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Do I Pay Taxes On Donations To Assist In Housing For 100 Days And Prescriptions For Up To 5 Years If I Set Up A Facebook Page As Suggested?
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

Based on the information presented in your question, you do not appear to have a taxable situation. The first step would be to determine whether the amounts received are classified as income or gifts. The IRS will...   Read More
Is There Any Requirements Or Regulations That Prohibit American Companies To Have All Their IT Hosted On A Server In A Forreign Country ?
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

I am not aware of any tax regulations that prevent that. If you have to open a foreign bank account to do this you are required to make an information filing disclosing the foreign bank account and the penalties...   Read More
I Am An American Living Outside The United States And Have An Internet Company That We Plan On Incorporating Outside The US. Best Plan ???
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

First of all you live in a country that taxes American citizens on worldwide income. So organizing the company off-shore can limit US tax on the actual company but not on your income from the company (although you...   Read More
What Is The Tax Treatment For Stock Options?
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

You state that XYZ is an LLC. An LLC is either taxed as a disregarded entity, a partnership or an association taxable as a corporation. So maybe XYZ had stock and maybe it did not. If stock options were issued...   Read More
When An Estate Sells Items Other Than The Personal Belongings Of The Deceased, What Reporting Requirements Do They Have?
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

I assume you are located in the United States. Note that there are state specific issues because an Estate is administered subject to state law. In general, unless the items belong to a trade or business within...   Read More
Where Should We Be Looking For More Information On The ACA For Marketing Information And Knowledge On How This Will Impact The 2014 Form...
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

The IRS has a portion of their web site devoted to this. The URL is http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home In addition, forms have been released in draft so you can also view these at the...   Read More
What Is The Difference Between The Alternative And Regular Tax Depreciation System
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

Regular tax and Alternative Minimum Tax (AMT) are two parallel tax systems. Depreciation is an area where the two systems diverge. The object of AMT was originally to insure the very rich paid some baseline of...   Read More
Can You Explain How A Property Tax Appeal Works?
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

The appeals procedure varies by state and sometimes by county or taxing jurisdiction. Often you cannot appeal the value until there is a re-appraisal. Usually you have to file a form with the assessors office....   Read More
Sub S With One Shareholder Formed In 2003 To Develop And Sell Medical Billing Software. Sub S Assumes All Assets And Liabilities Of Sole...
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

Even though the corporate organizer is the sole shareholder, the corporation is respected as a separate taxpayer. The trap here for the unwary is that an "S" Corporation is still subject to many of the basic "C"...   Read More
My Children Want To Take Over The Family Business. What Is The Best Way To Structure A Transfer Of A Family Business To The Children?
User Photo Bill Robinson, CPA
Tax Professional Level: Tax Enthusiast

Depending on your facts and circumstances you may want to explore a private annuity   Read More

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