asked
If the company is paying a 401K contribution of $20 to an employee, and the total income to the shareholder-employee is $100, would the deductible compensation of the company be $100 or $80? $100 is listed on line 3 of W2, $80 is listed on line 1 of W2. If the deductible compensation is $100, do we need to mention the 401K contribution by the employer of $20 anywhere on the S corp tax return?
January 16th, 2024
How do I file taxes for my deceased mother on TurboTax, and how can I ensure the IRS knows she is deceased?
December 4th, 2024
I own a foreign-owned disregarded entity and have never used the company yet. Do I have to file Form 5472?
March 16th, 2024
I am having trouble filing my taxes and discovered that my taxes didn't go through last year. I applied to have what I owed last year added to my account and need to do the same for this year. I am 58 years old, single, made $49,000 this year, and filed head of household last year claiming my mom. What do I owe in total to the IRS, and how can I add these taxes to my account?
November 5th, 2023
I had an IRA that I cashed out and deposited into another bank. My tax preparer says I owe $498 for this distribution because she doesn't have Form 5498. My bank says Form 5498 is not issued until May and that the tax preparer should know how to file it without the form. Is Form 5498 necessary, and is there another way to show that the amount was rolled over into a new IRA?
February 3rd, 2024
I am 64 years old, my wife is no longer filing taxes jointly with me due to her expanded international business, and I have an approved LLC since August 2020 that has not started operations due to the COVID-19 pandemic. I have not worked since July 2020. What is the correct filing status for me, how should I handle the IRS debt, and what tax returns do I need to file for the LLC and myself?
October 18th, 2024