Best option is H&R Block Executive Tax services. They're way cheap, compared to accountants. More importantly, their agents are required to go through courses + develop competency on every change to US tax code. Since you have US citizenship, you'll be taxed on 100% of your world wide income. ...
Yes you should be reporting the capital contributions. Under the old Form 5472 rules, it's true that only items that impacted taxable income would be reportable transactions. So, a capital contribution by you to the corporation would not be reportable, unless the equity contribution was somehow...
First I'm lot a tax attorney or even know anything about Malaysian tax law. I'm however a person that has moved around a lot and have encounter this situation before. You will must likely have to declare your US income in your home country. However some local tax laws allow for a deduction of fo...
Best to talk with your Tax Preparer about this. I suggest H&R Block Executive Tax Services. They're highly competent. If you're a US Citizen you're taxed on 100% of your global income anyway. If you haven't been paying tax on 100% of your income, your best action is to immediately work with you...
First: Get out of California. Move to Texas or Tennessee or Florida, where taxes are far lower. This single step will solve many problems. Next: Work with an attorney to answer your questions. Also a tax professional. Cheapest tax professional you can hire is H&R Block Executive Tax Services...
Your milage may vary, but from our experience, in short (please verify with a Tax-accountant, I have one I can refer you to): if you're paying people to do work for you that do not have a U.S. Tax ID #, it's a complete write-off and you do not require a W9 from them.
I believe you have not had any answers to your question because it is not detailed enough. There are too many variables for someone to provide a comprehensive answer. Why are you closing the corp.? Were you the sole shareholder? Was the capital infusion listed as a loan on the corp. books? Who ...
I'm assuming you're talking about yourself, working for another company? The first thing to consider is that a "1099" is NOT an employee, rather an "independent contractor". The IRS takes it seriously when a company claims 1099 contractors, when in fact, these contractors are treated as employe...
Hi there, If you spend money with a service provider then your expense is their income. If you claim that your time over the years was an expense that added to the capital cost of your business, then who claimed that amount as income? If you try to do this, then a tax auditor may try to look t...
You'll approach this by working with a Tax person in each jurisdiction. Note: This only applies if you have a brick + mortar location, along with exact organization of the business. Tip: Making mistakes can be costly. Don't believe any "experts" besides in-country Tax people.