If a business owner were to file as an S-Corp, giving yourself a reasonable salary is required, correct?
Luciana's answer
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Answered on August 24, 2019
You are right, an S-Corp requires its sole shareholder to take a reasonable salary. The definition of a reasonable salary is not clear and you...
Archived
What do I do if at fault insurance will not pay for my car repairs?
Luciana's answer
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Answered on August 24, 2019
Find an attorney as soon as possible. The insurance companies are not always looking out for your best interest.
Archived
Can I do a stock purchase for a business with ROBS structured C-Corp?
Luciana's answer
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Answered on August 24, 2019
ROBS are very specialized and you need to talk to a tax attorney who is well versed in this area of law. Maybe go back to the company that...
Archived
Can I still get a refund when I file my 2013 taxes in 2020?
Luciana's answer
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Answered on August 24, 2019
The IRS will only issue a refund for the last three tax years. The furthest you may go back is 2016.
Archived
I have question regarding about k1 ?
Luciana's answer
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Answered on August 24, 2019
The 2018 extended partnership returns are due to the IRS by September 15th. It may be that the tax return is not yet finalized. I would contact...
Can I resume business for my sole proprietorship after it has been “inactive” for 5 months?
Luciana's answer
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Answered on August 22, 2019
I would contact the state, they may cancel your permit if it has been inactive for more than 12 months but they will give you...
Archived
Do U.S. citizens owe taxes in 2019 for income overseas if they legally reside in that country? See more in "explanation."
Luciana's answer
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Answered on August 21, 2019
US Citizens are required to report their worldwide income for tax purposes. There are income exemptions and credits that may offset the tax burden.
Archived
How can I setup a company, with myself as an employee drawing a paycheck?
Luciana's answer
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Answered on August 20, 2019
You may structure your company as an S-corp so that you receive payrioll. Talk to a CPA to discuss the pros and cons of the S-Corp election to...
Archived
Can I be penalized if my W9 is in my legal name but my business is operated under my business name?
Luciana's answer
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Answered on August 20, 2019
The W-9 tells the payor who and where to pay. You may give them an new one at any time if you do not want tax documents to be issued as the...
Archived
Ex didn't claim rental property for 8 years?
Luciana's answer
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Answered on August 20, 2019
Unfortunately when you signed that tax return you became responsible for the information contained in the forms. I would talk to a CPA familiar...
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