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Recent Payroll Tax Problems questions

I own a company(OldCo) that had its assets purchased by a new

I own a company(OldCo) that had its assets purchased by a new company(NewCo) that I have a minority stake in. I am the CEO(employee) and Board member of the NewCo. The OldCo was hit with a liability that came up under NewCo. Since OldCo doesn't have any money in it, and all tangible assets are gone, I have to pay this NewCo liability out-of-my-personal- pocket.Here is the big question. Since there is no advantage or benefit involved in this liability payment (or expense) CANT I completely skip a payroll check payment from NewCo to me personally, and apply the funds to a liability of OldCo without paying taxes personally?Doesn't seem like a difficult request since there is no benefit - why should there be tax liability?

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Tax-Scholar

Manager

Bachelor's Degree

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how do I go about closing an LLC to open a S Corp due to ...

how do I go about closing an LLC to open a S Corp due to payroll tax problems with the IRS and can I be the CEO of new Corp. My name is XXXXX XXXXX any of the tax information with the llc which owes the payroll taxes. The other member of the LLC name is XXXXX XXXXX the tax information. So can I be the owner of the new SCorp?

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MequonCPA

CPA Firm Owner

Master's Degree

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My wife and I are starting a food truck business. For

My wife and I are starting a food truck business. For purposes of applying for the EIN number do we want to be treated as a single member LLC/disregarded enity for tax purposes or multiple member and file form 1065? Thanks

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My Mother passed away last month. Over the years, she had

My Mother passed away last month. Over the years, she had purchased some series EE and I savings bonds with me, her son, as co-owner. She was a cash method taxpayer and had chosen not to report the bond interest. A couple of questions:1. When I cash the bonds in, I know I will get a 1099-int showing all the interest income but will my mother automatically get one also so that my mother's administrator can decide whether to include the interest on her final tax return (up to the day of death?) If my mother does not get a 1099 automatically, do I need to do something so that she does?2. Related to the above, let's assume that I will report all of the bond interest on my tax return. Two of the bonds have already matured (one in 2014 and another in 2015.) Will I owe any penalty; how will it be assessed; and how will I report those bonds on my income tax?Thank you

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Robin D.

Vocational, Technical or Trade School

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Thanks for answering. Yes I do have a CPA with me when I

Thanks for answering. Yes I do have a CPA with me when I meet the auditor. The auditor is trying to figure out if people who work for me are employees. Everyone has signed an independent contractor contract since I started my business in 2000. I do not control or tell them how to perform their job. They submit invoices once a month and email me weekly what days they are available to work. Every job is on a take it or leave it basis, most have other jobs or are retired. They have law enforcement/security backgrounds, but are not security guards under my company. They help with crowd management, or they assist me on different assignments, but they make their own decision on how to work. i call them safety ambassadors/hosts (assistants). My company is a management consulting company and I also do staffing. i consider it the same as what an employment agency does.California do not require a license for employment agencies. What are your thoughts?

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Dr. Fiona Chen

President

Ph.D.

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I started collecting SS benefits at age 62. I am currently

I started collecting SS benefits at age 62. I am currently 64 and have been offered a job that would go over the limit of working while collecting SS. Is there a way I could suspend my benefits to accept this job and reapply at age 66?

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Dr. Fiona Chen

President

Ph.D.

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84 satisfied customers
The IRS is auditing my business (Employment Tax) and they

The IRS is auditing my business (Employment Tax) and they want me to sign an extention till the end of 2017. The auditor told me if I don't sign the extension by August 2nd, i will not have the right to appeal. Is this true? If so can I ask him for more time to think about it, since he explained this to me two weeks ago?

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Dr. Fiona Chen

President

Ph.D.

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I was recently off and signed a separation agreement in

I was recently laid off and signed a separation agreement in exchange for a lump sum severance of 658.00 (one week of pay). this is to be a separate check. How much will they take out in taxes in Florida?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: This was not included in my last paycheck. It is a separate payment.

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PDtax

Owner

Master's Degree

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My father, who lives in Mexico and is a foreign national

Hello. My father, who lives in Mexico and is a foreign national (not a US Citizen, nor a US Resident), is planning to give me as a gift, shares of his business which is a corporation of Mexico. The legal entity is similar to a C-Corp in the US. Note that it is a small business, and he is planning to give me as a gift 99% of the shares of the business. I am a US Citizen living in California. Do I have to notify the IRS? If I do have to notify the IRS, what forms do I use to notify them and when should I do so? I understand that I would only pay taxes until I have income from the corporation, aka dividends?

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
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