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?
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?
The State of Texas has frozen a bank account of mine and
The State of Texas has frozen a bank account of mine and removes some of the money from the account. I was, but not am a citizen of the State of Texas and I never received any notice from the state. Is it legal for the State of Texas to take such action and my that action be reversed?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I have not lived in Texas for over 2 years. I now live in Tennessee. Does Texas still have any jurisdiction? And, I have not conducted business in Texas for years, and own no taxes as far as I know.
Wrongful death suit for my dad but didnt settle until after
wrongful death suit for my dad but didnt settle until after his death. it was a personal injury lawsuit . settle d in dec. 2015 but father died in 1012 . do i have to declare it 110,000 and pay taxes . i read if its personal injury it is not taxed. thanksJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no
My family member just turned 62. Social Security has told
My family member just turned 62. Social Security has told him he is eligible for $N per month at 62 and $Y at full retirement age.Scenario 1) He wants to stop working right now and live off savings/interest income etc (so no salary and hence no further contribution to social security) but does not possibly want to draw his benefits right yet and maybe one year later he may want to start social security benefits.Will he get AT-LEAST $N he is eligible at 62 or Will the $N he can get at 62 be reduced since he did not contribute from age 62 to 63 (for the sake of this ignore the fact that he gains a small percent due to the one year delay start) (he is from a foreign country and has worked in USA only 18 years)Scenario 2) He works till 63 but makes less income in this last year than what he made age 61 to 62 will the $N that he was to get at 62 get reduced as his final year income (age 62 to 63) was less than the income for age 61 to 62 (as i mentioned he is from a foreign country and has worked in USA only 18 years)
I am being audited and I failed to report some of my gross
I am being audited and I failed to report some of my gross income along with some wages for the year they are looking at. I did not 1099 some of my employees for that year. What should and what should expect?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Not at this time