Regulations & Compliance Archives

Should I report independent contractors to EDD California?

Hi, I always prepare a 1099 form for my clients' contractors but today I was on EDD employer account and I saw that it was written that the employer must report the info of independent contractors as well. I am confused. ...

What is the best way to hire an international employee as an S Corp?

One of my clients wants to hire an individual as an employee from overseas but she has no clue how to deal with this and what formalities and things are required? Can anyone guide me on this?

Liz King, CPA CPA

First you will want your client to apply for certification from the United States Department of Labor. The Department of Labor seeks to protect the rights and w ... Read more

I just started working for a real estate company called the mida group.

I just started working for a real estate company called the mida group last week. Im a legal representive. My second assighnment is to cash a chech from a client and take out 5 percent of my commission. ...

Theladycpa CPA

Hi I am not an attorney and can therefore not give legal advice. However, in my personal opinion, this does not sound legitimate. If you are a legal representat ... Read more

If I take 30k out of my rollover Roth for a down payment for a house, what tax penalties will I have to pay

We need to get out of our rental. There are serious issues with the pipes under the house.

Liz King, CPA CPA

Roth IRA withdrawal rules allow you to take out up to $10,000 earnings tax and penalty free as long as you use them for a first-time home purchase and you first ... Read more

what is the reasonable amount of payroll that can be taken from s corp?

One of my s corp clients recently withdrawn $9K as payroll and this is the only amount he has taken in the year 2020. I would like to confirm whether it makes any sense to withdraw lumpsum one amount ...

Liz King, CPA CPA

Active S Corporation owners are required to run payroll. The IRS says that S Corp owner/operators must pay themselves as employees of their own company. (This e ... Read more

how is an out of state employee paid

I have an employee who lives in NC but works for my company in California. What taxes should the company be paying and what taxes should the employee be paying? What are the obligations to NC from the employer ...

Theladycpa CPA

Hi in light of Covid-19 many organizations are now hiring employees remotely in different states. If the employee is in NC then you should be withholding state ... Read more

what are the main accounts we need to recalculate for GAAP to IFRS translation in terms of financial reporting?

general knowledge for financial statement translation from GAAP to IFRS.

Theladycpa CPA

Hi there this question is not one that I can answer in this forum. GAAP is rule-based and IFRS is based on principals. There are specific details, interpretatio ... Read more

How to avoid registration in CT and NJ for lease revenue?

In terms of new UV light machine lease division which is pretty limited. 1 customer is in CT and 1 is in NJ. The rest of the several customers are located in NYC which I believe it's required to be ...

bempathy CPA

Company leases the UV light machines to the hotels. Not a sale. Hotels (lessee) use the machine for their own rooms so in this case not providing a service to a ... Read more

How do resale certificates work in each state?

Is there a consolidated resource somewhere?

Zoey Wen CPA

Here's a great resource that goes into detail about how to use and accept resale certificates in each US state. ... Read more

How do I file a Form 941 electronically without paying for a payroll service.

How do I file a Form 941 electronically without paying for a payroll service to do it such as Gusto, Intuit, ADP etc.

Theladycpa CPA

Yes, you can file form 941 directly without going through a standard payroll company, like those you mentioned in your question. However, you still may be requi ... Read more

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