Does a business have to declare all monies received

Asked over 1 year ago - New Paltz, NY

Does a business have to declare all monies they receive to the irs

Attorney answers (4)

  1. Jeffrey Mead Kurzon

    Contributor Level 9

    5

    Lawyers agree

    Answered . What kind of business? And what kind of monies? Certainly you should declare all taxable income to the IRS. Perhaps certain exceptions apply (e.g. maybe you do not need to declare a "gift"), but you should discuss this with a qualified tax attorney or tax advisor (which I am not).

    Please note that this answer is not intended to serve as legal advice for any purpose. All legal advice rendered... more
  2. Umit Mike Gursoy

    Pro

    Contributor Level 10

    5

    Lawyers agree

    Answered . I agree with my colleagues.

  3. Amanda Marie Cook

    Contributor Level 15

    5

    Lawyers agree

    Answered . The answer is pretty much always going to be yes. In one way or another, it will need to be claimed. When your business is large enough, you are often required to submit a balance sheet with your tax return which shows money in and money out. A lot of those numbers are required to tie into each other and it's best to keep track of them from the beginning (along with your "basis" in the business, which requires a much longer treatment than possible in this forum). If you are in business, you need to find a tax professional whom you trust and feel you can work with long-term and go see that person.

    THESE COMMENTS ARE NOT LEGAL ADVICE. They are provided for informational purposes only. Actual legal advice can... more
  4. Christopher Michael Larson

    Pro

    Contributor Level 19

    4

    Lawyers agree

    Answered . All income must be declared. Loan proceeds, and equity contributions are not income. But either way, this is a nebulous question. If you are having questions about what type of income needs to be declared to the IRS, you shouldn't be doing your own taxes anyway. You should have a CPA prepare your taxes and they will hopefully ask the questions that determine what is taxable.

    Christopher Larson
    Insight Law

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