If you want a direct deposit of your IRS refund, this information is put on the return. If you do not want to supply this (it is on your check)...

Cost basis for land going into a LLC partnership.

The basis you have in the land is the value form 30 years ago. The Partnership basis is the current FMV. Therefore, you will need to use both...

Small business tax - schedule C - different line items for domestic and international contract labor?

Your CPA is correct. You should not issue a 1099 to the person who worked outside the US. Independent Contractors are hot in IRS and State Audits,...

Can Indian LLP form a LLC in Us - texas ?

First, you should obtain a good tax and business lawyer to review the specific issues. Most likely, the wisest course is to form a LLC in an...

The Earned Income Credit and Child credit are the largest area of audits by the IRS because of the high degree of fraud. You cannot let other...

I want to know if this is legal to collect sales tax.

If you collect Sales Tax you have to pay it to the State. Each State has its own laws concerning what is taxable and not taxable. Please check with...

How to file a taxe of an llc partenership ,knowing that my partenership after one month resigned, she said it verbaly ?

First, you should have a lawyer representing you to straighten this out. Secondly, you will need 2 tax returns. The first is a 1065 for the...

How does the Tax Debt Forgiveness plan work and how do I know if I qualify?

Please get a tax lawyer. The specific details need to be looked at. Unfortunately, the IRS does not look at your actual expenses, but uses a...

Are condo fees for secondary residence deductible?

Condo fees, taxes and utility bills do not add to your basis. Since this is a second residence, your taxes and mortgage interest may be deductible...

Silent Partner/ Investor

First, you need a good tax and business attorney to review the LLC Operating Agreeement to make sure you are protected. Typically, the majority...