A UK-based company partners with a US company to teach workshops in the US, utilizing UK-based instructors who travel on the Visa Waiver Program. The UK company claims their income from these workshops is not taxable in the US. Should the UK company generate an EIN and pay US taxes, as the IRS considers it US-based income? What is the correct protocol for this situation?
October 26th, 2023
Last year I sold my partnership interest back to the owners of a business. I want to know what I need to file for tax return and what I should receive from the business owners who I sold my interest to?
January 24th, 2023
What documents should we send to the IRS to obtain an ITIN number for my husband and stepdaughter who is 6?
October 23rd, 2023
What are the tax implications of transferring a non-qualified annuity to an irrevocable trust, given that a 1099-R was received indicating a taxable amount of $62,993 on a transfer with a cost basis of $100,000 and a total value of $162,993, with no withdrawals made?
July 1st, 2024
My mother is receiving $100,000 from the sale of a house that is in my sister's name. Does she need to pay taxes on this money if she puts it into something other than a bank account, and how does this affect her public aid?
June 5th, 2024
I have about $20K of expenses directly reimbursed by clients, which I include in my Schedule C income totaling $28K. How should I reflect these reimbursed expenses on my Schedule C? Should I create a new category called 'Directly reimbursed client expenses' or add each item into the appropriate category (e.g., travel, lodging, meals, etc.)? Additionally, how do I handle the deduction of meals, where only 50% of non-reimbursed meals can be deducted, but 100% of reimbursed meals can be deducted since I recognized 100% of the reimbursement as income?
April 15th, 2024