asked
I have a US-based corporation that works with an overseas company. The overseas company wants to send me to various cities in the US to procure clients for them. They plan to purchase a US-based timeshare membership and pay for all upkeep, using it to send me for this work. I will be paid a small fee for the trips and a percentage of any revenue generated. If they are providing accommodations as part of the job, will this be considered income for me or my company? Are there any specific documentation or reporting requirements to avoid issues with US tax authorities?
July 1st, 2023
I have a website I'm planning to sell for a significant amount, but my capital gain is much lower than the sale price. I haven't filed taxes for the last 9 years, during which I had significant cash deposits into my checking account from freelance work and gifts. I'm concerned about the IRS auditing me if they notice a large amount suddenly wired to my bank account. How should I proceed with the sale and address my tax filing issues?
January 4th, 2023
I am finalizing my divorce and we both owe back taxes from 2007 to 2011 to the IRS and the state of CA. I plan to file for bankruptcy (BK 7) in October 2013 for tax years 2007 to 2009 without my ex. How do I protect myself in the final divorce decree wording so my ex can't come after me later when the IRS and state go after her for the balances due? What is the best way to list the community debts under petitioner and respondent with all the tax years 2007 to 2011 to protect myself from her coming after me?
November 7th, 2024
I have sold houses using a 'wrap note' in Texas. I have gross income from the buyer and then I have a payment to the bank. How do I account for that?
June 15th, 2024
Concerning the new 3.8% Medicare Tax, do we need to pay it? I believe we should be considered Real Estate Professionals. My wife and I have two retail shopping centers and four residential houses. We spend over 751 hours per year dealing with insurance issues, visiting properties, and managing property managers. Our net income from these properties is our only income plus social security and some income from stocks. When we sell a property and search for a compatible 1031 exchange, we work 15-16 hours a day and travel extensively. If you have any questions, please ask.
December 31st, 2023
For a S Corp with E&P, how should distributions be treated if there is negative AAA and positive Accumulated E&P, and how should past errors in treating distributions be corrected for future tax returns?
August 8th, 2024