A father owns an LLC and appoints his 18-year-old son as president, who does not work in the business or make strategic decisions, except for signing the annual corporate tax return. The LLC pays the son wages and self-employment income, which the son then uses to pay his father's personal expenses. Would the IRS consider this tax evasion?

June 21st, 2023

What is the specific law that makes the payment of income tax mandatory, particularly the one that was passed in the 1940s or 1950s to correct the ambiguity in the 1939 version?

July 18th, 2023

Where do I deduct independent contractors' expenses on IRS Form 1120 when the business relies on capital gains such as stocks, mainly investments in real estate, and the people working under the corporation are self-employed (independent contractors), including one small business as an independent contractor?

June 20th, 2024

I need to add a dependent to my last three years' tax returns using Form 1040X. What exactly do I need to mail in to the IRS?

February 6th, 2024

My daughter gets a loan through the USDA to purchase livestock for the Future Farmers of America (FFA) program she is involved in through school. She is still in high school. Is there any type of tax credit that I can take for this?

February 2nd, 2024