What is the name of your state?md
I have looked at Pub 529 https://www.irs.gov/publications/p529 i would like to make sure I'm understanding this correctly..
A family member is needing financial help expected to last for 2+ years..
1) can a small company pay for monthly car insurance, vacations (if a company CC is used for any part of the vacation is it considered a company function which does not allow for non employees) and write them off as exemptions? what is the penalty?
2) if a monetary gift over the 14,000 limit was given and not reported to the IRS what is the penalty of that?
3) What is the penalty IF this "income" is not reported as income on taxes??
4) Can a tag of "personal loan" be used to get around the regular monthly income?
Thank you in advice..
I have looked at Pub 529 https://www.irs.gov/publications/p529 i would like to make sure I'm understanding this correctly..
A family member is needing financial help expected to last for 2+ years..
1) can a small company pay for monthly car insurance, vacations (if a company CC is used for any part of the vacation is it considered a company function which does not allow for non employees) and write them off as exemptions? what is the penalty?
2) if a monetary gift over the 14,000 limit was given and not reported to the IRS what is the penalty of that?
3) What is the penalty IF this "income" is not reported as income on taxes??
4) Can a tag of "personal loan" be used to get around the regular monthly income?
Thank you in advice..
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