asked
I am undergoing a California EDD audit for my S-Corp, where the auditor is considering all withdrawals from my business account as wages and charging penalties. I have an S-Corp with just me as a director and sole employee/corporate officer. The audit period is from Q4-2019 to Q3-2022. I had income in 2019, no income in 2020, and income in 2021 and Q1 2022. My bylaws state that distributions are at the director's discretion. How can I reduce the penalties, and what should I do to address the auditor's concerns about distinguishing between wages and distributions?
May 10th, 2023
I own a property flipping company with multiple properties. Should I expense all of the transactions incurred for all properties during the year, even if I haven't sold the property yet? Can I still claim the expenses for repairs and other overhead expenses such as an office assistant and utilities?
January 26th, 2024
I have misplaced my tax statements, both real estate and personal. How can I retrieve them?
April 9th, 2023
I desperately need 3 years of tax returns for my divorce lawyer. Can I go to the IRS office to get them?
February 5th, 2023
I mailed a check for my franchise tax payment on the last week of November, but it has not been cleared. I received a second notice stating I need to pay by December 22nd to avoid penalties. I need to know if the check was received to avoid penalties.
March 30th, 2024
I have a Series Holding Company LLC that owns my real estate and a Property Management LLC that collects rents from my property manager. The Series Holding Company LLC has a bank account and the Property Management LLC has a bank account. How should the money flow through each account? Which account should pay the mortgage and which account should hold the profits?
November 6th, 2024