My husband and I are the only members of an LLC with zero income, and we file joint personal returns. The LLC was filed under Schedule C on our personal returns. However, the IRS penalized the LLC for not filing a 1065 despite no income. Does the LLC fall under the 'disregarded entity' tax rules?

June 6th, 2024

I am self-employed and deduct a home office. I have a television in my office, which I only use occasionally like a radio. My home office is part of a larger space without a physical divider. I also store product samples in an area with some personal items. Am I okay to keep the television and personal items, or do I need to remove them? Additionally, how should I calculate the square footage for the home office deduction, and does the storage area need to meet the exclusivity provision?

June 8th, 2024

If a guest cancels an Airbnb reservation, do the days of the canceled reservation still count towards the 14-day rule for tax purposes, especially if I received some income as per the cancellation policy?

August 17th, 2024

My parents, who work for the United Nations and are not US residents, want to transfer money from their UNFCU account to my US bank account. I am a US resident on a work visa. Would I or my parents have to pay taxes on this transfer?

January 16th, 2024

My teenage son bounced a check to the IRS. I know there will be a penalty for this. Do we need to wait to hear from the IRS to find out what that will be or can we mail a check in now?

June 1st, 2024