Hi I have a LLC filed in Wyoming. Does the state of my principal address(NJ) tax income made from all other states?

First, you should know New Jersey taxes everything! New Jersey bases its tax on your residence rather than the state of formation of the LLC. If...

It is possible for the IRS to revoke S corporation status. Typically, shareholders receive distributions based upon their shareholding, but they...

Can I open a corporation business in the state of Florida with an American citizen?

As a non-US Citizen or Resident, you cannot own shares in a S corporation (it will void the S election.) Therefore, a LLC would be a much better...

If one is employed at age 16, am I responsible for my own taxes, or do they pass through to my parents?

You should file your own tax returns for your income. This does not eliminate the fact that you will be a dependent on your parent's tax return...

How can the government collect taxes on income from one who lives by the barter system?

Barter transactions are considered income under the Internal Revenue Code. You should keep a complete record of your transactions and show this to...

Yes, itr depends on where the letter came from. Was this from the Service center or was it IRS/ACS. Since the letter is to you it could have a full...

Not much. Did the accept you OIC as complete? If you do not have a response in the next 2 weeks, you should contact a good tax lawyer. Good...

Can an employee be responsible for an owner's delinquent employment taxes if the owner can't be found by the IRS?

Yes. You could be considered a "responsible person" and liable for "Trust Fund" Taxes. This would include employee withheld taxes (State and...

Can a "Member-Managed LLC have 1 member (owner) and three managers in its Operating Agreement?

You are essentially describing a >Manger" managed LLC. You should have a good tax and business attorney draft the Operating Agreement so it is done...

Money owed to IRS

Yes, the IRS can take "enforcement" action. This includes wage garnishments, bank levies and levies against property. Please retain a good tax...