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Recent tax questions

I filed the NY State Tax on time. The online refund status

Hello,I filed the NY State Tax on time. The online refund status tool still shows no information. When I called the phone number provided, there is no option to speak with anyone at all. How do I follow-up with the State Authorities?

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Barbara

Enrolled Agent, Paralegal

 
4,684 satisfied customers
I am a distributor in NY. How much sales tax should I

I am a distributor in NY. How much sales tax should I collect if I am selling to other states?

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37,524 satisfied customers
I used TuboTax Deluxe 1913 federal and Virginia income

I used TuboTax Deluxe for our 1913 federal and Virginia income tax returns. We received a letter from Virginia Department of Taxation dated April 7, 2016 stating they are disallowing the code 52 Long-Term Capital Gain subtraction. They also referred to Code 58.1-339.4. I have all the forms from my TuboTax. How did this happen?

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Anne

Master Tax Preparer

 
3,084 satisfied customers
I know in general partners in an LLC should not be paid via

I know in general partners in an LLC should not be paid via W2 income (rather, they should be taking partner draws/distributions). But I was told that a partner acting as a "managing member" could also draw a W2 income for hours worked (if all partners agree to it) - so one of my bosses chose to do this. How do I account for his W2 income at the end of the year? Do the income and taxes paid on his W2 just simply get removed from the payroll expenses so they are not deducted on the Form 1065 - and then the full amount is treated as a distribution to him as well as a skewed breakdown of the income/expenses for him compared to the other partners who did not take the W2 income? In addition, when completing his personal taxes, do I treat his W2 as a normal W2 since the taxes were already paid for him or must I fill out a special form to account for these taxes being paid (federal and Ohio)? Please let me know if additional information is needed. Thank you

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
Can you please let me know, having a business in OH, for

Hi,Can you please let me know, having a business in OH, for which other states in the US I have to collect sale tax?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,894 satisfied customers
I owned an LLC in 2015, sole proprietorship where I was the

I owned an LLC in 2015, sole proprietorship where I was the only employee. My CPA prepared my paystubs for me and on my paystub for my social security number, he put my company's EIN number, not my personal social security number.My CPA has gone AWOL, so I have to generate my own W2 without his guidance. My question is on my W2, what should I put for employee social security number ? My personal one, or the EIN ? IF its the EIN, then that would mean it would appear twice on the W2, once for employee social, and once for the company EIN. Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
I have a client in Lion's County Nevada who has a question

I have a client in Lion's County Nevada who has a question on property tax. About 14 years ago he had a lease end on $350000 equipment,and was given an offer to purchase the equipment for $1. He did so. Obviously, he had paid a lot of money and a lot ofsales tax and so on over period of lease. He figured as he only paid $1 for it in end, he did not have to pay property ta And he has not for 14 yearson this machinery. After 14 years he realizes this may have been incorrect. A couple years ago the equipmentwas valued at about $25000 dollars. The client is worried and wants to make sure he is not doing anything illegal. Wants to file whatever he should.What is the legal requirement? Is there a statue of limitations on property tax? How do we figure his liabilityhere? And data would be helpful. No one is coming after him for the money. But he would like to come clean and is unsure how it works. So am I? Any data would be helpful?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
Is there are guide / table that shows the thresholds / Nexus

Is there are guide / table that shows the thresholds / Nexus which states I am required to file Corporate Income Taxes. We only have offices in the State of New York. All of the income (loss) is derived from services performed solely in the State of New York, but we have employees which live in other states that promote our services performed in New York. Do I have to file corporate income taxes in all states where I have employees even if I have no sales or income derived in such states?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,276 satisfied customers
If there is an income tax claim in state A against me and I

If there is an income tax claim in state A against me and I reside in state B, what recurses does have state A to size my assets in state B in any ( within the 50 states U.S. jurisdiction)

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,516 satisfied customers
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