Archived
Linking payroll taxes taken out under a false social security number (which was really my cell phone #) with my real soc. sec. #
Kenneth's answer
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Answered on March 01, 2016
No. You should have applied for an individual taxpayer identification number (ITIN), which can be granted regardless of immigration status. There...
Archived
What should be my next action to take?
Kenneth's answer
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Answered on March 01, 2016
It means that the IRS is auditing your return and requires documentation to substantiate the claim you made. You need to take the letter and any...
Archived
Need help in understanding FRANCHISE TAXES for Delaware LLC
Kenneth's answer
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Answered on March 01, 2016
You mentioned that you are forming a LLC with partners, so I am assuming that you will want the LLC to be taxed as a partnership. Using this...
I want to start a music production company, what structure would fit my business between an LLC and S-Corp?
Kenneth's answer
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Answered on February 26, 2016
An LLC with one member can be disregarded for tax purposes, an S-Corp, or a C-Corp. A statutory corporation (an Inc) can only be a C-corp or...
Archived
How to declare an older account abroad now? What are the repercussions of doing it late?
Kenneth's answer
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Answered on February 25, 2016
You should contact a tax attorney for help getting her foreign asset reporting up to a current point. I would suggest using an attorney as getting...
Archived
Hell my wife got her income tax tooken because i owe childsupport. Can they do that?
Kenneth's answer
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Answered on February 23, 2016
You probably filed as married-joint, so yes, they can hold her liable for child support owed by you. The way to fix this in the future is to file...
Archived
On a 1099 tax form, is the total sale of real estate sale proper or does gross proceeds refer to each owner's individual profit?
Kenneth's answer
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Answered on February 23, 2016
The 1099 should reflect what you received or were legally entitled to. You should work with a tax preparer or CPA to get the form corrected. They...
Archived
What happens if the other parent claims our kids on taxes w/out discussing w/me knowing we had to agree on who filed this year?
Kenneth's answer
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Answered on February 23, 2016
If you claim them and the other parent has claimed them first, the IRS will disallow the tax credits. You will then have to prove to the IRS that...
Archived
What can I do to stop the credit card company from committing fraudulent acts? How can I get this fixed?
Kenneth's answer
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Answered on February 23, 2016
Send in IRS Form 982 with your return to deal with the discharged debt on Form 1099C. You can see if the company will amend their 1099C, but this...
Archived
Would the beginning undistributed profit of $11,000 in 2015 be entered in schedule M-2 column (A) or schedule M-2 column (C)?
Kenneth's answer
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Answered on February 22, 2016
You can look up the rules under Treas. Reg. 1.1368-1 to 1.1368-3 which covers treatment of the Accumulated Adjustments Account (or AAA) and taxed...
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