asked
I have an LLC taxed as a partnership with $180k in liabilities (one loan) and a negative capital account balance of $180K. There are no assets. Can I transfer the loan to another LLC taxed as a partnership since the partners on both partnerships are the same? Would there be any tax consequences? How would we do this?
September 23rd, 2023
How is it possible to owe taxes on a cash settlement made to a business partner who is not on the books of the company, especially when the settlement was made to cease partnership claims?
May 5th, 2024
Why did TT give me an adjusted tax due amount after it had given me a refund amount when I entered basis for stock trades? It went from a refund amount to tax due amount after I sent a copy to a tax consultant. Does it recalculate when it is opened? Was the refund after I entered the cost of the stocks sold wrong?
May 6th, 2024
I am a self-employed artist traveling to art fairs in the Midwest. I sometimes need help and bring along a helper who I pay. Can I deduct this payment, and where on form C do I report this expense? If I feed and house this helper and use the per diem method to figure my lodging and meals expense, how do I figure the expense of feeding and lodging my helper?
March 18th, 2023
I have a pension plan in Canada coming up for lump sum payment or monthly pension. Can I transfer the lump sum amount to a tax-deferred investment account in the US without immediate tax payable? Could I buy an RRSP in Canada to defer tax and have monthly income transfers to me in the US subject to tax?
October 15th, 2023
I have been selling on Amazon for a year. Since I am not a US citizen, I have been depositing the funds into my relative's bank account. My relative is also not a US citizen but she opened the US account when she was living in Canada. Should I file taxes with the IRS under my name or my relative's name?
May 23rd, 2023