asked
I received a CP503 notice stating I owe $733.38 in unpaid taxes for 2019, due by December 31, 2020. I had requested an extension and later filed my taxes through an accounting firm, which submitted an amended return dated 07/29/2020, expecting a refund of $37. Why do I now owe $733.38, and how can I resolve this?
March 31st, 2024
Why is the Foreign Tax Credit (FTC) not refundable for a C Corp in Delaware, and are there other ways to get refunds?
June 26th, 2024
Can the IRS touch my assets under my S-corporation if I owe money for my personal tax return?
September 24th, 2023
While in Optional Practical Training after graduating as an international student, is it a problem to file a tax as a resident where I live in, even though I have lived in the US for less than five years as an F-1 visa holder?
December 31st, 2023
If a taxpayer opens a self-directed IRA to invest in a friend's start-up business, can they still make annual backdoor contributions to their Roth IRA? If so, will the funds in the SD IRA factor into the basis calculation to determine how much of the backdoor Roth contribution is taxable?
April 14th, 2024
Hello, my wife and I have a small LLC that will be taxed as an S-corp in 2021. Our salaries are currently less than $35,000. I am setting up our payroll with Gusto and trying to figure out if I should pick that we are eligible for overtime since our pay is less than $35k each. Does the overtime law apply to us since we are both 50% owners of the LLC?
January 29th, 2024