My client has an LLC treated as a partnership for tax purposes. One of his partners needs to be reimbursed for health insurance. In 2015, the partnership had no income and the partner paid insurance from his personal account. The partners agreed to treat the payment as a loan and reimburse it when the company makes money. Do we report it as guaranteed payments, and if so, do we report it on K-1 box 4 and box 13 (M)?

April 21st, 2024

My father added me to a savings account of his. His reasoning is that I can go and take it out right away so it doesn't go through probate. My question is - will this be taxable income to me? The amount is around $90,000. His total estate would be under $500,000.

September 23rd, 2024

What is the deal with form 568 for first-year LLCs? I've looked at the form, and I see areas asking about total income, etc. If this is my first year, how do I know what my income will be? Is that because they are asking about last year, which would make all my information $0? What is the deadline for form 568? And is it a form that requires me to pay a tax/fee? As mentioned above, I paid $800 LLC tax using form 3522 before the 15th day of the 4th month. I want to make sure I file form 568 correctly, and make payments that are required.

October 7th, 2023

My Taiwanese friend wired me $20,000 to try an investment opportunity or purchase real estate in the U.S. for him. What are the tax issues for me relating to the IRS?

April 2nd, 2024

Do I need a separate tax ID for a business name associated with an LLC that already has a tax ID?

February 21st, 2024