Thank you! Very helpful and easy to follow.

Hi Jason, relating to Part III if the related party is a foreign individual, why does everyone list a principle business activity and business activity code? Shouldn't it be blank or N/A. I know our software requires a business activity and business activity code, is that why everyone just enters the same activity and activity code of the reporting company for the foreign individual related party?

Question - can anyone answer? I have an auto depreciation example from Checkpoint RIA that states if an employee's personal use of an auto is taxed to the employee on the employees W-2, then for depreciation purposes that use is NOT considered personal use and the business/investment use % is 100% for depreciation calculation (Form 4562, Part V, page 2, line 26(c)). The question is: if a > 5% owner uses a company vehicle for personal use AND is taxed for the personal use in his W-2 each year, does Form 4562, page 2, Part V, Section B - Information on Use of Vehicles - by > 5% owners need to be completed??

I filled in February 2024, so where is my refund is August 2024 aready

How do you get the attached statement form

Who approved of this form?

That’s very informative! Thank you. Do you have any videos that explain the property's combined use of personal property and rental property, which will be sold at the end of the long-term holding period to use section 121 & non-qualified use?

What what you said is written on the form. The point is; how to fill out the form. That's what people here are interested to learn.

How come the wages of 25K is only 10%-20% of the total net profit? is this wages reasonable?

Really great teaching of 1065, I just want to ask if you have hand out here, I mean the the material of example. I want to file it on my own after watching your video. Thanks!

Hello brother I need help with my tax filing for my single-member non resident LLC, registered in Wyoming on November 11th, 2023. I have filed quarterly taxes with the Wyoming Revenue Department, but I haven't filed anything with the IRS yet. Since I haven't started business operations, my sales are zero. Could you please advise on the necessary forms I need to file with the IRS? I have heard about form 5472,1120,1140 etc etc .. Please tell me which form i have to file

Hello Jason! Thanks for this great video. Exactly what I needed to know.

i just created two EIN against one LLC how can cancel one?

Is there a way I can book maybe a paid consulting call with you?

Hey Jason, this is the most valuable video ever made on the topic. Really really thanks for this , these options are for people who want to keep 100% of the company. Would it be an idea to add a second member to the LLC, like for example maybe a family member to just have 2 people and be able to complete with the “partnership option” or then this can also be an issue?

HI I am foreigner , I have a smllc, Do I need to do 5472 , my llc RECEIVED MONEY FROM tenant（ RENTS INCOME) , not from me?

my business is based in florida. it is an e-commerce fashion brand. am I supposed to file and pay sales tax to florida only on gross sales of what shipped to customers with florida addresses? or my gross sales has to be my entire sales for my business, regardless of if the product shipped to NY or California, because my business is based out of Florida so florida gets their 6% even if the customer who bought doesn't live in florida.

This is a great explanation. I have to teach this every year to new staff at my firm. I could just link this video but I must remain relevant for nine more years when I retire😎

Hey Jason, great video. I've been struggling to complete my 1040NR to claim back a 30% withholding on gambling winnings. This video has helped me greatly but I do have one question. The 1040NR asks for my Identifying Number, however, I will be filing for my ITIN (W-7) alongside filing my 1040NR. Can I just leave the Identifying Number box blank? And will this be completed by the IRS once my ITIN is issued? Also, on the W-7 under the reason for submitting. Can I select 2 boxes? I.e. NR needing an ITIN to claim tax treaty benefit and NR needing an ITIN to file a US tax return? Thanks!

Is a real estate appraiser considered to be a real estate professional?

Where to enter $5000 from form 8621 on 1040 return? Should it be also entered under interest section on Sch B? But it is shown there on the video.

I really want to tell you thank you for taking the time to share this information with us, you are a blessing 🙌

How to file sales include low tax and hi tax? Example: Total sales = $10,000 Food Sales (Low Tax) = $7000 Tobacco Sale (Hi Tax) = $3000

1120S page 1, ordinary busines income does not include health insurance deduction on line 18. Can anybody verify which line is the health premium deduction $2000 on 1120S?

M1, does net income per book $12,209 reconcile with net income $13,340 per tax return?

Ty

Your videos are very useful.

you have no idea how much this helped me thank you so much

Would a real estate appraiser be considered a professional?

This is the best explanation I've ever heard. Thank you!

Can you tell me where you would handle rollover losses of previous years? Thank you.

Does 1120S form include QBI deduction line?

I have a question related to 1120S QBI. is it 20% of net income of 28,596? or 20% of gross profit 221,918 -wages (both ee and officers 142,000+18,500) ?

Very useful! Cleared the doubts for 1116 schedule B. Thanks 🎊

Thanks

"unrecapture" is to the extent to SL depreciation amount. "recapture" is the the amount excess SL deprecaiton ?

I received my sales tax certificate in June and received mail saying I had to file a return in July but but hadn't made any taxable sales with my company within those 2 months yet am I still required to file? I just recently went through my mail and found the form.

Can you help with line C and the new 2% Commercial rents from 4.5% the form online always tells me that my figure and discretionary are not enough?

if an ss-4 for an llc is filed indicating 2 members but only one becomes an owner and files activity on schedule c of form 1040 is notification to irs required

How do we count tips if given informally at work like, as a cashier/waiter a customer gives us tips.

In the Publication 519 (2023) says: Foreign‐owned domestic disregarded entities. If a foreign person wholly owns a domestic disregarded entity (DE), the domestic DE is treated as a domestic corporation separate from its owner (the foreign person) for the limited purposes of the requirements under section 6038A that apply to 25% foreign‐owned domestic corporations. The foreign-owned domestic DE must file a pro forma Form 1120 with Form 5472 attached by the due date (including extensions) of the return. The only information required to be completed on Form 1120 is the name and address of the foreign-owned domestic DE and items B and E on the first part. A foreign-owned domestic DE may have had a reporting requirement before 2017 if it had a U.S. trade or business or other activity that otherwise required reporting. See the Instructions for Form 5472 for additional information and coordination with Form 5472 filing by the domestic DE. Also note that because the domestic DE is generally a transparent entity, the foreign person will include (or continue to include) on Form 1040-NR any of the domestic DE's tax items that are subject to reporting. A DE (foreign or domestic) may also have a separate reporting requirement related to employment or excise taxes. See Regulations sections 301.7701-2(c)(2)(iv) and (v). In the minute 8:10 you have said that one has to be careful because you are filing 1120. But according to the law, 1120 must be filled anyway by any disregarded entity, since it's treated by default as a domestic corporation separate from its owner.

How about not allowable loss of $3821? Does it treat as carryover loss for the coming year? So part VIII(b) is the data needs to enter for at line 2 (c) on 8582 for the current year return?

The first one to mention how to categorize taxes paid for general wages. Every other video skimmed over this central detail.

Thank you for this video!

I’ve been wondering how this works so here goes my question. I am planning to order a Tesla this week and unsure if I qualify for the $7500 credit at the point of sale based on the eligibility requirements. The IRS regulations state that one can use the lower MAGI from the current year tax filing (2024 for 2023 income) or the previous year (2023 for 2022 income) to determine if a household meets the threshold. But on the Tesla website it only asks for the most recent year tax filing. However only the AGI for the 2023 1040 meets the income requirement. Would it be OK to state that I meet the eligibility requirements on the Tesla payment page?

I was told that limited partners are silent partners only, yet you put them as limited active partners. Would you clarify?

Where did the $7200 come from Admin Staff?

How do you determine the "corpus" amount that is required to be reported on Form 5227 Schedule A Form?

My name is too long for me to finish my EIN application, is that a problem?

Informative😊