Can you work for yourself as a real estate agent?
A real estate agent can’t work independently; they must work for an employing broker. Brokers are responsible for their real estate agents’ actions. Requi...
Category: General
What does Code J mean on 1099-R?
Code J indicates that there was an early distribution from a ROTH IRA. The amount may or may not be taxable depending on the amount distributed and the ta...
Do I have to return SBA disaster loan?
Do you have to pay back SBA disaster loans? If you receive an EIDL grant (available under the CARES Act or Coronavirus Relief Bill) you are not required t...
Do you need a separate W-2 from each employer?
As each Employer you worked for during a given Tax Year is required to send you a W-2, you might have multiple W-2s to report on your Tax Return. Furtherm...
What happens to your shares when a company gets bought out?
If the buyout is an all-cash deal, shares of your stock will disappear from your portfolio at some point following the deal’s official closing date and be...
How to become a not for profit organization in Illinois?
Illinois not-for-profit organizations may be organized either as not-for-profit corporations or as charitable trusts under a trust agreement. Not-for-prof...
How do I get a 6166?
To receive a Form 6166, applicants have to file a Form 8802, Application for United States Residency Certification. This is an IRS form that applicants us...
Is a loan to a family member considered a gift?
In most cases, you won’t have to pay taxes for a “loan” the IRS deemed a gift. You only owe gift tax when your lifetime gifts to all individuals exceed th...
What do big companies do with all their money?
Generally, excess cash remains in the foreign entities in which they were earned. It is a tax-driven decision. Generally, excess cash remains in the forei...
How many years can a small business claim a loss?
The IRS will only allow you to claim losses on your business for three out of five tax years. If you don’t show that your business is starting to make a p...
