Just to add another perspective - if you're planning those home repairs around your bonus, remember to factor in not just the withholding but also any state taxes if you're in a state with income tax. Some states follow the federal 22% flat rate for bonuses, but others use different methods. Also, if your bonus pushes you into a higher tax bracket for the year, that portion will be taxed at the higher rate when you file (though only the amount over the bracket threshold, not your entire income). It's worth running some quick calculations or using a tax calculator to estimate your actual take-home before committing to big expenses!

One thing that helped me understand this better was looking at my year-end W-2. All your income - regular wages AND bonuses - just gets lumped together in Box 1 as total wages. The IRS doesn't even know which dollars came from bonuses versus regular pay when you file your return. It's all just "wages" to them. So yeah, like everyone else said, the higher withholding on bonuses is just the payroll system being overly cautious, but it all evens out at tax time. I actually prefer getting that "forced savings" from the higher withholding and then getting a bigger refund, but I know some people would rather have the cash flow throughout the year instead.

I made a mistake on this question last year. I own Coinbase stock and I checked "yes" thinking that counted as financial interest in digital assets. My return got flagged for review because my stock trading forms didn't show any crypto transactions. Had to call the IRS and explain I misunderstood the question. The agent told me that stocks in crypto companies DONT COUNT for this question. Only actual crypto counts. Just save yourself the headache and answer correctly. If you only own Coinbase stock, that's a NO on this question.

This is exactly the kind of confusion that trips up so many taxpayers! I went through the same worry last year. To add to what others have said - the IRS specifically defines "financial interest in a digital asset" as having direct ownership or control over cryptocurrency itself. Think of it this way: when you own Coinbase stock, you're a shareholder in a publicly traded company. You don't have any claim to the specific Bitcoin or Ethereum that Coinbase holds in their corporate treasury or customer accounts. It's the same as owning McDonald's stock - you don't own any Big Macs, just shares in the corporation. The 1040 question is really asking: "Did YOU personally buy, sell, receive, or otherwise deal with actual cryptocurrency?" If you've never directly owned Bitcoin, Ethereum, or any other crypto tokens, the answer is NO, regardless of what crypto-related stocks you might own. Your accountant gave you the right advice. Stock investments in crypto companies get reported through your normal investment forms (1099-B, Schedule D, etc.), not through the digital asset reporting requirements.

Don't forget about state partnership returns too! When you amend your federal 1065, you usually need to amend your state returns as well. Each state has different procedures though.

Just wanted to share my experience as someone who went through this exact situation last year. The key thing that saved me a lot of headaches was keeping detailed records of what changed and why. When I filed my 1065-X, I created a separate document that mapped out every line item change with explanations, even though the form has limited space for explanations. Also, make sure you send the amendment via certified mail with return receipt requested - this gives you proof of filing date and delivery. The IRS can take several months to process partnership amendments, so having that paper trail is crucial if any questions come up later. One more tip: if the changes on your amended K-1s are significant, consider sending a brief letter to your partners explaining what changed and whether they need to amend their individual returns. It helps maintain good relationships and avoids confusion down the road.

Could another option be contributing the property in exchange for a larger LLC interest? So instead of maintaining the 75/25 split, the mother receives additional LLC interest proportional to the property value, increasing her percentage ownership. Later on she could gift LLC interests gradually to her child using the annual gift tax exclusion ($16k/year for non-resident aliens).

As a non-resident alien myself who went through a similar property transfer, I'd strongly recommend getting a professional appraisal of the Florida property before proceeding with any option. The IRS will scrutinize the valuation heavily, especially for non-resident alien transactions. One approach that worked for my family was structuring it as a contribution to capital where your mother receives additional LLC interests proportional to the property value, then gradually gifts LLC interests back to you over several years using the annual exclusion. This spreads out any potential tax impact and gives you more control over timing. Also keep in mind that Florida has no state gift tax, but you'll still need to comply with federal requirements. Make sure to file Form 3520-A if the LLC is treated as a foreign trust for tax purposes, which can happen with certain ownership structures involving non-resident aliens. Document everything meticulously - the IRS pays extra attention to related-party transactions involving real estate and non-resident aliens. Consider having the LLC formally adopt a resolution authorizing the capital contribution and get independent valuations to support the transaction.

Don't forget to also look into whether you need to file Form 8938 (Statement of Specified Foreign Financial Assets) if the value of your foreign corporation ownership exceeds the reporting threshold. It's different from but complementary to Form 5471, and they have different threshold requirements.

I went through this exact same situation last year with my ownership in a UK subsidiary. One thing I learned that might help you - when you file your amended return with Form 5471, make sure to include a written statement explaining that this was an inadvertent omission and that you're filing the correction as soon as you became aware of the requirement. The IRS has a "reasonable cause" exception for penalties, and showing good faith by voluntarily correcting the mistake often helps. In my case, they waived the penalties entirely when I explained it was my first year with foreign ownership and I wasn't aware of the filing requirement. Also, double-check which category filer you are based on your 15% ownership. Category 2 filers have specific schedule requirements (like Schedule J for earnings and profits) that can be tricky to calculate correctly. The currency conversion requirements alone can be complex if the Canadian company keeps books in CAD. Don't wait too long to file the amendment - the sooner you get this corrected, the better it looks to the IRS.