I received IRS letter 5071c for identity verification. I tried contacting them at 8 AM but the line was busy. I managed to get as far as uploading pictures but couldn't complete the process. I don't have a cell phone and must use email or a landline. I tried all the options but couldn't submit my photos. My iPad won't work for this. What should I do?

January 30th, 2024

I have two 1099-Rs from the same company. One is for a distribution and is added as income, and the other is a consolidation of funds to another account, which is also considered income, not a distribution of funds. What should I do with these forms, and how should I report them on my tax return?

January 20th, 2024

I found a potentially large error from 2020 and 2021 with my business that opened in 2020 regarding Schedule L. The business was quite flat regarding profitability in 2020 and 2021, but Schedule L shows retained earnings of $461,156 in 2020 and grew to $580,927 in 2021. Is this possible, and what could be the cause of this discrepancy?

June 27th, 2024

I want to apply for e-residency in Estonia and open a company. Can I keep my earned money in the company without distributing dividends to myself, thereby avoiding paying taxes in my country of residence (UK)? By not distributing dividends, my taxes will be 0% in Estonia, and I will only pay 20% tax in Estonia when I distribute the money. I plan to distribute the money as dividends when I move to a country with a lower dividend tax rate and tax treaties, so that I will pay 0% tax in my country of residence. Is my logic correct?

December 27th, 2023

I am self-employed with multiple income streams, including marketing for doctors, video commercials for oil and gas companies, owning a recording studio, doing Amazon review videos as an influencer, and acting as a broker for screen printing. I currently file as self-employed with an LLC. Should I switch to an S corporation to pay myself a salary and minimize my tax liability, given my gross income is around $200k?

June 24th, 2024