2 ms·
Stupid question, but bear with me: have you filed your taxes correctly now? There are CPAs and there are CPAs. If you don't have someone wise in the ways of n
by patio11 12y ago
Stupid question, but bear with me: have you filed your taxes correctly now? There are CPAs and there are CPAs. If you don't have someone wise in the ways of net commerce, find someone who is to give you a second opinion. Mine consistently finds me a tens of thousands of dollars every year versus equally valid but less advantageous ways of filing a return with the same underlying economic facts. (e.g. I've used the Foreign Earned Income Exclusion since forever, but when I have a good year, taking the foreign tax credit and some provisions of the US/Japan tax treaty is more advantageous, even though that means I can't take the FEIE. This saved me low five figures one year.)
Knowing what I know about affiliates, it's at least possible on the outside that you might not have had the world's most businesslike records. Can you reconstruct better records, at least for the major expenses for the business? If so, you can have your CPA file amended returns. You'll still be looking at principal and interest for your taxes but it's in your interests to pay principal of $80k and interest versus principal of $100k and interest.