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Recent Payroll Tax questions

I am going to start working as an Uber Driver. It is

I am going to start working as an Uber Driver. It is considered an independent contractor and I understand that I will be subject to double taxation from the Self Employment tax. Are there options for me to avoid/minimize that additional tax (i.e. form a business entity...), and is there an income threshold I would need to meet in order to see any savings?

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Dr. Fiona Chen

President

Ph.D.

280 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

914 satisfied customers
I install floori g for a living and for the 1st 15 yrs

I install floori g for a living and for the 1st 15 yrs worked for a.company and received a 1099 at the end of the yr .I recently Incorporated myself, S Corp . what changes in taxes will happen now and what changes if any do I need to do?

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
Business owner here: the irs has reclassified an independent

business owner here:the irs has reclassified an independent contractor as an employee for 2013 and 2014.i already filed a 1099 for her for 2015.what does the company need to do to amend this filing, and file a w-2 for her?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
Fiona Chen, You mention that: "As to unpaid Form 941, my

Hello Dr. Fiona Chen,You mention that : "As to unpaid Form 941, my advice is that never prepare a Form 941 you cannot pay. Lay off employees if you have to. Employment tax issues are huge, and the IRS is serious in pursing the matter"What will be the best course of action to handle situation of this matter? I assume my friend cant ignore the payroll taxes and have to file them somewhere. How he can work it out with the IRS?

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Barbara

Enrolled Agent, Paralegal

5,000 satisfied customers
I am selling a small business, effective 10-1-16. How do I

I am selling a small business, effective 10-1-16. How do I ensure my clients who provide me with 1099s send me only the 1099s for invoices they receive from me prior to 10-1-16. And, send 1099s to the new owner for invoices after 10-1-16.I am a single-member LLC, no employees and do not understand the IRS rules for transfer of ownership with regard to my EIN. I received an EIN only to open business banking accounts, otherwise did not need one and do not use it for tax returns. Rather, it's a schedule on my personal returns. Essentially I'm a sole prop., but disregarded.The new owner has an EIN for an existing business he has. This will be another business he owns.Can you clarify for me the EIN confusion I have and how I address the 1099 I'll be receiving for 2016 with those customers.Thank You.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
Thank you for taking my question In a C corporation with one

Thank you for taking my questionIn a C corporation with one shareholder, does the IRS require the shareholder to take salary in a reasonable compensation manner or this test only applies for an S Corporation or Closely held corporation.Where can I find any IRS supporting document for this question? I tried searching the web but didn't find anything specifically about C Corporation.

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
I have a Texas LLC and rent a house that I allow one of my

I have a Texas LLC and rent a house that I allow one of my employees to occupy as a fringe benefit of his employment. I have been doing this since January, but have not "accounted" for it, other than paying the rent and having that recorded as a company expense. I know such a fringe benefit is taxable to the employee, but I haven't included the monthly amount of rent as part of his weekly pay. Is that what I should have been doing? If so, how do I now straighten this out? It just doesn't seem "right" that if the employee is receiving the benefit "in kind," and not in "cash" (as part of a payroll check) that he would be receiving a check with the amount of the rent included, because I am paying the rent, not the employee. Anyway, this is pretty damn confusing. I just need to know how to do the accounting in this situation. Since the amount of the provided housing IS taxable, I assume it also requires payroll tax withholding (social security and medicare) and I'm lost as to how that is supposed to work. Any help would be appreciated. Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
If my company has been conducting business, accepting

if my company has been conducting business, accepting payments and using a business checking account to distribute money, while under forfeiture status with the state (without my knowledge) and taxes have not been paid, state or federal, what is my biggest concern at the present moment?

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
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