
Personal History Statement 2016-2025 Form


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As one of the cofounders of a multi-member LLC taxed as a partnership, how do I pay myself for work I am doing as a contractor for the company? What forms do I need to fill out?
First, the LLC operates as tax partnership (“TP”) as the default tax status if no election has been made as noted in Treasury Regulation Section 301.7701-3(b)(i). For legal purposes, we have a LLC. For tax purposes we have a tax partnership. Since we are discussing a tax issue here, we will discuss the issue from the perspective of a TP.A partner cannot under any circumstances be an employee of the TP as Revenue Ruling 69-184 dictated such. And, the 2016 preamble to Temporary Treasury Regulation Section 301.7701-2T notes the Treasury still supports this revenue ruling.Though a partner can engage in a transaction with the TP in a non partner capacity (Section 707a(a)).A partner receiving a 707(a) payment from the partnership receives the payment as any stranger receives a payment from the TP for services rendered. This partner gets treated for this transaction as if he/she were not a member of the TP (Treasury Regulation Section 1.707-1(a).As an example, a partner owns and operates a law firm specializing in contract law. The TP requires advice on terms and creation for new contracts the TP uses in its business with clients. This partner provides a bid for this unique job and the TP accepts it. Here, the partner bills the TP as it would any other client, and the partner reports the income from the TP client job as he/she would for any other client. The TP records the job as an expense and pays the partner as it would any other vendor. Here, I am assuming the law contract job represents an expense versus a capital item. Of course, the partner may have a law corporation though the same principle applies.Further, a TP can make fixed payments to a partner for services or capital — called guaranteed payments as noted in subsection (c).A 707(c) guaranteed payment shows up in the membership agreement drawn up by the business attorney. This payment provides a service partner with a guaranteed payment regardless of the TP’s income for the year as noted in Treasury Regulation Section 1.707-1(c).As an example, the TP operates an exclusive restaurant. Several partners contribute capital for the venture. The TP’s key service partner is the chef for the restaurant. And, the whole restaurant concept centers on this chef’s experience and creativity. The TP’s operating agreement provides the chef receives a certain % profit interest but as a minimum receives yearly a fixed $X guaranteed payment regardless of TP’s income level. In the first year of operations the TP has low profits as expected. The chef receives the guaranteed $X payment as provided in the membership agreement.The TP allocates the guaranteed payment to the capital interest partners on their TP k-1s as business expense. And, the TP includes the full $X guaranteed payment as income on the chef’s K-1. Here, the membership agreement demonstrates the chef only shares in profits not losses. So, the TP only allocates the guaranteed expense to those partners responsible for making up losses (the capital partners) as noted in Treasury Regulation Section 707-1(c) Example 3. The chef gets no allocation for the guaranteed expense as he/she does not participate in losses.If we change the situation slightly, we may change the tax results. If the membership agreement says the chef shares in losses, we then allocate a portion of the guaranteed expense back to the chef following the above treasury regulation.As a final note, a TP return requires knowledge of primary tax law if the TP desires filing a completed an accurate partnership tax return.I have completed the above tax analysis based on primary partnership tax law. If the situation changes in any manner, the tax outcome may change considerably. www.rst.tax
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If a foreign citizen lives in the US on a working visa for more than a year, then what is his status? What tax form will such a person fill out when filing for taxes at the end of the tax year? Is the 1040NR the form to fill out?
In most situations, a person who is physically present in the United States for at least 183 days out of any calendar year is a US resident for tax purposes and must file Form 1040 as a tax resident. There are exceptions to this general rule, but none of them apply to people who are present in the United States in H-1B (guest worker) status. Furthermore, H-1B workers are categorically resident aliens for tax purposes and must pay taxes on the income they earn while in H-1B status as a resident alien in every year in which they earn more than the personal exemption limit. This includes both the first year and last year, even if the first or last year contains less than 183 days of residence in the United States. The short years may result in a filing as a “dual-status” alien.An H-1B worker will therefore only file Form 1040NR as his or her primary tax return in the tax year in which he or she leaves the United States permanently, and all US-connected income during that year will be taxed as if the taxpayer was a US resident, under the dual-status rules. All other tax returns during that person’s residence in the United States will be on Form 1040. The first year’s return may be under dual-status rules, with a Form 1040NR attached as a “dual status statement” as per the procedure in Chapter 6 of Publication 519 (2016), U.S. Tax Guide for Aliens. A person who resides the entire year in the United States in H-1B status may not use Form 1040NR, and is required to pay US income tax on his or her worldwide income, excepting only that income which is subject to protection under a tax treaty.See Publication 519 (2016), U.S. Tax Guide for Aliens for more information. The use of a tax professional, especially in the first and last year of H-1B status, is highly recommended as completing a dual-status return correctly is exceedingly challenging.
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What is 40 out of 70 written as a fraction in simplest form with the work on how to solve it?
What is 40 out of 70 written as a fraction in simplest form with the work on how to solve it?[math]\frac {40}{70} = \frac{4 \times 10}{7 \times 10} = \frac {4}{7}[/math]I sincerely hope that you don’t need someone to explain the simple multiplication/division used above; it is bad enough having to explain simple fractions, something that in my day we were taught when we were 9!If you want this answer expressed in decimal format, that’s easy, it it0.571428571428571428……. (the sequence 571428 repeats infinitely)[math]0.\overline{571428}[/math]It is a simple long-division exercise to produce this decimal format for the fraction.
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When filling out form I-864 for a Fiance(e) Visa, what is the difference between doing (1) co-sponsorship and (2) including a house member in co-payment of the minimum financial requirement (i.e., attaching the form I-864a to I-864)?
You don't do I-864 for a fiance visa. You do an I-134.
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How likely is it for me to get accepted into Cal State University in the East Bay MBA program with a low GRE and a GPA of 2.88 out of 4? Would writing a very strong personal statement make any difference to my application as a whole?
A2A. Which MBA program are you trying to go in? CSU East Bay has three MBA programs, see ACADEMIC & DEGREE PROGRAMS.As to your question, no, SOP and LORs will not make up for a low GRE and GPA. I suggest you do:You should have taken the GMAT as many time as needed to get a good score.You can makeup your low GPA by taking courses at a community college or university.See Frequently Asked Questions.
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Would there be a problem if I fill out the section of the UK visitor's visa application for my kids and wife the same as mine where it asks “how much is the cost of the trip personally to you?” because I am sponsoring the trips?
No, it would not be a problem. Yes, you may fill in the exact details. For instance, if the cost of the trip is GBP 5,000/- in your application then you go on putting GBP 5,000/- in your wife’s and kids’ application form as well. The important thing is to establish the genuineness of intentions for getting the standard visitor visa UK.
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If a black person has Dominican and Italian in their bloodline, why is it when we fill out forms we are only allowed to put black or African American, as if only the African side of our heritage matters? Why can't we put multiracial or something?
You can fill whatever you want on those forms. Although in this case, I’m surprised there aren’t options for multiracial.The reason you might be pressured to only put African American is thatA) Racial distinctions are largely social/political and ignore genetics. Which makes any research into differences between racial groups a bit…meaningless. At best, they point to culture (rather than genetic) differences, but at worst it promotes the use of pseudoscience to drive actual public policy. Someone who doesn’t understand the difference between phenotype and genotype may think that race or ethnicity is generally only revealed by skin color. And remember, once upon a time, Italians in the US weren’t considered white. Even in Italy, the saying “south of Rome, Africa begins” is used to call out a perceived white/non-white distinction as northern Italians have more Germanic ethnic ties while southern Italians and Sicilians have more ethnic heritage from across the Mediterranean.B) In American history, there was something called the “one drop” rule that was used during the era of slavery and through Jim Crow to determine whether someone was black. Blackness was viewed akin to a curse or disease. So even one black relative on your family tree was enough to make you black. Oddly, that didn’t apply to whiteness.The Spanish conquistadors had a similar, but more complex system for classifying people based on their non-whiteness. But in their system, a bloodline could become more white (and therefore move up the social racial hierarchy) over generations if women in successive generations had children by white men.
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What is a personal history statement?
A personal history statement is a document that outlines an individual's background, experiences, and motivations. It's commonly used in applications for educational programs, scholarships, and job opportunities. By using airSlate SignNow, you can easily create, send, and eSign your personal history statement securely.
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Yes, airSlate SignNow allows multiple users to collaborate on your personal history statement in real-time. You can share the document with peers, mentors, or advisors for feedback and edits before finalizing it. This collaboration feature enhances the quality of your personal history statement.
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Absolutely! airSlate SignNow employs top-notch security protocols to protect your personal history statement and other documents. With encryption and secure access controls, your sensitive information remains safe throughout the eSigning process. Trust in our platform to keep your documents confidential.
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airSlate SignNow seamlessly integrates with various applications, enhancing how you manage your personal history statement. Whether you use Google Workspace, Microsoft Office, or CRM systems, integration allows for easy document access and enhanced workflow. This flexibility can streamline your application process.
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