As a partner in an S-Corp taxed as a partnership, if the corporation shows $100,000 of net income on the K-1 but I received no distributions, will I have to pay personal income taxes on the full $100,000, or only on the distributions received?

June 26th, 2024

My accountant filed an extension for our corporate taxes and we filed both our personal and corporate tax returns before the April 15th filing date. We have documentation for this. The IRS is charging us late fees, despite our accountant repeatedly contacting them. One of our corporations has even been sent to a collection agency. How should we handle this situation?

November 19th, 2024

I have W-2 income as a statutory employee and also 1099-NEC income that is all related to the same business. Can all of this income be put on one Schedule C or does it need to be separated? If separated, do I report all of my expenses on one or the other Schedule C?

November 2nd, 2024

Do I have to collect sales tax if I sell products to foreign ships in Louisiana?

November 10th, 2023

My wife and I purchased a home in 2006 and took out a home equity line of $75,000 along with a mortgage of $375,000. We used the line to renovate three bathrooms, but I no longer have documentation or receipts. We have not used the line in over 9 years but still pay $2,600 in interest annually. Is the interest on this home equity line still tax-deductible after 2018?

March 17th, 2024