asked
As part of an acquisition, former owners will be paid a non-compete over 3 years and will also be employees of the acquirer. Are these payments includible in the W-2? Or is there a position to say the first one is part of the sale proceeds? Or are all three (even after employment begins) part of the sales proceeds?
December 11th, 2024
If I have a self-proprietorship and my wife works for me, do I pay her and then file a W2 for her wages? If my self-proprietorship has a defined benefit contribution plan, can she participate as an employee?
September 8th, 2023
Can I consider the additional payments I make to my ex-wife for certain children's expenses as alimony for tax purposes?
April 11th, 2023
I am preparing a 2014 S-Corp return for a client who did not take any salary, but has K-1 income of $75,000. Should I subject any or all of her K-1 income to self-employment tax on her personal tax return, or should I show it as a distribution?
February 4th, 2024
I am a self-employed massage therapist who has been living off a divorce settlement for the past two years. I am now considering buying a home but need tax returns to qualify for a mortgage. Should I file taxes on money I don't owe just to get the paperwork needed for a mortgage, or should I continue renting and file taxes on future income?
December 29th, 2023
I was audited by the IRS for tax years 2012, 2013, and 2014 and did not attend the audit meeting due to lack of documentation. The IRS assessed additional taxes, penalties, and interest totaling over $65,000 for all three years. I discovered a missing 1099 in the IRS transcripts for those years. Can I amend my tax returns to claim less gross income based on this missing 1099, and if the IRS does not agree with the amended return, what are the consequences?
November 14th, 2024