I'm finally closing down my independent dental lab business—retiring at last!—so if anyone could walk me through the actual shutdown process, I'd really appreciate it...
From what I know, I gotta hit up CMS first to get the official closure paperwork, then take that over to the FBI... do I need to deal with the IRS after that? And then just handle the social security and health insurance deregistration?
The IRS finally weighed in on those issues with the new lower tax estimates for the tourism season
Due to some technical glitches, we can't send out the forms for the reduced tax estimates just yet—we're working on a fix as we speak. They'll let everyone know once things are back up and running.
So, I ran into the exact same thing—eventually, some guy from Microsoft jumped on a call with me and figured out their software was just totally glitched. He patched a quick fix into the program for me the next day, and now everything is running smooth as silk. Just call Microsoft and don't take no for an answer...
That would fall under the VAT exemption per Section 4 of the tax code. They really should've cited Section 4 instead of 45...
Don't even bother putting it in any official records—like those IRS filings—just log it in your books as revenue and COGS. You don't have to report a thing to the IRS...
Honestly, if you aren't running some kind of software that exports directly to the IRS... doing it all in Excel is way easier than grinding through the IRS site manually
How do I file my DI when I keep getting this error
1.2200.2.0.3.28 - Informational message: The write-off amount must equal the purchase value multiplied by the write-off rate divided by 100, per Section 35.2, Item 8 of the Internal Revenue Code. Line 3.
I bought the asset back in May 2012, so for 2016 we're only looking at 5 months of depreciation... what are they even on about here...
Carol Price4 said:The shipment actually happens in September—there’s no acquisition in August. Regardless of when the invoice hits, their tax year ends in August and the sales tax kicks in for September—though even if they file the sales tax in August, it won't change much since they're auditing everything on an annual basis anyway...
So how are we supposed to meet that requirement next month? You know, where the total value of acquired goods reported in field (13) can't be higher than the sum of those specific lines on the US Sales Tax return... it basically means the number can't be bigger—but what happens if I get a vendor invoice dated December 31st and the stuff doesn't actually arrive until January 2nd? Even with an annual audit, that's still gonna be a mess...
It’s not even like they did me a favor—it's more like... now the client is digging their heels in and insisting we do it exactly how they said, but I just know it's gonna be a total mess...
They’re claiming it doesn't fall under sales tax since it didn't pass through $76667 😁 Honestly, that makes zero sense to me—but hey, if the client insists on doing it that way because that's what the IRS told them... fine, we'll roll with it 🍿
It's like they're booked together, but you can't claim the tax credit if it's for a lease, whereas if it's for a small business, you can... plus, you submit one tax return, and honestly, I have no clue how we'd even file two under the same SSN when our business is set up like this 🤦
Hey, I could really use some input here. So, here's the deal—I've got a client who rents out vacation rentals, but he also runs a small business under the same SSN. Since the start of 2016, he's been registered for sales tax through his small business because he wanted to grab those equipment tax credits... So, my big question is: does that automatically pull his rental income into the sales tax system too, or is it separate? If it's not automatic, should he be keeping the books totally separate or can they be combined? And if the rental stuff isn't subject to sales tax, where exactly am I supposed to report that income on the tax forms? thanks!
I’ve got some interest payments on a loan from somewhere in the European Union—do I need to include those in my VAT return like I do with services, or just leave them out?
hold up, hold up 🤔 so you're telling me we have to file a W-2 every single month for both taxes and payroll tax and health insurance contributions? and does a W-2 also need to be filed just for switching from one account type to another, or will the geniuses over at the IRS somehow magically handle that themselves? I've got two small business owners who are so incredibly clueless it's actually painful—and now I have to deal with this nonsense too. Honestly, if it’s going to be this much of a headache, just scrap the whole thing already... How do you even fill out these W-2 forms? Is there an actual example somewhere? If they pay their payroll tax and health insurance contributions for December back in December, will that actually clear? I'm really hoping to skip sending the form entirely so I don't have to spend my life explaining the same thing five different times until they finally get it... Not to mention, I'm doing all this crap as a favor 🙏 because apparently, we're all just out here doing free labor...