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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

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PDtax

Owner

Master's Degree

6,978 satisfied customers
Can I count the cost of sending money from my wife's

Can I count the cost of sending money from my wife's Peruvian business to the US as a fee to lower taxes?

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
Request Dr. Fiona to answer this question.. The insurance

Request Dr. Fiona Chen to answer this question. . The insurance company reimbursed me for the limit of my policy on my contents. And my real loss substantialy exceeds the insurance reimbursement. Even with that there is roughly 30% discrpency in what the insurance allows for lost items and what public adjuster estimated in my case. I did not fight the insurance on that - as I was over the policy limit. Some other lost items such as paintings were not even part of the coverage, but were aknowleded by insurance as legitamate loss ( and I need to get separatly prepared appraisal for those items). Whom does IRS beleives in this situation -- my public adjuster estimate , my other I hired appraisair OR the insurance adjuster? I forsee this to be the biggest issue during the IRS audit. I am stil lnot clear on how to fill out the 4684 -- should I just lump everything into one number on this form (from my NOTsubmitted Excel spreadsheet) -- and tell IRS to use the provided to them estimates from the insurance company and the public adjuster and independent appraiser if they want to see how the numbers are substantited? How often does IRS calls my public adjuster or my other appraisar "on the carpet" if there is an audit (as I suspect there would be one as my loss exceeds limit of my policy by 200k)

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
I recently made an LLC.I am the owner and the only one

I recently made an LLC.I am the owner and the only one working right now.I have a person that will join me as a 1099 soon.My question is,Should my company be an LLC taxed as an S -Corp or a C-corp?Later on my wife will join us also,when needed.

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Barbara

Enrolled Agent, Paralegal

5,132 satisfied customers
I recently made an LLC.I am the owner and the only one

I recently made an LLC.I am the owner and the only one working right now.I have a person that will join me as a 1099 soon.My question is,Should my company be an LLC taxed as an S -Corp or a C-corp?Later on my wife will join us also,when needed.

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
Client has investment in a US partnership, the US Ptr has

Client has investment in a US partnership, the US Ptr has investments in foreign countires.The K-1 only specifies "other country". Us income was $ 39,000, net foreign income was & 24,000.The investor has no authority over these foreign investments. Does the investor have to file theForm 114?

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
I need help with filling out form 1120S..I did most of

Hello..JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I need help with filling out form 1120S..I did most of it..but need some help with schedule L..JA: Is there anything else the Accountant should be aware of?Customer: Jan 1 2014 bank account balance - 6000From my 2014 1120S:Current liabilities = 30,000Additional Paid-in Capital = 6000Retained Earnings(R.E) = 16,000 My LLC is taxed as a s-corp only for 2014 and 2015..I changed it to a sole proprietor from beginning of 2016.

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
The IRS seems to have some contradictory information on

The IRS seems to have some contradictory information on their website regarding the American Opportunity Tax Credit.https://www.irs.gov/publications/p970/ch02.htmlRegarding dependents, this link says:"Who Can't Claim the Credit?You can't claim the American opportunity credit for 2015 if any of the following apply.You are claimed as a dependent on another person's tax return, such as your parent's return. See Who Can Claim a Dependent's Expenses , later."This seems to say that if you are claimed as a dependent on someone else's tax return, you can't claim the credit. However, if you click the link in that entry, which says "Who can claim a dependent's expenses", this is the result:"Who Can Claim a Dependent's Expenses?If there are qualified education expenses for your dependent during a tax year, either you or your dependent, but not both of you, can claim an American opportunity credit for your dependent's expenses for that year."According to this, a dependent can claim the american opportunity credit on their tax return.Which one is accurate? Am I misreading something?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,706 satisfied customers
We have investment property (vacant lot) that we would like

We have investment property (vacant lot) that we would like to be able to write off as a loss against capital gains (sale of stocks), interest and dividend income. We think our transfer options may include foreclosure, estoppel, or sale for less than we paid. Are all these options legal with the IRS and is there any other option(s) we need to be aware of?What paperwork and forms would we need to file with the IRS? Does Turbo Tax have a form for this?

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
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