I have a 3-member LLC with K1 distributions to each partner. The partners paid themselves a fixed amount biweekly throughout the year. What are the implications on the recipient side as far as guaranteed payments vs K1 distributions? In other words, what is the most advantageous way for these partners to receive their income, full K1 distributions or guaranteed payments and some K1 distributions?

September 25th, 2024

If an LLC partnership does not have any US income but has assets, capital contributions from partners, etc., is it necessary to report this information, and if so, how should it be reported?

July 6th, 2023

What are the tax benefits of having a sole proprietorship, and what are the major differences in tax filing requirements and deductions between a sole proprietorship and an incorporated business?

August 3rd, 2024

I am the Treasurer for a Non Profit, Wichita Rose Society, an affiliate of American Rose Society. I filed a 990N form in February, but have questions about whether the IRS has accepted the form. In August 2022, our previous Treasurer received a notice from IRS that they had no record that the Form 990N had been filed for Wichita Rose Society and that our tax-exempt status was revoked. She wrote a letter to IRS but I do not see any response from IRS that her letter of explanation was accepted. What steps can I take to verify the status of our tax-exempt status and the acceptance of our Form 990N filing?

February 1st, 2023

American cruise lines refused to honor or refund the $9200 we deposited for a cruise in 2020 due to pandemic extensions, a death preventing the cruise, and an omicron outbreak in Massachusetts in 2022. We sought an extension, not a refund, but were denied. Could that be deducted as a bad debt since it is irretrievable?

September 6th, 2023