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I work at a company that intends to set up a new trading

I work at a company that intends to set up a new trading entity in the US. We currently use an internal sales system for trading within Australian and I have been asked to adapt this for US trading.The questions we need advice on are below.1. In Australia, the tax that needs to be shown on invoices is called GST (goods and services tax). This is a set 10% Australia wide. My understanding is that in the US, this is called “sales tax” and the % varies from state to state. Is this correct?2. Can you please provide me with, or direct me to a tax table online where I can see the latest up to date tax rates PER state.3. Are the state sales tax rates based on the location of the customer purchasing the order, the head office location of the company selling, where the item is physically dispatched from, or somewhere else entirely? In other words, what is the location that determines the sales tax?4. Other than the sales tax, are there any other taxes that need to be displayed on the invoice to customers?5. Initially we will have a small operational setup in the US. We will have one primary contact over there (an employee of the US entity) who communicates with a 3rd party logistics warehouse that does the inventory receipting and dispatching. Can you please recommend in which state it would be most cost effective for us to have our “head office” setup, for the purpose of state and federal taxes. At this point in time it will be easier for our one employee to set up our “head office” in that location, as opposed to in 12 months time when we may have a dozen employees.6. In Australia, a “sale” is deemed to have officially occurred when we dispatch stock to the customer. That is the point in time when the invoice is created and for accounting purposes we report the sale. Prior to that we may have received payment, but it's not until we dispatch stock that the invoice is created. Is the same true in the US?7. Further to point 6 above, where does the IRS deem a company's “head office” to be? Is it defined as the primary place where the employees work, or is simply wherever the registered address of the company is? As we may have employees working in satellite offices across different states, we just want to align our understanding with the IRS's.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

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I am a sole proprietor. A contract for service was not paid.

I am a sole proprietor. A contract for service was not paid. How can I show this loss on my tax form? Can it be considered a bad debt?JA: Because laws vary from state to state, can you tell me where the business is located?Customer: MarylandJA: Has anything been filed or reported?Customer: Not yet.JA: Anything else you want the lawyer to know before I connect you?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

3,866 satisfied customers
I would like to know if my insurance company is allowed to

i would like to know if my insurance company is allowed to use my retirement social security as income while I am on long term disability from work

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I live in. I have a home in financed by "Mortgage Company

I live in Virginia. I have a home in Virginia financed by "Mortgage Company #1". I am refinancing my home in Virginia by "Mortgage Company #2" (i.e., different lenders). It is a VA (Veteran's Administration) 100% LTV (Loan to Value) refinance with a cash out option which will net me $23,000.00 at closing.Do I have to pay taxes on the 23,000.00? If the answer is yes, then can I "Gift" that to my spouse (who is NOT on the mortgage and will NOT be on the refi) under IRS rules and thereby avoid paying taxes on it?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,574 satisfied customers
I was informed an S Corporation would be the best route to

I was informed an S Corporation would be the best route to go with my physician recruiting firm. I was also informed Delaware is the best place to incorporate from a cost perspective and that I can move it to any state. Should I decide to incorporate in Delaware will I pay taxes there as well as in my home state of Minnesota? Or do I actually move the corporation from Delaware to Minnesota? Guess I am a little confused on how this works. I just want to make sure I am paying taxes in multiple states.

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Matthew Breecher

President

MBA (Graduate Legal Studies)

364 satisfied customers
I am negotiating a settlement of severance including COBRA

I am negotiating a settlement of severance including COBRA reimbursement. Are COBRA reimbursements taxable? They will be paid via 1099JA: The expert will know how to help. Please tell me more, so we can help you best.Customer: That's it. I am being reimbursed for COBRA payments that the employer agreed to pay. IS this taxable?JA: Is there anything else the expert should be aware of?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,574 satisfied customers
I received a notice for back taxes in 2013 because I did not

I received a notice for back taxes in 2013 because I did not claim income I received as a caregiver. That person lived with me and according to IRS notice 2014-7, I didn't have to claim that income. What do I do?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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I filed my taxes with Turbo Tax and submitted the forms with

I filed my taxes with Turbo Tax and submitted the forms with E-File on April 11. A few days later I received an e-mail saying that my file was rejected due to a Turbo Tax problem, so following instructions I refiled and that was fine. Three days ago my wife was checking to see if the IRS had deposited our return of 197.00, it had not. She then checked Turbo Tax and it was stated that our forms ,with a return of 852.00 had been rejected What can I do to lower the fine I am sure will be given to me?JA: What state are you in? It matters because laws vary by location.Customer: TNJA: Has anything been filed or reported?Customer: I have not done anything but refilewith Turbo TaxJA: Anything else you want the lawyer to know before I connect you?Customer: I can't think of anything. I juts don't know what to do .

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Mark Taylor

Certified Public Accountant

Masters

3,866 satisfied customers
I have an S corp that has 2 shareholders. 1 shareholder is

I have an S corp that has 2 shareholders. 1 shareholder is selling out to the other shareholder. I understand how to record the sellers side as far as distributions and taxable dividend for the amount in excess of his basis. But how do I show the purchaser's increase in stock basis on the S Corp?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,574 satisfied customers
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