David R. asked
I have a partnership return to send in late for an LLC that owns a building, leases the first floor, and operates a boutique hotel in the remaining portion. The business has two types of income: ordinary business income from lodging and rental income from a restaurant lease. The utilities and other expenses are split and included in the monthly rent. I received an error message stating I need to create two K-1s for my partners, but I'm unsure how to proceed. Does the IRS require separate K-1s for each type of income, and can I combine them for simplicity?
May 20th, 2023
Nicholas W. answered
The IRS does not require separate K-1s for each type of income. Each partner should receive one K-1 ...
May 20th, 2023
Create an account to view answers and interact with the community!
I asked in SS if I could qualify for Medicare. I have zero points. I was informed that there are no reports of my annual declarations. How old are you? Do you have any dependents? What is your typical filing status? Do you know roughly what you made this year? I rented some apartments, which I sold last year. Is there anything else the Accountant should know before I connect you? I have a debt from that operation.
September 3rd, 2024
I settled in the U.S. two years ago and started my first job in August 2022. I am unfamiliar with the tax system and have chosen 0 allowances on the IT-2104 form for both New York State and New York City. I would like to receive a higher payment next year by lowering my tax payments. Is it safe and fully compliant to add 1 allowance to each line?
January 27th, 2023
I received a notice from the IRS regarding my 2020 Form 1040 refund. The notice states that I am due a refund of $498.00 due to a correction in my Recovery Rebate Credit. I have not yet checked the status of my tax return on the IRS website or through their automated phone system. What should I do to trace my missing tax refund and how can I make an appointment with a local IRS office?
December 6th, 2024
Did the IRS receive $22,800 in May or June 2023 as my quarterly estimated tax payment?
June 8th, 2023
I haven't received my Social Security check for December. Can you confirm if I should check with my bank for any deposit issues and what steps to take if the bank cannot resolve the issue?
December 9th, 2023
