Posts by Carol Price4

If anyone's planning on cashing out those old dividends, you better move fast... once this kicks in, they’re gonna hit you with taxes and surcharges no matter what the Constitution says about it.

http://www.irs.gov/Documents...ne23072013.pdf

I’m all in on this—honestly, there are just way more perks, 🙂

Jim is back! Where have you been hiding, 🙂

Cheers to you, Doug! Everyone on here is actually worried about your health—since you're such a hot-headed guy from the South, we keep telling you to stay in the AC so that intense sun doesn't give you a heart attack, 🙂

Jessica Grant56 said:That sounds great in theory, but... is there actually anything in writing? I mean, does it explicitly state there won't be any penalties or issues if I don't? If the IRS releases a new version of Podcasting on their official site, they usually have a reason for doing that. It’s not like it’s a huge hassle to get it from Silicon Valley—assuming it's even good enough, anyway. What do the pros think? At the end of the day, I just want to use it to get a clearer picture of the market trends, even though there isn't much to see besides the fact that Canada hasn't completely collapsed yet. But man, things are definitely starting to shift.

http://www.irs.gov/Default.aspx?sec=915

Doug was already talking about this here and was pretty hyped about it.
It always cracks me up how you manage to breeze right past the most important details,🤣 ...

ruggedcyclist74 said:In my experience—or rather, in the experience of my clients—this sort of thing has happened more than a few times...

One of my clients headed down to Bank of America today to make a deposit, only to find herself completely stuck because she brought a transfer slip that listed an old account number instead of a proper IBAN... She did have some blank, stamped slips on hand, so she managed to fill out a new one, but the teller refused to process the deposit or even provide the necessary routing information, insisting she had to speak with her specific account manager, who, naturally, doesn't work on Saturdays...

Bank of America lets you do just about anything—honestly, one of the worst business banks I've dealt with...

Anyway, it's the weekend, so let's just relax...😁

I totally forgot about work—we had some stuff going on at the house, and now I can't even fall asleep because I'm so exhausted, so I popped onto the forum for a bit. 😁

Kanj, you see how as soon as you called him out, Vlado showed up! 🙂

Raymond Martinez10 said:Don't get too comfortable thinking vacation is around the corner—new tasks are hitting our desks next week. We don't have any official stats yet, but the FBI is going to send over some paperwork for us to start filling in the data gaps.😂

🙂

So, I had a client tell me today he couldn't even process his payroll through online banking because the IRS flagged him as a delinquent taxpayer—even though all his taxes were paid in full back on June 12th! Naturally, he couldn't even get a service representative on the phone...
They really need to get their act together first!

🙂🙂🙂

That’s plenty for this week—now it's strictly time to relax...

Jessica Grant56, do you even sleep?😁

I see you posting in the middle of the night, at the crack of dawn, all afternoon—the only time you’re ever missing is right before evening, so just admit it, that's when you're crashing, 😁

Richard Howard55 and I are total night owls, Henry Edwards33 is strictly a daytime person, and ruggedcyclist74 bounces between late nights and early mornings, but man, you've totally outdone us all...🤣

restlesstiger102 said:Carol Price4, I actually had this exact conversation when I visited the IRS office. I explained to them that I don't run a brick-and-mortar storefront, but rather an online business, and since I live with my family, it wouldn't make any sense to lease a separate commercial space just to reside in it. The agent didn't push back at all; she just gave me an "okay" and left it at that. No one tried to force the issue. However, there is a significant difference between a casual inquiry and a formal audit. It’s entirely possible that during a routine check, no one would ask, but it’s also possible they could make a real issue out of it.

Regarding the U.S. Chamber of Commerce, I am planning to reach out to my accountant first thing tomorrow morning. To be honest, everything you mentioned about the monument rent and those other fees is exactly what my accountant told me herself. I’m going to forward the link you shared directly to her so she can review it. Regardless, thank you for sending that over. If it turns out I’ve been paying things I wasn't required to, I intend to get it sorted out so I'm not wasting money for no reason.😁

Legally speaking, you're supposed to have a lease if you're running a business there, but hey—if the clerk let you slide without one, she probably just didn't want the headache of getting involved. 🤷

And definitely sort out that U.S. Chamber of Commerce thing; it's pretty silly to keep paying when you're exempt...😁

restlesstiger102 said:I feel I must offer a few corrections here.

1. It is technically possible to operate without a formal agreement, though doing so is incredibly risky; if an inspector happens to drop by, they will certainly give you a hard time about it.

2. You still have to pay the U.S. Chamber of Commerce even if you are operating as an LLC. I know this from personal experience, as I run my own LLC and I pay those dues regularly$17 every single month.

1) To satisfy the IRS, you need a certified commercial lease agreement for your business headquarters—so, honestly, I have no idea how you thought you could pull that off without a formal contract?

2) I’m not really sure why you're paying the U.S. Chamber of Commerce, or how much your accountant actually knows about this stuff, but you should definitely check out Article 7 at this link:

casualorca5 said:Does anyone happen to know what this famous statement from Article 170 of the Regulations is actually supposed to look like? 😕

If someone who's acquiring the goods—or someone else acting on their behalf—is handling the transport, the seller needs to include a written statement with the invoice. This note basically confirms the shipment or transport of goods into another European Union member state, and it has to be signed by whoever actually shipped or moved them. That’s per Article 170 of the Regulations.
(3) That written statement regarding the shipment or transport mentioned in paragraph 2 has to include all this info:
a) the seller's full name or business name,
b) the invoice number and the date it was issued for the delivered goods,
c) the buyer's name or business name along with their VAT ID,
d) the license plate number of the vehicle used to ship or move the goods,
e) the destination location within the other European Union country, and
f) a note stating the buyer is ready to provide any details regarding the destination if the IRS asks for them.

Richard Howard55 said:Let's grab one. ☕☕

Alright, you're up too. Give me something. ☕☕ Just let the consequences slide!

Everything that needed to be said has been said, and now we’re right back where we started. It’s the same old cycle: someone lights the match, someone else fans the flames, I probably toss a few more logs on the fire... then someone comes along and douses the whole mess with a massive blast from a purple fire extinguisher. And then? We just start all over again.
And that’s why I prefer these forum hangouts... what would I even have without them? He's one of our own!

Uhhhhh—someone's got thin skin if they're cracking like that at the end...

Apis, *you're acting like a total hipster* at 2 AM 😁 sipping two coffees at once—must be a holiday where you live today! 😍

Richard Howard55 said:First, let me rule out some possible errors since I don't really know the subject you're writing about.
a) I interpreted "graphic prep via email" as an order (with a list of what they want delivered).
b) the second domestic entrepreneur doesn't matter
c) it doesn't matter where the buyer picks up the goods
d) we are talking about goods

The invoice is issued without Sales Tax (FAA) citing Section 41, para 1, point a)
without a reverse charge note.

Honestly, I never quite grasped this reverse charge thing (just so I could always identify when to use it and when not to, without making mistakes).
I asked the exact same question as you at a seminar and was told this isn't an example where you'd include a reverse charge note.

FBI... yeah, that "reverse charge" headache is real. For me, it's pretty straightforward—just verify through the IRS and follow Section 41.1.a.

But wait—do you still need a written statement if the buyer picks up the goods right here and hauls them to another state themselves?

😕

You have a real habit of going overboard—like when you jump into a thread where people are just discussing a specific software, and suddenly you're calling everyone who wants to use it a total masochist. Look, one post like that might slide, but if you keep using that kind of language, it’s not okay—it's just insulting and disrespectful to everyone else trying to have a conversation.

Exactly!

Users are just having a discussion about their software, and then suddenly Pos flies in out of nowhere. Instead of actually contributing something useful, they just swoop in to trash the topic while low-key pitching their own program—then they just sit back and wait for some sucker to take the bait so they can tear down what others are talking about and hype up their own stuff!

I'm with Lilla on this one.

Section 41.
(1) The following shall be exempt from sales tax:
a) the delivery of goods where the seller—or someone acquiring the goods on their behalf—ships or transports them from the US to another country to a different taxable entity or a non-taxable legal entity acting as such in that other country.

I’m honestly going a bit stir-crazy reading all this legal jargon—can someone please tell me if I have this right?

- based on that section above, if a US business registered for sales tax receives graphic design files via email from an overseas vendor, then uses those files to run a print job (through some other local contractor), and the customer picks up the goods right there to ship them over to Europe... do I issue the invoice without sales tax and just mark it as "reverse charge," or what?

Walter Miller23 said:How does one actually pull cash out of an LLC, if that's even possible? Maybe through expense reimbursements or something... I guess it's hard to justify every single dollar using nothing but business receipts.

Every single cent has to be backed up by actual business expenses if you're running an LLC.

Brenda Chase3 said:Could someone please clarify which specific section of the new Value Added Tax Act we should cite when dealing with entities that aren't part of the VAT system? Essentially, since they aren't registered for VAT, no tax was calculated based on article of the Value Added Tax Act. Thanks!

It’s Section 90, Paragraph 1 of the Value Added Tax Act, 🙂

Wait—did someone say "piglet"? I think you might be looking for a different thread! kaže:
Hey everyone!

I'm thinking about starting an LLC—got a few questions!
I’d run the business right out of my own place—the one I’m currently renting. Does my landlord need to sign a separate lease agreement with my LLC just for that small office space? And would that automatically trigger an amendment to our main lease since the residential square footage would technically drop by, say, 10 square feet for the business? Or could I just set up a sublease through my LLC?

So, if I’m working full-time and decide to open my own LLC where I'm the boss—do I actually get out of paying those self-employment taxes? Like, am I just stuck with the accountant fees, the U.S. Chamber of Commerce dues, and whatever other random stuff pops up? Also, I’m assuming I can finally start invoicing all that side hustle work through the company properly—that works, right? And how does this all actually shake out on my tax return at the end of the year? Might be a rookie question—I'm still figuring this whole thing out!😁

Are there any tax breaks or perks for extra training, certifications, or picking up new skills? I'm wondering if I should run those expenses through my LLC to save some cash—or if it’s better to just wait until I actually start working for a company.
So, how do you handle taxes when you're working with overseas clients—say they pay you through things like PayPal or Venmo?

Thanks a bunch!🙂

Yeah, your landlord definitely has to rent you the space or at least give you the green light to sublet—it's just how it works.

Look, you can totally run things as a director—your employer picks up the payroll taxes, so that’s one less headache. You just cover your accountant and the U.S. Chamber of Commerce fees—though, honestly, those registration fees weren't even a thing back in 2015. Then you've got your annual corporate tax and that 21% income tax to deal with later on—plus, depending on what you're doing and where your office sits, you might get hit with local tourism levies or historical preservation fees. It adds up!
You don't deal with a tax return here—that's more for sole proprietors—you just look at your final balance sheet and pay 20% on whatever profit you pull out. If you actually want to distribute those profits to yourself, you’re looking at an extra 12% plus some local surcharges. 🙂

And just so you know—if you decide to pay yourself a salary from that during the year, the IRS is going to count it all as additional income.

You don't get any tuition assistance since you aren't officially on the payroll at your company—if you were, then you might actually have a shot at it! 🙂

When you're using services like PayPal or Venmo—and that card you’ve linked to pull your funds—it really needs to be tied directly to your business checking account. Also, when you're sending out invoices, just make sure to specify the payment method—like "PayPal"—so your accountant can easily track everything.

Nicole Lee6 said:I headed down to the IRS office this morning to see if I was on the list for an automatic VAT number assignment, but apparently, I’m not. My caseworker isn't even back from vacation until July 1st, and to make matters worse, nobody there could give me a straight answer. They couldn't tell me which specific application I need to file, who actually handles it, or how long this whole bureaucratic nightmare is going to take... 🤔So, does anyone here have experience with this? I've been scouring the official government websites, but all I can find are forms and instructions meant for foreign entities trying to register here in the States...

One more thing, if anyone happens to be an expert on this: we provide B2B services for AAA. If they've opened a local branch here in the US and have a domestic tax ID, should we be applying a reverse charge on our invoices? Or does it strictly depend on whether the invoice is addressed to the US headquarters or their local American branch?

Is it this request, specifically point 4?

http://www.irs.gov/Forms/PdviUSA/....06.2013.).pdf

Brian Kern70 said:I want to run through a specific scenario involving acquisitions within the European Union just to make sure I’ve actually got this down:

- An American business, let's call it Company A, buys $10,000 worth of goods from Company B in Germany (which is also a VAT-registered entity).
- The shipment arrives with an invoice and a delivery note; on the invoice, the German company charges the full $10,000 without any sales tax (they mark it as "reverse charge" to indicate they aren't collecting tax because we'll handle the tax liability here in the States).
- To be valid, the invoice needs to list both the American and German VAT IDs, and we have to verify those IDs in the VIES database to ensure they're legitimate.
- We record the invoice at, say, $25000 (depending on the exchange rate), and during that month, we account for both the input credit and the tax liability for $6250, so everything nets out on the monthly tax return.
- Aside from having the "reverse charge" label and both companies' VAT IDs, is it true that we can only claim the input credit if the invoice arrives by the 20th of the following month? In other words, if the invoice doesn't show up or we miss the filing deadline for the month the goods were delivered, are we barred from claiming that tax credit in future periods?
- Once that's settled, if we sell those goods here in the US, we just charge the standard sales tax on our outgoing invoice like usual.

Yep, and you also have to file the specific intra-community acquisition form, 🙂