386 posts shown.
Casey Perez6 said:I’m running a small business under the simplified tax system—basically just an LLC owner working about 40 hours a week.
Do I still have to cough up all those same payroll taxes and social security contributions?
Susan Watson6 said:So, you’re wondering how the whole Social Security thing actually works and when you're supposed to get your act together and file, aren't you? Basically, you just need to apply once you hit the eligibility age, though you can technically start looking into it a bit earlier depending on when you want that check to start hitting your account.
If you're looking for banking recommendations, I’m all ears—which ones actually offer decent fees and won't make opening or managing an account a total nightmare?
You can definitely open a checking account through Revolut, and I see they've got that Revolut business registration option available too if you're looking to go that route. If you’re actually considering revolut business registration, just know you're stepping into a world of bureaucratic headaches that even Chase couldn't dream of complicating.
Scott Wood5 said:I could really use some advice here. I run a small shop that uses a digital fiscal system, and we’re planning to close up shop all of next week since everything is lining up with the upcoming holidays. Does anyone know if I need to officially notify the IRS about the closure? If so, what's the process and where do I go to file that notice? 🤦
copperpanther14 said:Understood... I appreciate the effort and the answers you provided. 🙂
If anyone else has some home improvement tips or personal experiences they'd like to share, please feel free to post them. Everything is going to work out just fine. 🙂
Nathan Kelly5 said:That college doesn't even offer a degree in accounting or auditing. 😁
Fine, but what actual credentials does he have after high school and that private management course at the college (which has zero to do with accounting)? Does he hold a CFA or an AICPA certification? Is there anything at all that would make him respected in this industry? Or is his only credential being "second generation," essentially riding on his parents' coattails?
The President of the Professional Accounting Initiative, yet he can't even be considered a professional accountant himself because he lacks any relevant qualifications. But then again, this is America; what else should we expect? As long as he's just as ambitious as everyone else at the U.S. Chamber of Commerce.
Nathan Kelly5 said:So, did you really pick someone for the association presidency who only has a high school diploma and some degree from Balthazar?
I have nothing against the man personally—I believe he’s as capable as anyone else serving in positions at the U.S. Chamber of Commerce ( 😁 )—but for a role in an organization that claims to advance the "profession," highlight its issues, and represent its interests, isn't there anyone actually from within the field with a real pedigree?
Nathan Kelly5 said:Cut the philosophy and the sentimentality. You sound like a politician. Our party consists of hardworking, honest, and dedicated individuals.
Be honest for once—how many accountants who take money from entrepreneurs have actually read even five or six basic laws relevant to their field? I’d wager that number is less than 1%. That isn't being hardworking or honest; it’s just pure incompetence.
Don't try to sell me that story; save it for your clients. When I started working in the service industry, veterans with 30 years of experience laughed at me when I said I studied one law or regulation every month, since nobody else bothers. Within a year, they were all coming to me for advice, telling me I was on a different level.
It isn't about being on a "different level"; it's simply standard practice anywhere in the world to spend the first few years of a career getting acquainted with the regulations of the country where you intend to work.
People are lazy, including accountants, and that is the crux of the matter. They know how to send an invoice, but they don't know the first thing about taking responsibility. Just collect the cash—that seems to be the motto across the entire North America.
And then there's the selling of these pathetic stories about experience, knowledge, honesty, and diligence. It’s nauseating. Anyone can see what the accounting profession looks like here.
Explain to me what is wrong with pursuing more education? Even if it is formal training? Are you just too lazy to learn? It benefits the employees themselves—they get free education from employers, probably some time off, and they actually understand their jobs. Even if knowing everything is considered "unnecessary" (though most don't even grasp the concept).
It is also in the interest of entrepreneurs to have educated accountants; they won't go broke over the cost of a few thousand dollars in lifetime training for their staff!
The market, the state, the banks, the investors, and the citizens all benefit from it.
The only ones who don't benefit are the licensed hairdressers and waitresses. So, congratulations on your victory; who can stand against you when you hold the majority?
Nathan Kelly5 said:First, the Chamber takes an aggressive stance against licensing, then they turn around and invite people to join their new association under the guise of being able to "express opinions freely" or "change things from within." It’s nonsense; everyone knows exactly which way the wind is blowing and why this is happening.
Bookkeepers shouldn't have a say in licensing standards. Why? Because 80% of them don't meet the requirements for stricter licensing, so naturally, they'll fight it. They should have a voice in how to simplify processes or improve business efficiency, but deciding the standards isn't their call. Their priority isn't advancing the profession—it's just protecting their own pockets.
It’s like letting car manufacturers or factory owners decide legal greenhouse gas emission limits. If you ask them, they’re obviously going to vote to increase emissions rather than cut them, because they couldn't care less about the "greater good"—they only care about their bottom line. But that doesn't make it right for the country, the businesses, the workers, or the profession at large.
Daniel Bailey39 said:total lack of logic🤦
Can you recall an email after you've hit send? Of course not. But you double-check everything before you click, and as far as I'm concerned, there's absolutely nothing wrong with that level of diligence.🕺
If things were more efficient before, why don't those who care actually band together and alert the people in charge?🤔
Posting on a forum doesn't really change anything.🥱
Arthur Hall said:Hello,
I was hoping someone might be able to weigh in on a bit of a dilemma for me—specifically regarding tax implications. If a business isn't currently registered for sales tax and they start bringing in inventory from overseas, is that actually alright? Or does the act of acquiring goods from abroad trigger a requirement to register for sales tax in the US?
Thanks 🙂
Jeremy Wood64 said:Sorry, I’m a little lost here. The goods aren't even leaving the US—they're basically just moving from one US location to another. There isn't an export happening.
The invoice goes from the US to America, and then probably from America to Germany.
Does this mean an American would actually need some kind of European Union VAT number or a tax representative just to sell stuff from within the European Union to another country in the EU?
Arthur Thomas5 said:Oh, brilliant. Truly top-tier logic right there. 🙏 So, I’m supposed to take a business location that hasn't seen a soul in years and first "verify" it as active just so I can shut it down? 😲 Seriously, does the IRS have an entire dedicated department just for dreaming up this kind of absolute nonsense? Is it even possible to be more incompetent than this?
Is it even certain that I'm required to go through this whole verification dance before closing them, or can I just leave them unverified? It makes zero sense to me—why on earth would I be forced to retroactively "open" and then immediately "close" locations that stopped operating LONG BEFORE this law even went into effect?
Jeremy Wood64 said:Does anyone actually know how this works? Like, what should I be putting on my invoice if the client is a legal entity from a third country (the USA) but the actual delivery happens within the European Union (Germany)?
I'm trying to figure out if I should mark it as VAT exempt under some specific local rule, or if we're looking at a reverse charge situation here. And if it is reverse charge, whose tax ID am I even supposed to list, since our buyer is based over in the States?
neonsurfer13 said:Look, that’s exactly what I’m asking 🙂 how do I actually separate those sequences?
Could I maybe set it up like this?:
WEB SHOP 1 INVOICE
accountnumber-storelocation1-register1
WEB SHOP 2 INVOICE
DIGITAL TRANSACTION:
accountnumber-storelocation2-register1-operator1
REGISTERED SALE:
accountnumber-storelocation2-register2-operator1
neonsurfer13 said:I brought this up with my accountant, but they just brushed me off. They told me I should handle it exactly like this because some massive corporation does it the same way and hasn't run into any issues.
That’s easy for them to say, since I’m the one not seeing any of that cash.
On top of that, I don't even process credit cards through my own web shop. My site is basically just an order form. Once someone places an order, they get sent a link and all the payment info, then they go through a secure portal hosted by a major third-party processor like Stripe or PayPal to actually pay.
Arthur Thomas5 said:Where on earth are you getting that from? I don't see anything like that in the actual legislation.
Isn't the registration for the workspace supposed to be done via the IRS portal by June 30th?
Has there even been any release of the official filing forms on the IRS site yet?
Lisa Myers27 said:Thanks for the link, but... can you give me the SparkNotes version? I'm wondering if I can just buy this through my LLC and list it as "office equipment" or some kind of inventory? This whole thing on the IRS site is a total mess... honestly, do you know anyone who actually handles this or books stuff like this for clients?
Arthur Thomas5 said:Is there actually some kind of logical explanation for why certain forms just can't be filed through the e-portal, even after all these years since they launched the system? For instance, take small business owners—they still can't submit their annual income tax returns or the specific business activity filings online...
Lisa Myers27 said:Is anyone actually doing this?
I’m trying to wrap my head around how this works—is it treated just like any other business purchase, say, stocking up inventory for a warehouse?
How does the bookkeeping look?
And what about the legal side of things?
If anyone has some insight... I’d be incredibly grateful if you could walk me through the specifics.🙂