asked
My client's wife earns over $275,000 a year and has been notified that she no longer qualifies for the regular 401k plan. She has the option to contribute to an Excess 401k plan or a Bonus Deferral Plan. What are the pros and cons of each plan, and are there any specific tax consequences if she chooses either of these plans? Additionally, could you refer me to an IRS publication for more in-depth knowledge on this matter?
May 31st, 2024
My client is importing products from China, England, and Germany. For China, the product is 40082100 with a value of 20k-30k. For Germany, the product is also 40082100 with a value of 40k. For England, the product is 39211390 with a value of 50k. What are the taxes imposed by USA customs on these products?
May 5th, 2024
A non-resident from Sweden bought a property in the US and conducts a rental business activity. When filing his taxes, does he pay the Social Security tax?
August 24th, 2023
Is there any way to form a SEP after the April deadline for tax filing if I did not file an extension? Is a waiver of some kind possible? Also, can I pay myself a salary and withhold taxes if I own a Schedule C business?
November 14th, 2023
I have a real estate company that owns a few properties. The owners of the company are myself and one other owner, each owning 50%. This year, the company sold a property for a profit. I would like to have each owner charge the real estate company a management fee from our own individual companies in order to move the tax responsibility from the real estate holding company over to my management company. My questions are: 1) Is there any reason tax-wise a real estate holding company couldn’t be charged a management fee? 2) Is it okay for one real estate company to charge another real estate company a management fee?
October 23rd, 2023
For truck drivers, I understand that the per diem is $63 a day. Do I take that or 80% of that? Please provide IRS references.
March 15th, 2024