I owe the California BOE over $30000 and am barely employed with no foreseeable way to pay them back. Is there any way I can go to an "uncollectible" status?
June 7th, 2023
Is a consulting service company taxable, and who pays the taxes on a bill from a consulting firm if no tax charges are included?
November 22nd, 2023
In partnership taxation, how does the pass-through income from an LLC to its partners work, and do partners pay additional taxes such as Social Security on these earnings?
May 20th, 2023
For an S Corp, is a shareholder distribution considered an expense to the company? For example, if a company made $50,000 and the shareholder distribution is $50,000, does the business income come to zero, especially considering a significant salary paid to the owner on payroll?
March 22nd, 2024
July 19th, 2024
I have a five-year gas lease which is payable over three years. I understand this is handled as ordinary income. Since this is a wasting asset, is there any other way possible to handle this sizable income, such as treating it as capital gains?
January 4th, 2024