asked
We have an independent contractor working for us as an independent contractor. He's paid for his time and materials, and we issue a form 1099. On a few occasions during the year, he advanced payment to other subcontractors on our behalf, and we promptly reimbursed him. The reimbursement checks were paid to him, with the name of the other sub-con in the memo. And we have W9's for the other sub-cons, where the amounts were in excess of 600. Is it legal and possible to keep the reimbursements we've paid to him separate from the payments that were for his time/materials? He wants his 1099 to include only monies that were actually paid for his services; excluding all monies he laid out for us and we later reimbursed.
December 17th, 2024
How should a farm's tax filing be handled when it transitions from a partnership to an LLC due to a death in the partnership, and what are the tax implications of this transition?
March 28th, 2023
I have been taking care of my parents for many years but never claimed them as dependents because they did not have a social security number. They finally received their social security number in November 2023. Can I go back to amend my tax returns for 2020, 2021, and 2022 to claim them as my dependents and change my status from single to head of household?
July 29th, 2023
As a unit owner in a Nevada HOA, the board is delaying and obfuscating the production of the 2022 audited financial statements and has not provided the 2019 audited financial statements. The board is also delaying in providing documents related to a $500,000 'investment' mentioned in the 2021 audited statements. According to NRS 116.31175 (3), if the board fails to provide requested information within 21 days, they must pay a penalty of $25 per day. To whom does the board pay this penalty, and is it correct to say that the failure to provide records within 21 working days creates a rebuttable presumption of willful non-compliance in Nevada?
December 18th, 2024
I'm setting up an LLC for real estate investing and wondering if I should be taxed as an LLC or an S Corp. I have a W2 job that pays me $250K per year, and my initial real estate income might be lower, but I hope it will grow to replace my W2 job. Should I choose one over the other for tax purposes?
January 10th, 2023
I rolled over some taxable IRA money to a Roth IRA and need to pay an estimated tax for this year. What form do I use for married filing jointly for 2023?
September 23rd, 2024