updates
How long does it take for IRS to renew ITIN number?
You should allow 7 weeks from the mailing date of the Form W-7, for the IRS to notify you of your ITIN application status (9 to 11 weeks if you submit the...
Category: Updates
updates
How do I answer F-1 visa questions?
Commonly Asked F1 Visa Interview Questions with Answering Tips Why have you chosen this specific University? Which all universities did you apply to (both...
updates
Is gain on disposal an asset?
The account is usually labeled “Gain/Loss on Asset Disposal.” The journal entry for such a transaction is to debit the disposal account for the net differ...
updates
Does a multi-member LLC pay self-employment tax?
Each member of a multi-member LLCs must pay self-employment taxes on their share of the LLC’s profits. Even if LLC members leave some of their distributiv...
updates
Can a 20 year old daughter still be a teenager?
At 20 your daughter is an adult, but she may still carry some of the attitudes or angst that she experienced as a teenager. Many young adults still engage...
updates
Can you amend tax return once lodged?
As soon as you realize that you have made a mistake in the annual income tax return, you can lodge an amendment. Amendments should apply both to tax deduc...
updates
What form is used to withhold state taxes?
State W-4 Form What is a State W-4 Form? A state W-4 Form is a tax document that serves as a guide for employers to withhold a specific amount on each pay...
updates
Does rental property qualify for Section 199A deduction?
The area in question is the new Section 199A deduction. Taxpayers who fully qualify can exclude 20% of rental profit from taxable income. That’s the good ...
updates
Can a corporation sell stocks?
All states allow one person to create a corporation, and all corporations, regardless of the original number of owners, can sell shares. Why would a corpo...
updates
Can a 1031 exchange be used on a second home?
A second home or a vacation home held strictly for personal use with no rental activity at all is considered a second home, and does not qualify for the t...
updates
Who is the recipient of a 1099-S form?
This Form 1099-S will show her as the “payer” and the brother as the “recipient.” The sister must furnish Form 1099-S to the brother. Form 1096 is filed a...
updates
Do I have to take an RMD if I am still working?
Yes, even if you continue working past age 72,* you have to take an RMD from your IRA. However, you may qualify for an exception from taking RMDs from you...
updates
Who are considered as the legal beneficiaries of an SSS member?
Who are considered the primary beneficiaries of a member? The primary beneficiaries of a member are the legitimate dependent spouse until he or she remarr...
