6 posts shown.
I feel like these annual sports sims always get the player rankings so wildly off compared to how they actually perform on the field. It’s frustrating when your favorite matchup is ruined because a player's stats don't match their real-world impact. Do you guys actually use the in-game ratings to judge talent, or do you just ignore them?
Did you guys use the IRS portal to file your 2019 taxes? I’m trying to fill out the table for loss carryforwards, but it keeps rejecting my 2014 losses... apparently, those can't be carried over anymore or something.
Wait, isn't the carryover allowed for five years?!
I've got several clients where this same thing just won't go through.
cosmictinker24 said:Alright, thanks.
And what about the small business owners? I mean, he applied for relief for himself, too... but then he isn't even paying himself a salary. It’s all a bit messy, I guess.
What can even be done with his share, really? And more importantly... how am I supposed to book that? I guess there might be a way, but honestly, it sounds like a headache. Maybe.
So, he could just transfer it to his personal account as income, or maybe just leave it sitting in the business account... honestly, it doesn't even go on the books either way because it’s not an actual expense or a deductible cost. The IRS would basically just say the funds were used for what they were intended for—keeping jobs afloat.
So, we're running this LLC that isn't part of the VAT system, which means we don't have a tax ID for that. Now we've gotta bill some guy for translation services, but here’s the thing—he’s an Italian guy who actually owns a vacation rental house right here in the States, and he's fully registered in our tax system with a valid US tax ID. Since these services are taxed based on where the recipient is located, I guess I'm wondering... do we need to grab his tax ID and invoice him using the reverse charge method? Or do we just skip it and add a note saying we aren't in the tax system per the local regulations? Basically, the service is tied directly to that rental property he's running here in the US. Personally, back in Italy, he runs a totally different business that has zero to do with this specific job.
Brenda Chase3 said:http://irs.gov/forms/business-registration-guide.pdf
Everything you need is laid out in detail right here.
Thanks, yeah, I get that, but... I don't know, it’s just confusing. Since there are two owners, do we actually have to file separate M-11 and M-1 paperwork for each person? Like, does the IRS expect us to act like we're both opening totally separate businesses or something?!
ruggedlynx63 said:Nope, you don't have to. You can register the business with Medicare & Medicaid Services just to get a registration number on file, but if you aren't hiring anyone, it’s totally optional... Once you finally bring on your first employee, that's when you handle the filings for both the business and the worker at the same time...
Hey, I could use some help here... how do you go about registering with the IRS and Medicare for a joint partnership? It's two owners, so which forms am I supposed to be using? Thanks.