Helen A. asked
An existing LLC with two 50/50 members wants to bring in a new member, resulting in each member having a 1/3 ownership. The new member has been an employee for several years and will receive ownership instead of bonuses. What are the tax implications for the new member, and how should the compensation be structured to avoid issues?
July 31st, 2023
Joseph R. answered
The new member's ownership percentage in the LLC, taxed as a partnership, should be reported as self...
July 31st, 2023
Create an account to view answers and interact with the community!
I mailed in our tax forms and haven't received our refund yet. How can I check the status of my taxes and when can I expect the refund?
August 30th, 2023
I sold my home in 2021 and relocated to another state, purchasing a new home in May 2021. I just sold that home and will close in July 2022. Will I have to pay capital gains tax, and if I reinvest the money in another home, will I still have to pay any gains?
February 10th, 2023
I received certified mail from the IRS regarding non-filing for 2017 and 2018 as a sole proprietor. I have bank records but no receipts, and I'm unsure how to proceed with organizing my deductions and filing my returns. I have 90-day letters with deadlines approaching and need guidance on how to handle this situation, including whether I can use a tax preparer with just totals or if I need to separate my expenses into categories. Additionally, I have questions about the implications of receiving a gift from my boyfriend, who is also my business partner, and how that might affect our tax situation.
October 15th, 2023
How does filing for divorce affect my social security? I started receiving SS retirement benefits in April 2022 and will be filing for divorce in 6 months (time frame I must be separated from spouse according to Louisiana law).
January 19th, 2024
I prepared my 2021 joint tax return without adding my new business information. I hired a separate accounting company to prepare my company tax statement. I now need to amend my original tax documents for Federal and Idaho State, but I am unsure how to do this with TurboTax. I tried to add form 1065, but TurboTax is asking for information that cannot be found on my 1065, such as Opening Capital Amount, Capital Distribution During 2021, Current Year Net Income (Loss), Other Increase (Decrease), Withdrawals and Distributions, and Ending Capital Amount. I had a total loss in 2021 of -$32,080, minus office deductions of $3,230 for a total Ordinary Income Loss of -$35,310. The accountant used the Mark-to-Market Election. How should I proceed with amending my tax return in TurboTax?
June 6th, 2023
