Recent content by Drmdcpa

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    UK Taking over a business

    Yes. But there are many unknowns. In particular, but not limited to, what form of organization and tax structure is it, are you in a community property state or are there other things that impact title to the business and/or its assets, does the business require any special licensing that you do...
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    USA Are domains or hosting services considered assets on business tax forms? & is an annual LLC filing fee a miscellaneous expense?

    Technically there is no dollar value or requirement for physicality to capitalize expenditures as opposed to writing them off immediately as an expense. There is a category of fixed assets called intangibles. Also the Internal Revenue Code defines certain software as needing to be capitalized...
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    USA First job ever made $2.56 in 2018; I didn't file taxes. Was this wrong of me?

    Again wrong. Check kiddie tax limits. Also the OP is speaking of earned income, so bringing unearned income into the picture just adds more confusion.
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    USA Have I had to file income tax returns all of these years?

    There you go but still not correct. Look up Kiddie Tax limits.
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    USA Does having a capital contribution negate the necessity of a NOL?

    Net operating loss is nothing to be afraid of. Capital contributions do not impact NOL. NOL is a profit and loss or income statement issue; capital contributions is a balance sheet issue. They are often needed when an NOL occurs due to the fact that the entity is not generating enough cash from...
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    USA Purchase orders and the GL

    It sounds to me like their is confusion about different documents in the procurement process. But I believe you now understand a PO does not impact the GL.
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    USA Purchase orders and the GL

    What is the function of a PO? By itself is it a source document that causes any changes to the GL? If it does not alter the GL, does it impact the financial statements? As for shutting down a partially used PO, why is it partially used? Planned or unplanned? Will shutting it down hamper...
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    USA Have I had to file income tax returns all of these years?

    Your filing requirement depends on several factors including filing status (MFJ, MFS, S, HOH), your income level, whether you can be claimed as a dependent by another, what type of income you had, if there was any tax withheld, and the standard deduction (and exemptions for historical years)...
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    USA UTAH unemployment tax

    There is no employee relationship. Thus no payroll taxes should be owed. Workers comp might be needed, but not FUTA/SUTA/FICA. It sounds like you are properly issuing 1099s due to lack of control. The dollar amount and hours worked have no bearing on the taxes due or compensation method. If...
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    Are online courses tax-deductible for individuals and companies?

    All professional licenses as I understand it require continuing education.
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    Are online courses tax-deductible for individuals and companies?

    Individuals should get no write off. Businesses it depends. Generally courses for maintenance of current work are deductible but courses that improve or add new work are not. The example often given is courses needed before and after becoming a CPA. Generally courses needed to become a CPA are...
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    USA Question from a non-accountant re: 1099s

    I beg your pardon. You are obviously omniscient and I am but a dolt and lay person. Sorry for putting into question anything and everything you know to be true and accurate. But do society and others a favor, if you can be bothered to be so kind, try to keep your knowledge to yourself. Let us...
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    UK Question for UK accountants

    Further research indicates it is taxable when a US business enters the UK market, the revenue is taxable under UK law. It appears at 19% which surprisingly is less expensive than US tax rate. I am not sure how things are across the pond, but over here contacting the IRS is one of the last...
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