Jerry S. asked
What should be done with loans and personal expenditures for a former employee in 2021, including the reporting of these amounts as income, the payment of federal and state FICA taxes, notification to workers' comp insurance, and the necessity of sending a new W2 or filing an amended tax return?
February 23rd, 2024
Tricia M. answered
For loans provided to a former employee that were not repaid, the outstanding balance should be repo...
February 23rd, 2024
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Is there any kind of tax help to lower my taxes? I am currently located in Utah, 43 years old with no dependents, and on a payment plan with the state for taxes. My income is around $25,000 a year, but the taxes are calculated as if I made almost $100,000 a year due to a divorce and paying for my daughter's wedding and debt.
September 10th, 2023
I have a single-owner, single-employee S-Corp that received a fully forgiven Paycheck Protection Program (PPP) loan in 2021, used for payroll. I have not yet filed my 2021 Form 1120S due to uncertainty about the tax treatment of the PPP funds. How should I report the PPP funds on my tax return, and what is the tax-free benefit for me as the sole owner and employee?
August 5th, 2023
How can I view my account status, including balance, payments, tax records, and more, on the IRS website?
September 6th, 2023
What are the tax implications of selling 100 shares of WYNN at a loss, selling 100 call options at a strike price of $61, and buying 100 put options at a strike price of $57, all within a 30-day period, and how do wash sales apply to these transactions?
January 15th, 2024
I have a 2021 cancellation of debt (COD) issue involving both personal and S-corporation debts. Some debts were personally guaranteed, and some were not. How should I report these discharged debts on my tax forms, and where should they be entered?
March 17th, 2023
