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Recent Individual Income Tax questions

I have a business client from overseas that wants to setup

I have a business client from overseas that wants to setup business here but he is debating and does have a few questions. Those questions are:1. Is LLC better or C Corp especially if you want this entity to function as a subsidiary of an International LLP? The other option is to have a partnership or a different kind of entity so long as it is related to the parent company overseas?2. Is it better to incorporate in Delaware or Kentucky? The company is expecting annual revenue of around $100 million? If the company were to achieve that target, would it be better to incorporate in Delaware or Kentucky?3. Can the officers and shareholders be individuals who are not US residents in that LLC or C Corp? Can we have an arrangement where the two main partners are the decision makers and the others are just shareholders? The ownership is based on a vested clause of a certain minimum tenure where the shareholders get the company based on that tenure.I would appreciate answers to these questions.

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I am on that website. My question is that Will my filing be

I am on that website. My question is that Will my filing be considered part of streamlined filing compliance? I read on the IRS website that as part of streamlined filing compliance I need to certify that my conduct was not willful.

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I just amended a clients returns, 14 and 15. I would like to

I just amended a clients returns for 2013, 14 and 15. I would like to work out the interest they owe for each year so they can make an accurate payment. I find it confusing, as IRS wiill give a percentage to add to another rate. I do not find a table anywhere. For that matter, I would accept a workable rule of thumb that would get me close to the correct answer, if that was available. I run into variants of this problem routinely in trying to work out penalties. My computer- Intuit Pro Series--calculates pretty much everything else. What is the solution?

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Dr. Fiona Chen

President

Ph.D.

242 satisfied customers
I want to know what the best steps would be to request that:

I want to know what the best steps would be to request that: 1. late fees/penalties be decreased when taxes are overdue in the case of hardship and 2. how to get on a realistic payment schedule.

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
My client has LLC (partnership tax treatment). Based on the

My client has LLC (partnership tax treatment). Based on the operating agreement one of his partners needs to be reimbursed for health insurance.1. In 2015 partnership did not have any income (only expenses) and he paid insurance from his personal account2. Partners agreed to treat payment as loan and have him reimbursed for insurance payments when company makes money3. Do we report it as guaranteed payments?4. If yes, do we report it on K-1 box 4 and box 13 (M).

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
I am an individual in an unfortunate and unique tax

I am an individual in an unfortunate and unique tax circumstance. The situation can be described as being a wishful thinker for success and having an utter fear of tax inequality and maltreatment from the IRS. (Before I didn't quite know why I had such a fear of the IRS, but now I know that this angst stems from my step-dad who is a retired IRS tax auditer and not the greatest step-dad.)Today's date is May 30, 2016.2008 return filed (on time) Apr, 2009. ($4,000 taxes paid on income from Schedule-C)2009 return filed (on time w/ extension) Sep, 2010. ($20,000 taxes paid on income from Schedule-C)2010 return filed (late) Dec 2013. (NOL around -$25,000 from loss from Schedule-C)2011 return filed (late) Dec 2013. (NOL around -$7,000 from loss from Schedule-C)2012 return filed (late) Jan 2014. ($3,000 taxes paid)2013 return filed (on time) Apr 2014. ($500 taxes paid)2014 return filed (late) Apr 2015. ($1,000 taxes paid)I am a sole proprietor who lost everything due to the great recession of 2008-2009.I run a business and have filed nearly all returns very late. The reason for filing the returns late is encompassed by the fact that I was going bankrupt year after year I couldn't handle the stress of putting together all of the information required to file an accurate return. I also believed that when there was a loss, that there was no reason to file a return.I filed anyway, no matter how late.I ended up filing the returns with a business loss because a friend informed me that I could carry forward all of the loss I had acquired for "Expenses for Business Use of Your Home" from IRS tax form 8829.NOL and carrybackMy 2010 and 2011 returns both have a significant NOL. I would love to carry the losses back to 2008 and 2009. Based on the dates of the returns and amounts, how would this carryback be computed? I have learned that I cannot file IRS Form 1045 (Application for Tentative Refund) because that statute expired within one year of the NOL for 2010 and 2011.Should I file form 1040X for 2008 to apply NOL from 2010? Should I file 1040X for 2009 to apply NOL from 2010?What can I do with the NOL from 2011?I would love to get some insight into all of the statute of limitations that would apply to my circumstance. Is this a common circumstance that certified tax preparers deal with? I would like to take this to a tax professional but I cannot afford the $1,500 fee / $2,000 fee that two preparers have quoted me unless I know that I can get some money back from the NOLs to be able to afford an accountant.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,934 satisfied customers
How best can I use my pension fund to purchase a home. I am

How best can I use my pension fund to purchase a home. I am 60 years old and fully employed.

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Robin D.

Vocational, Technical or Trade School

20,916 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

476 satisfied customers
I and my 2 brothers inherited a retirement annuity from our

I and my 2 brothers inherited a retirement annuity from our mother. I am the handling the estate. I have opened a estate bank account. The money will be deposited into that account. What can I do with my 1/3. Rollover? Pay out? Penalty's? The amount is about 55,000 total.Thanks,Tim

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Mark Anderson

Attorney

Doctoral Degree

476 satisfied customers
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