LLC Consulting - How to recoup my pending invoice payment from another consulting company

In New Jersey there is a six-year statute of limitations on collections of contract actions. Depending on the facts and circumstances you may be...

Can I amend my original business for my IT consulting? Or is it better to dissolve the original one, and start fresh?

Yes, you can amend the purpose of your LLC, and even the name. Remember, you will have to file a schedule C for the 2015 year even though there was...

What recourse do I have? ? Do I have to give my personal information for a 1099-- can I demand to receive a W-2 as a household?

From the facts provided you may or may not be an employee. In any case, you should report the income on you 2014 1040. If you have already filed...

What contract do I use and what do I say?

First, you can hire a lawyer when you are in bankruptcy. The lawyer just needs to be approved by the bankruptcy court. Please speak with your...

Do I have to claim and pay taxes on $2500 I made baby sitting?

Yes, you should file a tax return and show this on your Schedule C. It would be best to have a professional tax preparer help you. Good...

Will interest still accrue on the remaining moneys owed (i.e. - the penalties & accrued interest) for the 2012 tax year

Yes, the IRS can continue to collect interest and penalties. The reason for this is that the payments that are taken by a levy from your bank...

Can I get earned income credit for my three kids?

The EIC is based upon income. Your activities are taxable income and so you will need to file a tax return.When your professional tax preparer...

S-Corp back to LLC, but IRS made me a C-Corp instead. Now what to do?

The IRS is right. Unfortunately, making the S election for a single-member LLC is usually not a good idea. Revocation of the S election keeps the...

Can you answer the above question?

Yes. You will have gain on the sale of the rental property (or, hopefully not, loss.) How you use the proceeds is your choice, but paying off you...

This does not sound like a good idea. If you have two separate businesses, they should most likely be separate LLCs. The purpose of the LLC is to...