A friend wants to purchase a share of an Oregon LLC that owns a plane used in CA. The original owner has sold fractional shares in the LLC to several California individuals. The LLC only holds the asset and does not function as a business. One of the CA individuals wants to sell his share in the Oregon LLC to my friend. My friend wants to know: 1) if the LLC shares avoid sales tax in CA, 2) if there should be an LLC in CA as well as in Oregon, and 3) if the CA 4-year statute of limitation would apply if the state were to decide that sales tax is due on the plane despite the LLC share being the item sold.

November 3rd, 2024

I provide credit card processing services to local merchants. My vendor has my reseller's number on file and does not charge me tax on equipment and supplies purchased from them. My dilemma is that I do not always charge for equipment and supplies. When I do sell them, I charge sales tax. Do I owe sales tax on the equipment and supplies purchased but provided at no charge to my clients?

June 12th, 2023

I own a small business in California and am filing taxes for the first time this year. I have an inventory of bulk soap, lotion, shampoo, conditioner, etc., and various containers. Do I owe taxes on my unsold inventory for 2015?

December 29th, 2024

As a U.S. citizen living outside the U.S., how do I report and pay taxes on my foreign corporation, which is not registered in the U.S. but I am the sole owner? What forms do I need to file?

December 25th, 2023

I was enrolled in graduate school in 2013 and claimed the education credit on my return. The IRS sent me a Notice of Deficiency for an unrelated matter and removed the credit, adding it to the amount of tax I owe. I entered a W2 incorrectly, but the education credit should not have been taken away. Does graduate school tuition count for the education credit?

April 21st, 2024