax years 2010-2012 and I owe an additional $120,000 in corporate income taxes for those years and taxes for 2013 and 2014. I am considering shutting down my business. We are a c-corp. Will I personally be responsible for these taxes?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,558 satisfied customers
Anne, I am preparing a tax return who was a shareholder in

Hi Anne,I am preparing a tax return for client who was a shareholder in an S corp. The S corp is out of business and he received a final K-1. After his share of income and a distribution for 2014, he ended up with approx. $80K in what the Schedule K-1 supplemental information is calling "the shareholder's AAA account basis" at 12/31/2014.I was not aware a shareholder can have an Accumulated Adjustments Account (AAA)--this only applies to the S-Corp itself, right? Did they mistakenly call it this when the only scenario is that it is the shareholder's basis? if so, what do I do with this remaining basis?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
Hello. I just recently filed my 2012 taxes on Oct 14th before

Hello. I just recently filed my 2012 taxes on Oct 14th before the deadline (I applied for an extension). The only income I had in 2012 was work that I did for a corporation that was newly setup, and I was expecting to get a 1099 form from them. Instead I was told to claim this income (~$10,000) as schedule-c income, and I did that. I ended up being owed a $150 refund based on my deductions and what I paid the IRS back in March when I did my estimated taxes. Does this sound allowable?

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
Im looking to form a CA domestic LLC. I intend to select federal

I'm looking to form a CA domestic LLC. I intend to select federal taxation status of a corp in order to avoid self-employment taxes. At the CA state level you could again choose to make a selection to be taxed as a corporation or not. Questions:1. If on the federal side you are taxed as a corp. do you have to make the same selection at the state level.2. In CA an LLC that did not choose a corp tax status is obligated to pay an annual fee of $800.00 plus additional fee based on revenue. If it chose to be taxed as a corp. than a corp. minimum tax of $800.00 applies (best of my knowledge). So what is the difference and what selection is best.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
texas Chap S corporation tax law? any experts?

texas Chap S corporation tax law? any experts?revenue about $15 million. owner salary +$150,000 on good years . owner is over 75 and recieving SS. owner lent corporation half a million dollars last year.....tuff timesquestion regarding FICA and federal income taxes.can owner derive income from repayment of loan and not in form of salary thus avoiding fica and fed tax ?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Ive sent in Form 2553 to the IRS so that my LLC can be taxed

I've sent in Form 2553 to the IRS so that my LLC can be taxed as an S Corp (but remain an LLC).As far as I understand, that change is just on the Federal Level, meaning, I don't have to change anything in my State registration of my LLC is that right?

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L Dietz CPA

Certified Public Accountant

Bachelor's Degree

 
24 satisfied customers
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