We are a S Corp and pay for shareholders med premiums in a
Hi,We are a S Corp and pay for shareholders med premiums in a group policy as with all other employees. As I understand we must include the shareholders' premiums in addition to their income on their W2s and they will be taxed on the premiums and all other employees will not. My question is, must we include their exact premium or can we use average premium? In addition, as I understand, the company cannot take a deduction for their portion of the premiums as well, is this correct? Again I am only referring to shareholders, medical and dental premiums?Thank you
Financial / Legal Advisor
My daughter married a British man earlier this year. worked
My daughter married a British man earlier this year. Dave worked for a company in England Jan - March 2016, is now residing here and working remotely for the same company in England. He is about to apply for a green card. What taxes should he be paying now? My daughter will earn about $15,000 this year and Dave has earned about $10,000 and expects to earn about $10,000 between now and the end of the year.
Vocational, Technical or Trade School
I am thinking to buy a property in FL which is out of state
I am thinking to buy a property in FL which is out of state for us and open LCC with my husband.Q1. Can I just open LCC online? is it easy to do? Which online site is good to use?Q2. What if I open LCC this year and we could not buy any property this year which is no income, can we still file the tax next year? Can we create LCC and do nothing?Q.3 We would like to use the same name for the other state LCC. Can we use the same name for LCC?Q4. How much do we need to maintain LCC, what is the cost? how much is the tax filing? Can we file with tubotax?
My mother died on September 9, 2016. How can I make sure
My mother died on September 9, 2016. How can I make sure that the funeral director reported her death?JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.Customer: The funeral director handling the details of my mother's cremation has not returned phone calls in a timely manner, so I want to know if he has reported my mother's death to Social Security yet.JA: Is there anything else important you think the Retirement Accountant should know?Customer: Not at this time.
Aloha! I am trying to find out who I should go to regarding
Aloha! I am trying to find out who I should go to regarding taxes and financial planning for a trust account. I am the trustee, my son is the beneficiary. I sold my stepdads property after he dies five months ago, and now the money is in the bank and I'm not sure what taxes are dueJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not much else to be aware of. The other beneficiaries have been paid. I still have to pay a few debts, but otherwise my son, who is a minor is the main beneficiary.
I am an ER physician. In 2016 I am taking $500,000
I am an ER physician. In 2016 I am taking $500,000 distributions from my defined benefit account to start a business. I spoke with my accountant, he advised pay the IRS estimated taxes on the distributions (in addition to my regular estimated tax on my earning as an ER physician), 45% of the distributions. To be sure I would be slightly overpaid, I paid the IRS 50% of the distributions or $250,000, hopefully 5% overpaid on the distributions, in addition to the taxes on my regular income. My income for 2016 and 2017 should be about $800,000 for my regular income as an ER physician. My question is, will I have to pay an extra amount of estimated tax on my income in 2017 because of the distributions in 2016? I will not be taking any distribution in 2017 but I am concerned I will have to pay an enormous extra estimated tax, in essence an overpayment, because of my income in 2016.
Tax advisor and Enrolled Agent
I received a letter from he IRS telling me I owed $538.00 on
I received a letter from he IRS telling me I owed $538.00 on 14 August2016. I replied by letter mailed 24 August with information as follows: "Due to my poor proof reading skills I entered a wrong Social Security Number on my return. I had called both the Virginia Tax office and the and the IRS after I found the error a day after I had mailed the return and found my error to ask them if I should mail an mended return and was told by both not to send an amended return as it would only confuse the offices. They were notified by pone and I have no record of the call. About two months ago The Virginia Tax office notified me that I owed taxes and I responded by telephone and by letter enclosing my true SSN along with my withholding statement, my Amended tax form and a cop of the front and back of the check for payment due with my return which was cashed but not credited to our account. The matter was closed to my satisfaction by Telephone in a matter of three days.I replied to the IRS in Kansas , MIS with same information to the IRS that provided to Virginia. That letter was mailed on 24 August. On September 15, 2016 I received a notice from the IRSi in Kanss City that I not only owed the $538.36 but it was due on 29 September and if it was not paid by then I would be subject to a federal tax lien proceedings .Iwas on vacation from September 16th to September 23rd and could not call the IRS Kansas City office yesterday due to high call volume an cannot call until Monday the25th.My real question is how can I find out if the ever received my first letter and what is thestatus of their investigation? Should I pay the amount and hope to get the money back if it is resolved n my favor?
JD, MBA, CFP, CRPS
An LLC was formed in the State of Florida. Articles of
An LLC was formed in the State of Florida. Articles of Organization read its an LLC . Received the SS-4 letter which states form 1065 is to be filed. The owners of this new LLC are calling themselves gen ptr and not members. Asked for the Operating Agreement and received a Partnership Agreement that they created themselves. Question is for the 1065 question on the partners , are they General Partners or LLC Manager, Limited Partner (I don't think so) or LLC Members? What is the difference
JD, MBA, CFP, CRPS