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Recent Tax Policy questions

I run a publicly supported 501c3 and am in ill health. Let's

I run a publicly supported 501c3 and am in ill health. Let's say we don't want to have it continued at the cost of $5,000 per year in comptroller costs but just to close the IRS organization and deposit the money in a bank account undertaking our own expenditures responsibility in the charitable use of remaining funds but not claiming an IRS and not soliciting new funds. Just using up what had been charitably raised for charitable purposes. Would IRS mind this?

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Lane

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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

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I'm trying to determine the "value" that would be used

I'm trying to determine the "value" that would be used for the calculation for a sales tax return for the "Use" tax on Distilled liquors in regards ***** ***** that are given out to customers in the tasting room or other tasting venues. It seems that the actual cost of the product would be used, and not the fair market value of the product. This particular business has a mixed use sales tax license - is both a wholesaler and a retailer - they distill the spirits and resell to other licensed wholesalers as well as providing wholesalers with samples, and they also have a tasting room onsite in which they allow customers to sample product and then sell as a retailer to customers in the Tasting Room.

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Lane

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I am a trailing spouse on a G-4 visa. My husband works at an

I am a trailing spouse on a G-4 visa. My husband works at an international organization, and is tax exempt. I work at a production company. As such, I am obliged to file and pay US taxes.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: HOWEVER, I am told that I cannot deduct mortgage interest. This seems to be aggressively unfair, as the result is that I am effectively taxed at a higher rate.

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Lane

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17,686 satisfied customers
We own a home in South Dakota. Military is sending us to

We own a home in South Dakota. Military is sending us to Alaska for three years. If we find a renter to rent our house, but the rent is less than our mortgage, can we claim that loss when we file taxes?

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Lane

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I work with a store that purchases lottery tickets. The

I work with a store that purchases lottery tickets. The store eventually receives 5 cents on the dollar for each ticket sold.In addition, the state (TX) requires advance purchases of lottery tickets when they hit a certain spot on a ticket role (which I believe has 100 tickets).As of May, the store has purchased an additional $27K in tickets that had not been sold yet. If this was year-end, would the company be allowed to take this amount as a deduction? Or would this amount be recorded as lottery inventory?

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Lane

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Although we have lived, worked (and paid taxes!) in the US

Hi,Although we have lived, worked (and paid taxes!) in the US for many years, I still have some British pensions which are paid into my UK bank account. These pensions and some lump sum pensions are tax free in the UK. We have declared our one-and-only UK bank account in a Report of Foreign Bank and Financial Accounts (FFBAR).My question is;If we transfer any of the money from the UK to the US, even using an ATM, are we liable for US tax? I think I know the answer, which will be yes, but I am seeking absolute confirmation.Many thanks

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Lev

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Please read this post See this post. If we incorporate as

Hello,Please read this postSee this post. If we incorporate as LLC in Delaware, we will not require to pay any taxes neither from sales to US Customers nor from international customer. Please confirmPakistan is also in tax treaty.http://www.webhostingtalk.com/showthread.php?t=331329Our company operation office is in Pakistan. Our company is also incorporated in Florida as LLC. We are currently using 3rd payment processor who transfer payments to our Pakistani bank on monthly basis. Now we are looking for actual payment gateways for payments.We sell software to international and US customers bothI also have 5 year multiple USA visa.Now here is something which I want1. Our monthly sales average is US$ 20,000 per month.2. I want to open bank account with my company name3. After every 15th days, I will wire transfer from US bank account to Pakistani bank account which is deposited in this 15 days.4. Will there any taxes involved? We are paying taxes in Pakistan and don't want to pay multiple taxes5. How this all work after my visa expire?Thanks

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Lane

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If you are a general partner in a partnership are you

If you are a general partner in a partnership are you allowed to be paid any compensation through payroll if you are still going to file a 1065 and receive a K-1? If you are a limited partner can you receive a 1099-misc from the same company if you are also going to receive a k-1?

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Lane

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