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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

1,732 satisfied customers
If I do some work for a foreign country (Sweden) and get an

Hi thereJA: Hello. What seems to be the problem?Customer: If I do some work for a foreign country (Sweden) and get an income from them, how do I declare it to the IRS?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I do not have my own business, or anything like that.JA: Is there anything else important you think the Accountant should know?Customer: not that i can think of

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
An individual is forming a Limited Liability Company. How

an individual is forming a Limited Liability Company. How will the LLC report the company earning to the IRS?

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
I am doing bookkeeping for a property manager. They have

Hello, I am doing bookkeeping for a property manager. They have their own vehicle gas expenses (expense method) and they reimburse employees for gas. What expense account should I use for the employees gas reimbursements? They have been using the same account as their own company vehicle gas expenses, is that the best bookkeeping method?

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
As part of our estate planning we want to put our home in

As part of our estate planning we want to put our home in our daughters name. She is 50. We will maintain the payments and taxes. This to avoid those monies for medicad assessment when or if needed. I am 68 my husband is 71.

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Mark Taylor

Certified Public Accountant

Masters

904 satisfied customers
Joint Trust last trustee is now deceased (2014). There are 4

Joint Trust last trustee is now deceased (2014). There are 4 persons who are heirs-at-law. A final 1041 needs to be completed and the only tax doc received under the deceased name was a 1099-DIV & 1099-B very a total proceeds of $266.78. House that was the deceased homestead was deed transferred to all heirs after death. Heirs sold the asset under their names. So, in this case the sale will not be included in the 1041 correct? Just the only doc received 1099-DIV & 1099-B to finalize the 1041. There are no other funds that remain from the 1099 received. It was cashed out and distributed.

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608 satisfied customers
International tax question.....I'm a US citizen. my wife is

International tax question.....I'm a US citizen. my wife is a French citizen. She has no Visa to the USA or has a green card or has ever lived in the USA. WE file married but seperate. I live in the US.The question...My wife is selling an apartment in Paris, that she bought before we were married. IT is solely in her name. SHe will pay French capital gains on the property.is there a USA tax liability on this particular sale? She is going to buy another property solely in her name in France.

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
An initial distribution is being made from a family real

An initial distribution is being made from a family real estate trust consisting solely of my father's house that was sold following his death last year. I have options on whether to take the distribution directly or take it to a Trust in my name. I also have children and grandchildren. If there are no tax ramifications I can take the distribution directly and decide what to do with it later.Please advise on the most tax advantaged option

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Dr. Fiona Chen

President

Ph.D.

264 satisfied customers
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