Daniel M. asked
If I am hired as an independent contractor hairdresser for a hospital and it’s just me, do I need an LLC or can I just get paid under my Social Security number?
December 21st, 2024
Daniel V. answered
You do not need an LLC to be paid as an independent contractor. You can be paid under your Social Se...
December 21st, 2024
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I'm doing my 2021 corporate tax return. The company converted from C Corp to S Corp effective 1/1/21. When I'm doing the 1120S Schedule L, should the balance sheet of 12/31/20 of C corp be the beginning year balance sheet of S corp for 2021? Also, we plan to add a new shareholder in 2022, besides reporting a new K-1 form in 2022 tax return, any other documents I need to file to IRS or the state (California)?
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As a new business owner selling online on Amazon, I am classified as a Multi-member LLC by the IRS but a Single-member LLC by the State of Florida. What does this mean for my tax treatment? Also, I haven't made any money yet and want to be treated as an S Corp for tax benefits. How do I communicate this to a future CPA, and how do I handle sales tax reporting? Additionally, I need help changing my Multi-member LLC to a Single-member LLC for tax purposes.
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How can I obtain tax returns for my deceased brother's estate for the year 2018, and what documentation is required to establish my authority to request this information from the IRS?
June 1st, 2023
I am the volunteer treasurer for a small nonprofit state motorcycle rights organization with a sister PAC and an educational foundation. I am trying to figure out if and how much federal income tax we need to pay for the PAC. We have yearly income of approximately $15,000 and a current balance of $14,456. The PAC receives donations, pays out small donations to state legislators, and also pays a lobbyist. I have been doing the taxes for the main nonprofit for 2 years and was able to complete and submit the foundation's return this spring, but I'm struggling with the PAC return. Any advice or direction would be greatly appreciated.
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My husband has 1,937 stock options that need to be exercised by 9/20 or he will lose them. He is no longer employed at the company, and the options are NSO with an exercise price of $12.73. The company's current FMV is $74.84. We anticipate a tax bill of roughly $35,000 from exercising the options. Is there any way to defer tax payment since we won't be able to sell the stock yet to help pay for the taxes?
January 9th, 2023
