Let me ask you a few questions: 1) Was your compensation treated as W-2 salary or was it treated as distributions or guaranteed payments from...

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Business and doesnt claim cash on the tax forms

Gross receipts from a business activity are includible in income, even (actually, *especially*) when received in cash. Failing to report those...

Do I file separate income taxes on rental income held in a living trust where I am the successor trustee?

As Mr. Harrington ponts out, the trust document should have provisions for the distribution of the house among your father's intended heirs, which...

Mr. Davidoff is correct: If you're the sole member of the LLC, then it's disregarded for tax purposes and its income, deductions, etc. should...

Tax time: Question about W2 form?

So are you saying that the gross amount of all your paychecks for the whole year, including bonuses, etc., is $24,000 and not $31,000? If so, then...

Benefits of 51% of an LLC

My colleagues are, of course, correct. The essential nature of a partnership, including an LLC, is that it is a contract among the partners. Though...

Can a former employer issue a 1009-Misc for tax year 2011 for income received in 2009?

In short, yes. If the payments to you were truly advances in 2009, then it wasn't yet income at that time. Evidently, or at least in the opinion of...

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What is the statue of limitations for 2006/2007 941 lien?

You should also be sure that you're designating your payments appropriately. If you don't direct the Service on how to apply a payment, they do so...

Tax companies like Tax Masters" advertise special licenses and relations with IRS - can I accomplish same as an individual?

There is no such thing as a "special IRS license," except for the enrolled agent designation. So far as I know, that designation grants no access...

SSI exemption for LLC?

My colleague's answer is correct. Note too that SSA is likely to consider the fair market value of the LLC interest and your share of the profits...