Question on calendar year tax treatment.

$10-30 USD

Closed

Posted

over 6 years ago

$10-30 USD

Paid on delivery

5 minutes response needed to address a concern of whether I will or won't have to pay tax. Details: LLC has calendar year cash method of taxes for IRS If the LLC signs a partnership R&D agreement Dec 1st and a) gets 10k cash signing bonus b) gets 60k cash R&D expense payment for the next 12 months of expenses (5k paid monthly by us to 3rd parties companies and 1099) c) gets 60k cash for internal overhead (5k spent monthly on salaries/rent) (a) should be the only income? (may try and push this payment to jan 1st) will (b) and (c) get taxable income treatment from the IRS given the LLC will have 110k (120-5-5) cash for 2018 expenses on Dec 31st? ideally I should pay approx 3-4k in taxes for 2017? are there are any way I would have to pay tax on b & c? Any other concerns? Thanks

Tax

Project ID: 15692275

About the project

2 proposals

Remote project

Active 6 yrs ago

Looking to make some money?

Email address

Benefits of bidding on Freelancer

Set your budget and timeframe

Get paid for your work

Outline your proposal

It's free to sign up and bid on jobs

2 freelancers are bidding on average $25 USD for this job

@Ashisjena2015

Hi I will help you on this right now. I am an international tax expert

$25 USD in 0 day

5.0

(5 reviews)

3.7

@edwinorori

Hello, a taxation expert here. I have what it takes to handle your project Relevant Skills and Experience Taxation Proposed Milestones $25 USD - Agreeable

$25 USD in 1 day