Taxes General Forum

California LLC taxed as a Sub S

Once filing Subchapter S tax returns in California, does the LLC still have to file annual LLC tax returns and pay the L...

0 comments posted 4yrs

posted by nospamplease

0 comments posted 4yrs posted by nospamplease

California pass-thru entity new tax election

The pass-through entity should pay the voluntary tax before the end of the 2021 calendar year in order to deduct it on...

1 comments posted 4yrs

posted by nospamplease

1 comments posted 4yrs posted by nospamplease

withholding error, will owe $2000, what should I do ?

Thanks to error by my annuity provider, they did not implemented a requested increase to my withholding. As a result, w...

2 comments posted 4yrs

posted by johngeyles

2 comments posted 4yrs posted by johngeyles

Money gift from a non-US person

My mother, who is a non-US person living in Bulgaria, wants to gift me, a US citizen, USD 60,000 via bank transfer. I c...

2 comments posted 4yrs

posted by dk

2 comments posted 4yrs posted by dk

"per computer" on return transcript?

When I look at my 2020 return transcript at irs.gov I see quasi-repeated lines. For example: CAPITAL GAIN OR LOSS: (Sch...

1 comments posted 4yrs

posted by rlcarr

1 comments posted 4yrs posted by rlcarr

LLC taxed as a sub S corp

Does it need a TIN, or can it continue to use the single member's SSN as the LLC had been doing? =======================...

1 comments posted 4yrs

posted by nospamplease

1 comments posted 4yrs posted by nospamplease

Questions on the proposed ban on backdoor Roth contributions

So I see that the proposed tax bill has a ban on backdoor Roth "contributions" by specifying that no after-tax monies a...

4 comments posted 4yrs

posted by rlcarr

4 comments posted 4yrs posted by rlcarr

Voluntarily getting an IP PIN?

With all the identity stuff happening these days I was thinking of proactively signing up for the IRS IP PIN program. B...

1 comments posted 4yrs

posted by rlcarr

1 comments posted 4yrs posted by rlcarr

California LLC Fee

California has a minimum tax of $800 on all corporations, and imposes the same $800 as a fee for LLCs. I have a questio...

3 comments posted 4yrs

posted by spamtrap

3 comments posted 4yrs posted by spamtrap

IRS hasn't yet processed my extension

Fun with IRS: The majority of the time, I send returns and extension requests and correspondence that requires proof of...

1 comments posted 4yrs

posted by ahk

1 comments posted 4yrs posted by ahk

Maximum Withholding Percentage?

Is there a maximum amount a person can specify for tax withholding on an IRA distribution? For example, if a retired ta...

3 comments posted 4yrs

posted by rick

3 comments posted 4yrs posted by rick

Filing for Deceased Taxpayer

Taxpayer died in 2021 before filing 2020 tax return; completing return now (on extension). There is a court-appointed e...

2 comments posted 4yrs

posted by michaelhbratt

2 comments posted 4yrs posted by michaelhbratt

US-Source Income

I have a question about US source income. On the one hand Publication 519 implies that income from a US source is not t...

12 comments posted 4yrs

posted by spamtrap

12 comments posted 4yrs posted by spamtrap

1120-S has a new line saying G saying Shareholder's number of shares.

I notice for 2020 the 1120-S has a new line saying G saying Shareholder's number of shares. Beginning of Tax Year is 1,...

0 comments posted 4yrs

posted by sunnyguide2020

0 comments posted 4yrs posted by sunnyguide2020

DB Plans

My brother is 61 years old and looking for tax-shelter opportunities. His wife makes a lot more money than he does and...

1 comments posted 4yrs

posted by dontspamme

1 comments posted 4yrs posted by dontspamme