What do I do with tax penalty letters

You should have this reviewed by a Tax Attorney. The IRS may not be able to do anything to collect depending upon the circumstances. That is why...

Are tips in California considered taxable income?

Yes, tips are reported as taxable income. If you work in a restaurant, typically, the amount of tips are reported to the employer, withholding is...

Normally, the LLC is a disregarded entity and would have a schedule C on your 1040. Your barbershop rental business sounds like a separate business...

What is the best way for a group of 3 family members to pool funds to purchase an Individual membership interest in a restaurant

Probably, you should form a family LLC. The would be treated as a partnership for tax purposes. Please retain a good rax an business lawyer

Have you ever been audited by IRS?

Of course you have to report all of your income, whether it is cash, check or credit card on the schedule C of your 1040. In addition you should be...

What is the sole owner of a NJ LLC called?

The sole owner is the member of the LLC. But, depending upon your Operating Agreement, the person can be listed as "President", "CEO" or other...

For one man LLC - LegalZoom or local attorney?

You need an attorney to advise you concerning the best type of entity, location of formation and tax treatment. It is not just the formation and...

Would I be able start a sole proprietorship today, then change the business structure to an LLC or Corporation at a later time?

Please start it right. It is easier to set-it up right, then to have to change it. THe LLC is probably your best choice. Please retain a...

The problem you have is why a LLC might be more appropriate. Please see a tax lawyer right away to handle this. Good luck!

Why would you want to draft a consent and written resolutions upon the Formation of an LLC, if we already have an Op. agreement?

The Operating Agreement needs to be adopted by the Members, usually in a resolution. I do not know what is in the consent agreement, but it may...