Tax Question -Wyoming, New York, Delaware

TaxConnections is reaching out to our community of tax experts to help answer a tax question for one of our site visitors. Your advice will be most appreciated. Can you help?

When you are a member and answer our visitors tax questions we give you credit by promoting you and your tax expertise on the home page of TaxConnections. You can also make comments below.

“What would be the taxes (corporate and individual to shareholders upon dividends) on ordinary income in the following org structure: NY resident 100% owner of a Wyoming corporation ->Wyoming Corporation 100% owner of a DE LLC –> DE LLC generates ordinary income from interest, fees and rents. The DE LLC is doing business in NY.”

 

Tax Question - Taxpayer Needs Help From Taxpayer Advocate

TaxConnections Offline Message Left on 16 Oct 2018, 05:47 PM 

To whom it may concern,

I am sending this letter because I was not informed by the IRS about the wages on my 1040 that did not match the information reported to the IRS back in March of 2018. There was never a letter sent to me about this matter.The only thing I received was a letter stating my identity was being checked for fraud and I had to send information pertaining my identity. I did that and still never heard anything back. According to https://taxpayeradvocate.irs.gov/reports/fy-2018-objectives-report-to-congress/news-release National Taxpayer Advocate Nina E. Olson praises the IRS for running a generally successful filing season, including reducing the incidence of identity theft, implementing new accelerated Form W 2 reporting requirements, and matching Forms W 2 against tax returns claiming refunds. Ms. Olson says taxpayers who require assistance from the IRS are continuing to face significant challenges obtaining it. I am one of these people and my rights have been violated in the: #1 TAXPAYER BILL OF RIGHTS.

Read More

Tax Question, Ask Tax Expert
We want to defer guaranteed payments in a partnership and still show it as a liability in the financial statements for GAAP purposes; however not in the K-1’s (as this will generate taxable income). Is it possible?

TaxConnections provides an option for tax professionals to comment below on our Tax Blog; or if you are a tax professional and want to have your tax answer rise higher on the search engines and lead back to you,  please join us as a TaxConnections Member.

Read More

I am a U.S. corporate business owner and want to apply for a foreign loan in Switzerland for a subsidiary we have located in Europe. Can you provide me any advice or insight on this matter? We are a 30M company.

TaxConnections provides an option for tax professionals to comment below on our Tax Blog; or if you are a tax professional and want to have your tax answer rise higher on the search engines and lead back to you,  please join us as a TaxConnections Member .

A TaxConnections Membership enables you to answer the tax question and coupled with your TaxConnections Professional Profile works to boost your professional profile and your answer higher on the search engines. We developed proprietary marketing tax expertise technology to boost our Tax Professional Members to the top of the search engines over time.

TaxConnections provides all our members the media credit for answering tax questions. You deserve the credit so we simply built software that turns the spotlight back on you!

Your comments are most appreciated below.

 

 

Tax Question , TaxConnections, Sales & Use Tax
A C corporation in California who sells online to customers around the world, are we required to pay sales tax outside of California and VAT internationally? What is the best way to go about this for a small yet growing company? We are also thinking about moving our online business to another state? What would you recommend we do?

TaxConnections provides an option for tax professionals to comment below on our Tax Blog; or if you are a tax professional  and want to have your tax question/tax answer rise higher on the search engines and lead back to you, please join us as a TaxConnections Member .

A TaxConnections Membership enables you to answer the tax question and coupled with your TaxConnections Professional Profile works to boost you and your answer higher on the search engines. We developed proprietary marketing tax expertise technology to boost our Tax Professional Members to the top of the search engines over time. TaxConnections is the site giving all our members the media credit for answering tax questions and we lead visitors right back to you. You deserve the credit so we simply built software that turns the spotlight back on you!

 

 

Tax Question, TaxConnections

Every Friday we post one question from our Ask Tax Question feature and invite our tax professional audience to help our visitor. The Tax Question this week is as follows:

I just inherited the equivalent in foreign currency of ~ US$115K so I need to file Form 3520 and would like to wire transfer most of it from my foreign account into my US bank account. Can I file F 3520 right away? Do I have to wait until 2019 to do it?

Tax Professionals – We encourage you to leave your comments!

 

 

Each week TaxConnections posts a question from one of our visitors. We encourage our members to provide their insight and comments:
Canadian resident looking to enter into some sort of partnership with US citizen (LLC or similar). What is the best arrangement? I’ve read on this forum that as Canadian citizen, owning part of a US LLC may not be the best. If we want to share equity and management of the entity, what is best? Is LLP a better option, or some other? Many thanks.

TaxConnections Tax Professionals – Can You Help With This Question Of The Week?

When making a PARTIAL sale of an MLP, can designating recently purchased unit Lots as the ones to be sold reduce income tax?

I have searched and searched but have been unable to find this answer. I am unfamiliar with the accounting for MLP sales, and have a situation with a PARTIAL sale of an MLP, where it was designated the most recently purchased unit Lot be sold, which is documented by the broker’s statement. The K-1 figured the Ordinary Income based on the FIFO method using the first Lots purchased which are about 18 yrs. old. Read More

TaxConnections Tax Professionals – Can You Help With This Question Of The Week?

Is future income from a promissory note all taxable in the year the note was issued?

When we sold our business we signed a promissory note with the buyers for a portion of the purchase price with a 15 year payback at 6% interest. Our accountant told us that we must pay taxes on the full amount of the note even though we will receive the income over 15 years. Seems unfair to have taxation BEFORE compensation. Is this right? Read More

Tax Advisor’s – Your Thoughts On This Question Of The Week?

Could long term capital carryover loss eliminate or reduce depreciation recapture?
Sold during 2017 strip mall in 50% partnership after holding for 15 years.
Currently up against 4/17/2018 dead line with following tax issue.

Read More

Tax Advisor’s – Your Thoughts On This Question Of The Week?

Do US citizens with U.K. personal pensions have to pay tax on the 25% portion that is not taxable in the U.K? The tax treaty suggests two different outcomes. Article 17.2 – yes and article 17.1 a and b – No.

I have seen some are now suggesting as these are periodic payments rather than the US definition of a lump sum then the relevant article is 17 1b and the US savings clause does also not apply and these payments are not taxable.

Read More

Tax Advisor’s – Your Thoughts On This Question Of The Week?

I spoke with the IRS about a Letter 12C and they have my response. Knowing it was an error on Turbotax end, will it take 6-8 weeks to deposit into my account? Can anyone help me?

Every Friday, TaxConnections addresses a question submitted to our Ask Tax Questions Platform. We ask our members to offer their thoughts on this question for the week. We realize you may need more information which you can request in the comments section below, or reach taxpayer privately as a TaxConnections Member. 

Please Make Comments Below To Communicate Your Thoughts