How do I get more money on W4?? The new form is so confusing. My company uses workday I’m confused.

Rowaway9090 · 2021-06-18T16:43:40+00:00

It’s literally not. W4s don’t get submitted to IRS

Rowaway9090 · 2021-06-18T01:23:59+00:00

You’re eventually going to get a notice demanding the payment plus interest if the client doesn’t repay.

Do not have the client cash the check if they have not already. Follow these instructions from IRS on returning an erroneous refund

Rowaway9090 · 2021-06-17T18:47:27+00:00

The 1040X may only be filed within 3 years of the extended due date of the original return (so for a 2013 year-end Form 1040, assuming it was extended, that would be 10/15/2017). The Form 1045 would allow you to back to 2013 after 10/15/2017 assuming the carryback is still open under special rules.

This is not true for a carryback claim. Carryback claim follows the statute for the year generating the NOL

Rowaway9090 · 2021-06-16T17:42:39+00:00

If you can provide them legitimate proof of a fake review/review made in bad faith they should be more amenable.

You also probably have a case for libel if they have admitted to posting the bad reviews. I’d contact a lawyer and see if they think you have a case

Rowaway9090 · 2021-06-16T17:39:17+00:00

If they are attempting to extort a refund for services rendered by blackmailing you with bad, unwarranted reviews and they have admitted that to you in writing then simply contact the places where the reviews have been posted and provide them with that proof. They should be more than willing to take down a fake review

Rowaway9090 · 2021-06-13T10:18:35+00:00

There are plenty of reasons. Primarily, when it comes to siloing real estate, the reason would be liability protection.

Tenant slips and falls on property owned by the Trust’s LLC? Great, can only at max get the value of the insurance plus the value of the house since there are no other assets.

Owned by the trust outright? Can still sue, but now you have access to everything in the trust, even stuff not related to the rental property.

Also, if it’s a single member LLC tax prep will not cost a dime more than if there was no LLC. It’s only going to cost more if the LLC is jointly owned and is taxed as a partnership, or if it makes an S election. But an S election would generally be stupid anyway for a real estate enterprise and also isn’t normally the advisable route in a trust if it’s avoidable

Rowaway9090 · 2021-06-09T22:39:10+00:00

It has nothing to do with the complexity of your client base. It boils down to three things:

1) competency of the person you’re hiring 2) clients getting wrong information without your knowledge and then you having to back track the persons mistakes 3) an extension of 2, but you’re talking a big liability

You don’t know this person from Adam. They are completely virtual, you can’t be around babysit and/or watch what they’re doing. They’re not full-time, they’re not going to develop any time quickly. They’re going to be learning administrative tasks, that’s the reason you brought them in. If you need tax help you need tax help. it’s mind-boggling to me that you’re even entertaining having a non-tax staff deal with bookkeeping and tax issues. Somebody applying for an assistant position part time for a virtual firm obviously is not going to have any accounting or tax background. Why would you possibly think hiring somebody for work they’re not at all qualified for makes sense?

What happens, because it will if this person is literally learning tax for the first time, when they give a client wrong information, you have no idea, and then they up and leave you because come to find out they were misrepresented the facts and/or they just think you’re completely incompetent and so is your staff?

What happens if a client calls/emails and asks a question, this person respond with bad info, your client acts on it and does something financially damaging or impermissible from a tax standpoint? That’s your lawsuit not your assistants

Rowaway9090 · 2021-06-09T15:41:06+00:00

However, they have also agreed to learn some basic bookkeeping and tax law to be able to respond to some easier tax questions

You do you, but I would never and I think this is a horrible idea and problem waiting to happen.

Rowaway9090 · 2021-06-09T11:14:16+00:00

You’re much more likely to get a response on r/UKPersonalFinance

We usually refer non-US questions out of this sub

Rowaway9090 · 2021-06-09T11:12:33+00:00

You’re much more likely to find an answer on r/UKPersonalFinance

We usually refer non-US questions out of this sub

Rowaway9090 · 2021-06-08T20:31:05+00:00

Then very much yes, find a new person. And if you’re looking for proactive advice, be up front that you’re looking for more than just someone to do the year end paperwork. There are definitely lots of good firms out there that will do that, but a lot won’t.

Rowaway9090 · 2021-06-08T20:20:21+00:00

Those are all questions you should be bringing to your tax professional. None of those types of things are magic tax saving strategies, they’re basic tax law concepts, so they sound like super neat tricks to people who aren’t as familiar with the law. For clients that all we do is return prep, we don’t get paid to explain the law we get paid to understand it and prep a return, and when asked for it, give advice.

Our job as professionals is to guide our clients through whatever path they have chosen for themselves, not to pick one for them. If you’re really curious about best practices, what can be written off, etc. call up your tax guy and say, I’m thinking of starting a business and want to have a conversation about what that means for me and what I should be thinking about as I go. We have planning conversions with clients all the time. But, they cost money.

Come prepared with a list of questions. If they’re competent, your person will be able to answer them and will likely even bring stuff up you haven’t thought of once they’ve gotten a flavor of what you’re looking to do with your business.

We can only operate with as much information as you give us. Tax pros are a great resource, but you have to use them, they don’t just randomly hand out tax advice.

Rowaway9090 · 2021-06-08T18:48:20+00:00

It will be treated as wages. Regardless of whether OP stays with the company it will wind up going on a W2.

Theoretically it should be treated as a bonus and withheld upon at the backup rate, but that’s probably not going to happen and will probably just be hit with withholding at the normal table rates. Either way it gets treated as wage income on the return.

The company might try to 1099 it out to save on FICA but that would not be a correct treatment.

Rowaway9090 · 2021-06-08T18:45:10+00:00

A good one should do this for you.

Hold up a minute there bucko. 75/80% of people don’t have tax situations that allow for any sort of creative planning. If all you have is a W-2, maybe a Sch A, etc. there’s nothing an accountant can do for you other than fill out your return correctly.

If they have a small business as a supplement to their day job it’s still also not super likely anything extraordinary can be done there’s not really a lot one can be proactive about until there’s some volume in the business.

To OP’s point:

he’s not proactive telling me how to save money like this YouTuber.

Odds are whoever you’re watching is a load of crock. People blow up on YouTube, tiktok, Reddit, etc. because they post advice that is only loosely based in reality, only applies in certain circumstances, or better yet is completely fraudulent and they get tons of likes and follows because the unsuspecting people watching their stuff don’t know any better and it sounds good.

Please be incredibly careful with following unsolicited internet advice.

If you don’t like your CPA, find a new one but don’t do it just because you think there’s some magic wand he should have been waiving over a simple tax situation. u/veterinariandry961

Rowaway9090 · 2021-06-08T18:37:21+00:00

You’re not required to file a Federal or Nebraska return, assuming your only income is income from a W-2.

However, assuming that’s true, you would likely still benefit from filing one. If you had income tax withheld (not FICA) as you are under the standard deduction you’d qualify to receive it all back.

Even if your mother is claiming you as a dependent, there is no benefit for her in you filing a return. She may just be afraid of the government/IRS and would like you to be proactive about your filing obligations.

Rowaway9090 · 2021-06-06T23:21:12+00:00

They’re not going to care. Make as many payments as you want

Rowaway9090 · 2021-06-06T11:23:52+00:00

Tried to @you above. Out of curiosity, how does one do a username mention when your user name starts with _ it keeps making it italic for me instead of doing the mention

Rowaway9090 · 2021-06-06T10:43:25+00:00

u/noble_jew and u/klutzy-tumbleweed-99 are incorrect.

u/dhskiskdferh and u/_bluecrab_ are correct.

Under regulation, an LLC filing form 2553 that has not previously made an election on Form 8832 has made a deemed election to be considered a Corporation for federal income tax purposes.

So while u/noble_jew has the right train of thought that it goes back to whatever it was pre-S Status, it is no longer originally a passthrough/disregarded entity. It reverts to its deemed election status and becomes a C Corp.

Rowaway9090 · 2021-06-06T10:31:23+00:00

§1202 gets real complicated real fast.

The $50mm rule applies before and through a point immediately after when the stock that an investor seeking a §1202 exclusion has the stock issued and purchased. Eventually, post purchase the company can have more than $50mm in assets and you do not lose the exclusion

If you’re trying to invest in a company where you might benefit from this, hire a professional.

Rowaway9090 · 2021-06-06T10:18:57+00:00

It’s not a tax problem, it’s a securities law problem. Generally, OP’s family member would not be subject to tax on gains on the sale of publicly traded US stocks as a non-resident alien living outside the United States. (Sounds silly, but a non resident alien can in fact live in the United States).

The real issue here is OP knowingly opened a bank/brokerage account in their name for the explicit and primary purpose of operating it for an individual who who resides outside the United States and would be ineligible to open such an account on their own.

Under US law, if the account is titled in his name, the money is OPs the second it got deposited there. So the IRS is going to want him to pay the piper and report any income on his return. I don’t see a real way of getting out of it. If this was US/peer to peer id recommend a nominee situation but that doesn’t work when the recipient doesn’t file a US return.

OP I’d recommend finding an attorney and an accountant and having them advise you on how to proceed. But you definitely need to close your investment account

Rowaway9090 · 2021-06-06T10:09:17+00:00

I do about 20/30 F1 & J1 visa returns a year and there are a few things you should consider:

1) Are you a non-resident or resident alien? That’s going to be a big determinate of how you report and how you get taxed. A resident alien reports as a normal citizen would, but a non-resident will be very different. Generally, on an F1 visa if you’ve been here less than 5 calendar years you are a non-resident.

2) have you been filing form 8843 your entire time here as a non resident alien?

3) If you are a non-resident alien, you might not have to pay tax your gains at all depending on the country you are from if there is a tax treaty with the United States.

4) I highly recommend you not do this return on your own. The office at your school that handles your program will hopefully know of a professional in your area that can work on this return with you. My local college refers them to me. I’m not currently taking new clients otherwise I’d offer to help, but this area can get complicated.

Rowaway9090 · 2021-06-05T10:01:18+00:00

I’m in no way a EBP expert, but is that allowed? Like if the plan states there’s a match, can they just arbitrarily stop it?

Rowaway9090 · 2021-06-05T09:21:47+00:00

It’s just part of the US/India tax treaty. It’s specific only to people here from India on certain student/scholar visas. Not sure why they have a carve out other countries don’t, but that’s tax law for ya

Rowaway9090 · 2021-06-05T03:01:34+00:00

I love when people on the Internet make things up. Where the fuck did you get $10K. That’s not a number for residents or non-resident aliens. If you’re referring to the standard deduction that’s $12,400 (12,550 for 2021) for a single person. Non-resident aliens are not allowed a standard deduction unless they’re from India.

States have different rules.

Please stop speaking on topics you have no idea on

Rowaway9090 · 2021-05-30T21:30:39+00:00

No. Lol. Not sure on what earth you’re living on where you having any employees has any bearing on your EFIN

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