I have a sole proprietor EIN number for my business and I applied for a second EIN number but was told that the IRS will only issue one EIN number for a sole proprietor. I need to add a new business name to my current EIN number. How can I make this request if the IRS is not taking calls due to high call volume?

April 9th, 2024

I'm a college student who depends on financial aid and has an average income of $15k per year. My tuition is $22k, but I've just won a sweepstakes prize worth $50k-$100k. Can someone else claim this prize on their taxes so I don't get bumped into a higher income bracket and lose all of my financial aid?

September 24th, 2024

I have not received my personal ID PIN. How may I receive it?

October 12th, 2023

What would happen if I gifted someone an amount over the annual gift tax exclusion and then they gifted it back in the same year? Do either of us have to fill out a Form 709 still?

September 8th, 2024

I am starting an LLC and wondering if I should have it taxed as an S corp. I am 55 years old with one dependent, located in Massachusetts, and my sole proprietor business will gross about $38,000 this year. I receive payments from Amazon and other companies for royalties and have been claiming that income as a sole proprietor. Once my LLC is finalized and funded, I plan to channel that income into the LLC accounts. Should I consider S Corp status, and how should I handle the income for tax filing purposes before and after the LLC is established?

July 18th, 2024