Question: I am starting a small business formed as a single member LLC. I am listed as the sole member. As per the documents, the IRS initially classifies the business as a disregarded entity in New York State and says that I must complete and submit the required forms to the IRS. Provide me with some background on both an A Corporation or S-Corporation and advise which is suitable for someone like myself that's starting a small business?
Question: I need a copy of my W-2 form. I am no longer working at…
Answer: I would contact the former employer (payroll department). If that did not work contact the IRS.
Form 4506T and 4506T-EZ - This could get you a tax account transcript, record of account, wage and income, and a verification of non-filing. You can only get information for the current tax year and prior 3 years.
Questions and Answers
I will be posting some questions and my answers to assist those looking at this blog for some information. This site is not set up to allow for posting questions from readers as I am not giving away free advice. I know this sounds insensitive, however I have been in the consulting business long enough to know that if you are asking my advice, then it is worth something.
IRS Fact Sheet - IRS Comes Calling
Contrary to popular belief, the IRS does make visits to a taxpayer at their residence or business. This is done by Revenue Officers. They are located in offices across the country. I was part of a territory that covered Minnesota, North Dakota, South Dakota, Iowa, Nebraska. My post of duty was Sioux City, IA and worked with taxpayers in all of those states.
Thoughts
I am still working on getting things set up for this virtual business. I was thinking of marketing, fees, software, etc.
I wanted to touch on a marketing letter a taxpayer received when I was an RO. They called me because they thought it came from the IRS. I received a copy and discovered it was a marketing letter from a tax resolution firm.
Scam Alert
I was watching the news and there was a phone scam story. People use your brains. If someone calls you saying you owe money that you did not already know about, well, need I say more.
Every time I have (way back when) owed money that I have not paid, I received a letter about it. I knew what I owed. About 5 years ago, I forgot a traffic ticket. I received a notice and I went to the courthouse and paid it. If I had received a phone call, I would have just said that was paid and hang up.
The IRS does not call and threaten arrest, jail time, and get abusive on the phone. You may think your assigned revenue officer is unreasonable, harsh, threatening, etc. Some are naturally blunt about stuff. If you have questions about them ask for the manager, call the IRS 800-829-1040, go online at irs.gov, or talk to your local accountant, bookkeeper, etc.
Go to IRS website for more information on scams and fraud alerts.
Thank you.
Every time I have (way back when) owed money that I have not paid, I received a letter about it. I knew what I owed. About 5 years ago, I forgot a traffic ticket. I received a notice and I went to the courthouse and paid it. If I had received a phone call, I would have just said that was paid and hang up.
The IRS does not call and threaten arrest, jail time, and get abusive on the phone. You may think your assigned revenue officer is unreasonable, harsh, threatening, etc. Some are naturally blunt about stuff. If you have questions about them ask for the manager, call the IRS 800-829-1040, go online at irs.gov, or talk to your local accountant, bookkeeper, etc.
Go to IRS website for more information on scams and fraud alerts.
Thank you.
What is income?
This a copy and paste from the Internal Revenue Service
You can receive income in the form
of money, property, or services. This section discusses many kinds of income
that are taxable or nontaxable. It includes discussions on employee wages and
fringe benefits, and income from bartering, partnerships, S corporations, and
royalties. The information on this page should not be construed as
all-inclusive. Other steps may be appropriate for your specific type of
business.
What is tax resolution?
It is satisfying a tax debt or delinquent returns with the Internal Revenue Service. This is done in several ways: full payment, installment agreement, abatement of a tax and penalties, offer in compromise, etc.
At this time I am not going to provide tax return preparation. If you have a delinquent return issue then I am recommending contacting a local CPA to assist in preparation of them and subsequent representation to satisfy the balance due (if applicable). Remember if you have a refund for tax years over three year old, those will be forfeit (lost).
At this time I am not going to provide tax return preparation. If you have a delinquent return issue then I am recommending contacting a local CPA to assist in preparation of them and subsequent representation to satisfy the balance due (if applicable). Remember if you have a refund for tax years over three year old, those will be forfeit (lost).
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