If I set up a separate entity for crypto trading and purchase new Bitcoin under that entity at the current price, would the cost basis for any sold Bitcoin be the price from my previous Bitcoin purchases, or would it be the current purchase price under the new entity?

April 24th, 2024

We have recently formed a five-member partnership LLC and have two vehicles financed with personal loans that will be used for at least 80% of our business travel. Can the LLC cover 80% of the monthly loan payments, and if not, what expenses related to these vehicles can be reimbursed by the LLC? Additionally, can a vehicle become an asset of the LLC while the member continues to make the loan payments, and what are the implications of transferring vehicle ownership to the LLC? Finally, what are the tax implications and best practices for deducting business-related vehicle expenses and other business deductions, such as restaurant meals during business travel?

October 19th, 2023

As a makeup artist and sole proprietor based in Brooklyn, NY, providing makeup and light hair styling services at various locations such as wedding venues, hotels, clients' homes, and studios, do I need to collect sales tax for weddings and other services, and how does this apply to jobs with production companies?

August 10th, 2023

I misplaced my PIN number and need a new one. I am currently located in a new address and have been victims of identity theft. What steps should I take to retrieve or reissue my IP PIN from the IRS?

June 29th, 2023

If I take a pre-approved FEMA distribution from my 401k, what does it have to be used for, and can I use it to pay off my house and make repairs?

June 6th, 2023