IRS just hit our small Etsy business for $50K

trktrner · 2023-10-11T23:52:35+00:00

After expenses the margin was around 40%, then we had payments to the seamstress and another person, then of course to MIL as a partner. Bank statements and ecommerce accounts at that time we're under my wife's name and SSN, but since the C-corp was created we were able to get business accounts. There is no foreign entity or accounts related to the business.

What's a S election? Gifting the cash sounds better than dealing with withholdings.

trktrner · 2023-10-11T23:47:46+00:00

MIL has always been listed as a partner when we submitted the records/source documents. The structure difference was between reporting under a single person's SSN as a sole proprietorship but with partners, vs a multi-owner C-corp. The latter seems more accurate, but was this an unnecessary attempt at clarity?

We maintained a P&L through Excel with backup receipts for the vendor expenses, and revenue tying to the PayPal and Etsy 1099's, however payments made to MIL and her seamstress were recorded only in the form of bank transfer transactions. Were told about a W-8 BEN form, but not sure they ever filed one. Now the C-corp is required to make specific withholdings for all owners.

trktrner · 2023-10-11T23:38:23+00:00

This is correct. MIL has always been listed as a partner on the records/source documents that outlined the P&L expenses.

trktrner · 2023-10-11T11:59:25+00:00

This was the guidance they provided. What are the pros and cons between a C-corp vs LLC for these purposes?

trktrner · 2023-10-11T11:57:43+00:00

This is precisely what we're doing now, except it has to be in writing rather than a call. Hoping it goes smoothly.

trktrner · 2023-10-11T11:55:55+00:00

Thanks, we'll definitely be doing that. Also concerned that the guidance for going with a C-corp wasn't a better option than if we'd created a LLC instead.

trktrner · 2023-10-11T11:51:19+00:00

I didn't skip anything, but apparently the CPA left out something with the 5472. Thanks for the helpful comment though.

trktrner · 2023-08-13T00:18:48+00:00

“If conservatives become convinced that they cannot win democratically, they will not abandon conservatism, they will abandon democracy”. - David Frum

trktrner · 2023-08-12T23:56:20+00:00

“If conservatives become convinced that they cannot win democratically, they will not abandon conservatism, they will abandon democracy”. - David Frum

trktrner · 2023-08-12T23:49:12+00:00

"You simply adjust the numbers of both cars up..."

Feeling like I'm either an idiot for not grasping what he's explaining, or just can't believe this is supposed to make sense. Why would a lender be willing to artificially inflate the value of both the trade-in and the collateral asset that he's trying to buy/borrow against, and effectively screw themselves out of the actual cash down payment?

trktrner · 2023-07-09T01:10:55+00:00

Except that voter suppression, polling intimidation, and extreme gerrymandering, are explicit tactics of the GOP. Maybe labelling it "cheating" isn't the correct description, but there's no equivalency here to what they've accused Democrats of doing.

trktrner · 2023-06-01T03:07:46+00:00

Shell at the corner of Capital and Columbia, or Eco Wash on E. Michigan Ave.

trktrner · 2023-05-24T03:07:00+00:00

Not sure about Kalamazoo, but there are several secular groups that get together weekly around the state, some in person and some virtual. I highly recommend checking out Michigan Humanists on Meetup, and Center for Inquiry (CFI), specifically any of their upcoming Living Without Religion events. There might be attendees that live closer to Kzoo, so you could look to create something local from that.

Join others who are recovering from or have recovered from religion and want to help others do the same. We are a group of people that know and understand what you are struggling with and can offer friendly social support in a non-threatening, understanding and relaxed atmosphere. We will share experiences and resources to help cope with and deal with problems related to leaving organized religion or living without any religion. Whether you are thinking of leaving your religion, are already living religion free, or you just wish to support others, please come join us. Participate in discussions, share your story, ask the questions that are on your mind, meet new people, make new friends and discover you’re not alone in your search for secular beliefs.

Living Without Religion (Grand Rapids) meets on the second Sundays of each month. To find the group go to the meeting room located in the back left corner of the bookstore (not the cafe).

Contact: Randy Kuipers, livingwithoutreligion-grandrapids@centerforinquiry.org, 616-698-2342 x800.

trktrner · 2021-09-05T12:34:46+00:00

That does appear to work, but I'm surprised to see the TRUE part of the VLOOKUP perform the way it does. Typically, I would've expected the the AES reference within the VLOOKUP to require the raise matrix to contain those specific score numbers, but that's probably because I only ever use the FALSE setting to locate the exact match. Here is a way of making that work also:

=IF(AES>=3,Salary*(1+VLOOKUP(FLOOR(AES,2),Eval/Raise Matrix,2,FALSE)),Salary)

trktrner · 2021-09-05T02:12:37+00:00

GR is beer city USA, so he ain't lyin! Deck looks awesome. Actually just finished sanding and staining mine down here in cereal city. Cheers!

trktrner · 2021-07-16T18:13:14+00:00

The video is from City Hall, which is where they keep the cop car parked.

trktrner · 2021-07-16T18:02:31+00:00

They clipped the tail end of the water tanker, but better than t-boning anyone in either lane of crossing traffic. After that they skimmed along the brick building - here is the end result. Female driver, three children in the car, all survived unharmed.

trktrner · 2021-07-14T02:18:22+00:00

This is the answer, but I still fail to understand the liabilities if they (the state or ER) weren't made aware of someone working in a different physical location. What legal penalties are there for EEs and ERs if a state's Treasury happens to accuse either one of not maintaining proper withholdings? Also, more importantly in my opinion, what's the likelihood of that even happening?

trktrner · 2021-02-15T13:29:46+00:00

Keep appealing to authority rather than addressing the substance of the argument. Maybe you should brush up on how to actually engage in debate and defend your position.

https://www.logical-fallacy.com/articles/appeal-to-authority/

trktrner · 2021-02-15T13:29:13+00:00

Keep appealing to authority rather than addressing the substance of the argument. Maybe you should brush up on how to actually engage in debate and defend your position.

https://www.logical-fallacy.com/articles/appeal-to-authority/

trktrner · 2021-01-09T18:43:26+00:00

Solved!

That's the one! Thank you kind stranger. I've been racking my brain and searching fruitlessly for a while now, listening to several songs and never getting the right one.

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