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Recent tax questions

In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
My Aunt is 75 years of age and has lived and worked in the

My Aunt is 75 years of age and has lived and worked in the US for some 30 years. She retired over 10 years ago.For family reasons she needs to leave the US and live in the UK. She will also have to hand back her Green Card. She has an IRA account, which if liquidated before she leaves the US, will be taxed as income. If she has it liquidated after she has returned to the UK, and handed back her Green Card, will the money be subject to withholding tax which she may be able to claim back under the Double Taxation Treaty, or will it still be deducted for US income tax?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: NOJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

 
20,318 satisfied customers
I have heard there is a special tax on S-Corps that

I have heard there is a special tax on S-Corps that converted from C-Corps and have more than $1M in retained earnings. However, I can't find any information online. Can you reference the code / IRS publications?

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16 satisfied customers
Our employee BOX 16 does not match BOX 1 ... he worked in

hi Pearl, our employee BOX 16 does not match BOX 1 ... he worked in two states AL ($79,113.75) and NY ($13,600). BOX 1 matches his paystubs for the year showing a total of $92,713.75 earned; BOX 16 shows different amounts! BOX 16 shows AL $55,513.75 and NY 92,713.75. Can you help me explain why? it seems the payroll system and paystubs are correct; ADP did our W2s, so i'm guessing they are correct. Please help us understand this issue with reading the W2?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: thanksJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I have a NJ S-Corp, doing business in both NJ & NY. Revenues

I have a NJ S-Corp, doing business in both NJ & NY. Revenues are split approximately 50/50 between NJ & NY. I am aware that in addition to the 1120S, I must file the appropriate business return in both NJ & NY. My question pertains to individual personal income tax returns. One of the shareholders/owners is a NJ resident. Must the NJ resident also file a non-resident New York return? Thanks for your assistance.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The S-Corp does maintain offices in both NJ & NY.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I am a citizen of Austria Germany. However, the last 17

Hello,I am a citizen of Austria Germany. However, the last 17 years, I have been married and am a resident of the United States in San Antonio, TexasI have recently got divorced. In the divorce settlement I have been awarded a lump sum of money from my spouse.I want to take the check with me back to Austria. Can you tell me whether or not that money will be taxed when I enter into Austria?Can you please tell me the process.I would appreciate any help or guidance. Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
Should I become an LLC?

should I become an LLC?

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Christopher B, Esq.

Attorney

Juris Doctor

 
4,782 satisfied customers
My wife out of our house in Missouri, but her company is in

My wife out of our house in Missouri, but her company is in NY. The company refuses to set up a taxing authority in Missouri and has her state taxes withheld in Illinois. We currently are paying out of pocket, on a quarterly basis, our estimated Missouri tax withholding. In the past, the company has written a letter to the state of Illinois indicating my wife doesn't work in that state and we should get a refund on the taxes withheld from Illinois and we have. However, now, they refuse to write the letter because they say it is putting them at risk for an audit so they will not communicate any status on my wife's location. Yet, Illinois taxes are currently being withheld (and we are paying Missouri). What is our best course of action to obtain our money back from Illinois when the company will not stop our withholding and will not indicate in any way that she doesn't work there?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
A start up LLC gets a investor to give 200,000 % of the

a start up LLC gets a investor to give 200,000 for 1% of the business.the start up makes no profit over the next three years and spends 50,000 on expenses over the three years.There is no profit at all, does LLC corporation pay taxes on the investment?

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Mark Anderson

Attorney

Doctoral Degree

 
472 satisfied customers
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