I have a question regarding a new llc i created. how much is
hello, i have a question regarding a new llc i created. how much is it to ask this question and get an answer/ ?JA: It's only $5.Customer: sounds good, how can i payJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok, I created and LLC with my wife early in january this year. We got hired to travel and shoot video, I paid all expenses from my own pocket, equipment, travel, etc. I did not have at the time a company's credit card to pay for this so I used my own money. Now that I have to invoice the client, should I fill the w9 as an individual (since I spent a lot of money for the project) or as a company. I dont know how would this work for tax purposes when it comes the time to deduct all these expenses.JA: Is there anything else the Accountant should be aware of?Customer: i dont know
Sr Financial & Tax Consultant
We have checks for rent that we accept for a landlord and
we have checks for rent that we accept for a landlord and deposits the payments directly into their bank account. We invoice the clients through QBO and when we receive the payment we apply it to the invoice before we deposit it into the clients bank account. The question is, how to do this in QBO. When we get the payments it asks where you want to deposit it it to should we add like a false bank account to deposit those payments into in quickbooks? or how should we do it.
I am an American citizen living in Central America. I run a
I am an American citizen living in Central America. I run a very lucrative tutoring business (grossing around $250,000 annually). All tutoring is done with American students via Skype. I am considering retiring. My girlfriend, however, who is not an American citizen, would like to take over what I do. My business is set up as an S-Corporation. If my girlfriend takes over for me, she will not pay taxes in her country because citizens here are not taxed on money earned from overseas. My S-corporation would pay her weekly by check virtually all of the incoming money (except for advertising costs). Because she is not an American citizen, I would not be responsible for giving her a 1099. My corporation will make virtually a 0 profit. I understand that I may be audited, but since I will be able to prove that all the money went to a foreign citizen who is doing all the work, what problems might I encounter with the IRS? Or have I stumbled upon a legal way to avoid paying taxes entirely?
This is a question for a Florida tax specialist. In 2012 I
Hi, this is a question for a Florida tax specialist.In 2012 I resigned as CEO of a small Delaware corporation which was basically marketing vacation rentals in Paris, France. I was undergoing treatments for 2 cancers and brain tumor. On August 1st, 2012, the shareholders held a meeting approving the dissolution of the Corporation with a plan of dissolution to unwind the pending operations and terminate ongoing contracts over time. The dissolution was recorded in the State of DE as such and Axel Bry, the other shareholder, a French citizen and resident took over as sole shareholder after I transferred my shares to him and became sole Director/Administrator/shareholder to unwind the operations of the plan related to the activities in Paris mostly.The Company was also registered as a foreign corp in the State of FL and withdrew this registration on July 25th, 2012, as it was no longer doing business in that stateThis is reflected in the Corp's federal 1120 of 2012 to 2014 where it stopped all operations and filed a final declaration.In 2015, the FL Dept of Revenue made an audit for the years 201 to 2014 that ended in 2016 with a total due of $2,685.91. The back taxes of the audit were mostly related to the years before 2012, so as ex-Ceo I assisted to the audit and gave my home as mailing address for the corp. and discussed with the auditor, whom I informed of the above, as well as Axel Bry.I informed Axel Bry that the corp had to pay that audit, but the corp. has no funds, no activity, no bank account whatsoever.Now I got a letter in the mail addressed to the corp at my home address (see attached) asking the corp. to appear 70 miles away from where I am living and threatening of tax warrant and what not.What are my liabilities and what should I do ?
I need to know when to apply exchange rates in Quickbooks,
I need to know when to apply exchange rates in QuickbooksJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Our Canadian company has a Canadian and a U.S dollar bank account.We use a foreign money exchange company to transfer money from the U.S account to our Canadian account.In Quickbooks, I set up the foreign money exchange company we presently use as a bank type account (not sure if that's what it should be set up as).My question is, when I invoice someone from the United States, do I have to consider the daily bank exchange rate at the time of invoicing, or can I make the invoice with a zero exchange applied to it, since money from that transaction will not have any exchange rate applied until later on (sometimes up to 30 days).After receiving payment from the United States, we have been depositing it in the U.S dollar bank account, where it remains until we move it [through the foreign exchange company] and then subsequently deposited to the Canadian bank account.It's only at the time of the money being moved to the Canadian bank account that any foreign exchange is actually applied to it.JA: Is there anything else important you think the Accountant should know?Customer: Not sure
I am a software consultant and work for a couple companies
Hello,I am a software consultant and work for a couple companies through a single-owner LLC I own. I have three teenage daughters that are all interested in science/technology paths. I would like to give them some work doing simple testing and coding and such. It would only be a few hours a week, so maybe a couple thousand dollars income for the year. Their work would be just for my LLC and would not be billed through to any of the companies I work for. I have some questions about how to go about doing this.First, some info on them: My oldest is 19, currently part-time in college but will be full time this fall. She will probably have about 10K in income this year from hotel work. My middle one is 17, graduates this year and will be a full-time college student this fall; the money from my LLC would be her only income for the year. My youngest is 15, currently a sophomore in high school; again, the money from me would be her only income.Since the total I will be paying them will likely be over $500 each, I'll need to file 1099-MISC forms for all of them at the end of 2017, correct? Since they are all dependents, my understanding is that the younger two would only have to file tax returns if their income is over $6300, correct? It's not likely to be that much. The oldest will likely have combined income over $6300, so she will need to include the 1099-MISC from me on her return for 2017 I presume.Any initial and/or ongoing paperwork/tax filings I need to do for them to get this going? I presume that they would invoice the LLC as an independent contractor with some number of hours each week and an agreed upon rate. Any special considerations due to the ages of the younger two (15 and 17)?Thanks
For ABC Accounting only. If that's not you, please don't
For ABC Accounting only. If that's not you, please don't respond.I'm still having a bit of a problem with entering stuff in Quickbooks. My accounts payable says 21,718.02, when it should be 12,408.51. I did the journal entries the way you said - I thought that would fix this.