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Randy TarpeyTax Professional Level: Tax Enthusiast
The seller would most likely file a nonresident California return and pay capital gain state tax in California. On the sellers Maryland return the seller would again calculate capital gains tax in Maryland but... Read More
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Steven MeyersonTax Professional Level: Tax Enthusiast
The LLC cannot elect to be taxed as an S Corporation. It can elect to be taxed as a C Corp. Per IRC Section 1361(b)(1)(C) , an S Corp cannot "have a nonresident alien as a shareholder". Read More
Alan SmithTax Professional Level: Tax Enthusiast
There are several changes to Colorado State-collected and home-rule jurisdiction local taxes effective January 1, but updates usually occur again in July. For January 1st, there are two new local jurisdiction... Read More
Peter J. ScaliseTax Professional Level: Master Tax Advisor
Yes, on November 4th of 2016, New York State Governor Andrew Cuomo signed Chapter 420 of the Laws of 2016 which expanded the New York State Film Tax Credit Program (hereinafter the “NYSFTCP”) for qualified... Read More
Peter J. ScaliseTax Professional Level: Master Tax Advisor
Yes, most states currently offer Movie and Television Production Tax Incentives (hereinafter “MPIs”). MPIs are tax benefits offered on a state-by-state basis throughout the United States to entice, as... Read More
John StancilTax Professional Level: Master Tax Advisor
Yes. Since the employees received the incorrect W-2 forms and filed taxes based on those, you should submit the originals. Then prepare and send in the corrected ones, giving a copy to each employee. Read More
John StancilTax Professional Level: Master Tax Advisor
Any reimbursement for damage to your property is not taxable to the extent it was used to repair the property. If it was a total loss, if the reimbursement exceeded your basis and was not reinvested comparable... Read More
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