AboutMike Wellman Expertise I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size. I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All others will be referred to the question pool.
Experience Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications New York Times, Wall Street Journal, You Money Magazine
Education/Credentials BBA, Baylor University.
Awards and Honors My website http://www.IRSOS.com won the Knowledgeweb award for educational excellence for content.
Expert: Mike Wellman Date: 10/18/2007 Subject: Just starting selling CD's
Question My partner and I are just about to release our first CD. It will be available on the web as well as us just selling it by hand.
We have not figured out however, all that we need to do as far as taxes for this. When we join ASCAP, we will be joining as writers and publisher. The publisher part requires a business name. So if we do this as a sole-proprietor, what do we need to do from a IRS standpoint? We are totally in the dark on this part of the business.
Answer Since you are partners, you cannot be a sole proprietor. You are a partnership. You need to get an Employer ID number using Form SS-4. You should have a partnership agreement. You will file a partnership return - Form 1065.
If you are serious about this business, you need to talk to a tax professional to help you get started on the right track.
