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Recent tax questions

I'm working with a corporation that incorrectly recorded

I'm working with a corporation that incorrectly recorded installment sales on cars they sold for many years. They've been providing financing to customers and were booking sales based on cash received (per the installment loan agreement with the customer) - rather than based on the sales price of the car.This was an error based on a misunderstanding of the revenue recognition rules for car sales. My question is... Would fixing this error require a reporting a change of accounting method or the IRS? Or simply filing amended returns.

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PDtax

Owner

Master's Degree

 
6,654 satisfied customers
Non profit organization was set up Dec 2015 and had only

Non profit organization was set up Dec 2015 and had only expense and no gross receipts in 2015. In this case, is Non profit organization required to file 990-N with “0” receipts? Is there any late filing fee for this?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,188 satisfied customers
When figuring line 44 adjustment, to get % do I use the

When figuring line 44 adjustment, to get % do I use the actual foreign income exclusion divided by the total income or do I use the the total exclusion for the year divided by my foreign incomeJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The total income is my net from self-employment in Mexico which is 257,571JA: Is there anything else important you think the Accountant should know?Customer: The adjustments on 1040 are for 1/2 se and hlth insurance amount to 36,418JA: 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

 
20,226 satisfied customers
I am a non profit church, His Project, ein:47-4215874, file:

i am a non profit church, His Project, ein:47-4215874, file: hisp. i have three board menbers, who are also ministers working from their homes & doing a lot of travel, etc. is it "reasonable expenses", by law, to pay for their homes & autos? further, we do not let anyone donate to us. i paid about $4,800 into the project to cover our expenses to get the corp. going. do we even need to file tax returns for last year?

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

 
3,896 satisfied customers
What Federal tax form do I flie non tax exempt non p

What Federal tax form do I flie for a non tax exempt non profit.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,188 satisfied customers
I'm a single member LLC who filed form 8832 so I'm

I'm a single member LLC who filed form 8832 so I'm classified as a c-corp. In filling out form 1120 Schedule L, line 22 asks me to enter amounts for preferred stock (22a) and common stock (22b). If I don't issue stocks for sale to the public, do I just enter zeros or does common stock and preferred stock refer to something else?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
My name is***** mother provides care son

Hello, My name is***** mother provides care for my son through the DD waiver. We live in New Mexico. She received a letter from taxation and Revenue stating she owes over $4000.00 in gross receipt taxes. We believe payments to her fall under the 'difficulty of care under the 131 IRS tax cod please see notice 2014-7. Any suggestions?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,514 satisfied customers
I am filing a 1065 second year, I had it done last

I am filing a 1065 for the second year, I had it done last year. There were some withdrawls from one of the partners on last years return that do not appear to be placed anywhere but the Schedule L. This year there are more. Not sure what to do with them. The company had gross receipts of 171,000 in 2014 and 399,500 in 2015

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
I am opening an online drop shop store where things would be

I am opening an online drop shop store where things would be shipped from China. Do I need to collect sales tax? If I have the official address in a state like DE with no sales tax do I still have to collect?Thanks!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,242 satisfied customers
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