Are you familiar with NC Corp State Tax Law? OK - is Pearl
Are you familiar with NC Corp State Tax Law ?JA: No. I'm the Accountant's Assistant.Customer: OK - is Pearl familiarJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had 3 businesses that I sold between 2005-2007 time frame. All of them went thru an Audit and without the long story, I was not defended well and owed a massive amount of State Tax money between 2003-2006. Business 1, I paid in full, business 2 and 3 have attempted payment plans over the years. In 2014, the State moved my entire amount owed from a business's account to my personal SS number and wrote off any amount owed that was past the 10 year mark. Now everything is past the 10 year mark and last May, the state garnished my income to help reduce the debt faster. Seems to me that everything is past the 10 year, I should be able to get out of this debt.. I realize I owe but this is hard to pay back with interest, penalties, etc.JA: Is there anything else important you think the Accountant should know?Customer: That is main idea
I am an owner and only worker for a small business LLC.I am
I am an owner and only worker for a small business LLC.I am going to have a subcontractor join me as a 1099.My question is,would it benefit me more to be taxed as a single member LLC,or maybe be taxed as an C-Corp or s-corp LLC?
Tax advisor and Enrolled Agent
My employer, which is an LLC, purchased a whole life
My employer, which is an LLC, purchased a whole life insurance policy for me as a retirement benefit. The business is closing and he is transferring the policy owner ship to me, this is a name change on paper only. It's a New York Life whole life insurance policy. It's a New York Life whole life insurance policy. I have been and will remain the beneficiary.The premiums paid on the policy equals $85,000. It has gained $2600 in interest, for total cash value of 87,500. The death benefit is 250,000. My question this, since this is a name change on paper only, do I have to pay taxes on this now? If so, on what portion? I do realize that if I don't pay taxes now I will have to pay taxes on the money once I start drawing it out when I retire in several years. I am trying to avoid paying taxes on the lump some now, while I'm in a higher tax bracket. I would prefer to defer the taxes until I'm retired and will be in a lower tax bracket. Is there anyway to do this?We have already discussed this with two accountants. My employers accountant feels the total 87,500 needs to run through payroll so I will pay federal income tax, Social Security, etc. on it. My accountant feels there must be some other way to transfer the ownership on paper only and defer taxes until retirement.
I am interested in information regarding care givers fees. I
I am interested in information regarding care givers fees. I was a care giver for my mom in her home for 5 + yrs. She has since passed and her estate is being settled. I was not able to get paid during that time as her funds did not permit it. I will get a one lump sum for the past years. Even though it is deferred payment, what am I liable for in taxes?I forgot to say it's about 200-210k total.Thank you, Nancy
I am a shareholder of a C-corp. We loaned money to an LLC
I am a shareholder of a C-corp. We loaned money to an LLC for trading purposes and the LLC will disburse in January 2017 (the principal and interest). The C-Corp is a fiscal year filer with 2 estimated taxes due prior to January 2017. The C-Corp does not have the funds to pay the estimated taxes on the projected interest made on the loan.How does the C-corp avoid penalties and interest on the 2 estimated taxes prior to January 2017. The C-Corp needs to the proceeds from the loan/interest to pay the estimated taxes.Do we use IRS Form 2220 and which option?Thank you - Mel
I am an employee of a US based company (a US subsidiary)
Hi,I am an employee of a US based company (a US subsidiary) that has a parent company overseas (the parent company owes 100% of the US subsidiary). Part of my current agreement with the US based company is that I am entitled to a stock options plan.I recall from my last employment (with a different company) that I had to pay taxes on the stock option since it was given to me as part of an employer-employee relationship (it was ordinary income on the date the stock options were granted). However, this time my US employer told me that the stock options will be issued by the overseas parent company (I am not sure why).How will this change my situation? Will it be reported on my US W2 even if it wasn't issued by my employer?Could you please advise.Thanks!