What if my S corp received a 1099?
S Corps are not required to get a form 1099-MISC or 1099-NEC from their clients. Similarly, businesses that contract with S Corps do not need to issue the...
Category: Updates
Is American funds an annuity?
American Funds Insurance Series serves as an underlying investment option for multiple insurance products, including variable annuity contracts and variab...
Do you get a tax form for dependent care FSA?
IRS form 2441 should be filed with your tax form 1040 when dependent care has been deducted from your pay. The Dependent Care deduction should be shown in...
Does FIRPTA apply to foreign corporations?
FIRPTA applies to foreign corporations, partnerships and other entities selling U.S. real properties. Under FIRPTA, when a foreign investor is selling a r...
Can a married couple have residency in two different states?
There’s no restriction on being married and filing jointly with different state residences. As long as you and your spouse are married on the last day of ...
How do I resubmit tax forms?
Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct the tax return. Taxpayers can’t file amended returns electronically. They can obtain...
Can I sell my house while renting it out?
The simple answer is yes, you can sell a property with a tenant still living in it. In fact, most states’ laws give tenants the right to remain in a renta...
Can I claim a SIMPLE IRA on my taxes?
No, employee contributions to a SIMPLE IRA plan are not deductible by participants from their income on their Form 1040. If you are a sole proprietor or p...
Can you hold French and American citizenship?
If you have dual citizenship, you have access to the same opportunities in both countries. You can vote and work in France and the US. You can own propert...
Do you pay for SSN?
Do I need to pay a fee to receive an SSN card? No. We don’t charge a fee to assign a Social Security number or issue a Social Security card. If you should...
