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Recent Franchise Tax questions

It is about an S Corp that was improperly dissolved (i.e.

JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It is about an S Corp that was improperly dissolved (i.e. final return filed but paperwork not submitted to the Secretary of State). The Franchise Tax Board is asking for their minimum tax ($800) plus penalties and interests. I would like to know what could happen if those taxes are not paid.JA: When we are ready I'll take you to the appropriate web page.Customer: I assume there is a cost to answer my questions, what range are we talking about?JA: Is there anything else important you think the Accountant should know?Customer: There are no assets of the dissolved corporation or its previous shareholders in California.

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Mark D

Master's Degree

994 satisfied customers
My question concerns the California Franchise Tax board and

My question concerns the California Franchise Tax board and some sort of clerical error they made. My husband & I file jointly using. our respective social security numbers, and the State had no record for my correct SSN. Therefore my husband corresponded with them in writing, giving them my correct information for tax records; they responded back with an acknowledgment that they had corrected the error. Yesterday I received a notice from my employer intending to garnish my wages next week because of taxes owed; this is somehow incorrect because we're up to date on our taxes so I can only assume this is due to the State's misinformation about my account. My husband tried repeatedly to contact the State yesterday but "due to high volume" they were unable to take the call. I guess what I'd like to know is 1) is there any "fast-track" contact with the State where we can get this resolved speedily (or is there a better time to call them than another) and 2) is this going to affect my credit rating if I don't resolve it beyond a certain time point (in other words do I have a couple of days wiggle room; my wages are supposed to be garnished on 1/13/17 and I certainly want to resolve this before then.) This is terribly frustrating that the State is wielding the sword over my head but also is being so inaccessible. Thank you for any insights or advice you can give me.

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Barbara

Enrolled Agent, Paralegal

5,992 satisfied customers
Robin, We'll register an another company(LLC) in Delaware

Hello Robin,We'll register an another company(LLC) in Delaware soon. You can get all the details below about the business we will do.1. We are Non Resident Alien.2. Our company will have 2 members.3. We will not do any business in Delaware.4. We will not be in US soil for this business.5. We will not employ anyone in US at least 1 year.6. We will do business with some companies in Colorado. They will make our products.7. We will use Amazon's Fullfilment Center in Delaware.Here are the questions;- What is the taxation rates for Income, State and Federal taxes?- Are there any other taxes?- Should we consider other type of companies besides LLC?Thanks alot.

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Robin D.

Vocational, Technical or Trade School

22,442 satisfied customers
My sister sold her home ( our mother quitclaimed it to her

My sister sold her home ( our mother quitclaimed it to her years ago) and after paying off the mortgage and related costs she realized a profit of nearly 400k.My sister now wants to split the proceeds with her four siblings-----two of which live in California , one in Texas and one in New Mexico.Her closing statement showed that twelve thousand dollars was charged to pay the Calif.franchise tax board which I think is for sate taxes.Once the 400k is divided and paid to the siblings, do they have to pay federal and or state taxes in their respective states (or does the 12k withheld by escrow cover at least the state due for all recipients .

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
I have a private home loan with my son. He pays me $6555.78

I have a private home loan with my son. He pays me $6555.78 a month on the loan. How does paying taxes on this sum work? He is suppose to make the tax payment ( once a year) but I owe it. This is a little confusing....JA: PayPal, Debitcard or credit card are all fine. The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The loan is a 20-year loan due in ten years....

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Richard

Owner

Doctoral Degree

48,660 satisfied customers
I am going to close one investment property in TX and just

I am going to close one investment property in TX and just created LLC (Me and my husband) in TX.I am considering to close the deal either the end of December OR Beginning of January.1) If no activity in December, do we still have to file a LLC tax form to pay? pay $$ for the fee?2) If I close the property in the end of December and there is $1000 cash flow. How much cost to file a tax for LLC?3) In this situation, should we close the deal in January? or still December?

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
I have a LLC registered in Nevada but the office is in FL.

I have a LLC registered in Nevada but the office is in FL. Are there any NV taxes due and what amount would it be? Thanks

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Barbara

Enrolled Agent, Paralegal

5,992 satisfied customers
This is for someone familiar with Tennessee state and fed

This is for someone familiar with Tennessee state and fed taxation.I am an EA and have a potential client in Tennessee. The potential client thinks that there is no advantage in making his partnership/LLC into an S Corp as Tennessee has a special excise tax on corporations. I reviewed the data briefly, and it seems like he is mistaken. Any partnership, LLC, or S Corp will pay no state corporate income tax as the tax will flow through to his personal return automatically. If he takes part of his income as a wage that is fair and reasonable for his field, and is an S-Corp (or an LLC that is elected to be treated as an S Corp), his dividends will be shielded from Soc Sec and medicare taxes. Just wanted to confirm my understanding, and to double check if there is any peculiarity about Tennessee taxes that negates this.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
I am currently a California resident. I own shares of an

I am currently a California resident.I own shares of an S-Corp incorporated in Virginia and who's sole asset is land in Virginia.In 2018, the sale of this land will result in a significant capital gains for me.I'm trying to anticipate the tax consequences and avoid whatever cap gains taxes I can.My Federal Taxes should be 15% as my AGI will fall well below the threshold for 20% or the Affordable Care surcharge of 3.8%.What will my state tax consequences be if in 2017 I establish residency in a Wyoming, Washington State, Nevada or Texas, all which do not tax Capital Gains?Will there be any residual tax I will have to pay in California or Virginia on that transaction?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Such as?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
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