One thing to watch out for with BC PST - if you're providing digital products or services, the rules can be different than for physical goods. I learned this the hard way last year. For digital services sold to BC customers, you generally need to charge PST. But the same digital service sold to customers outside BC (including US) is PST-exempt. Check out the BC gov website's bulletin PST 107 for the specific rules on telecommunications services which includes digital products. Don't make the same mistake I did and assume digital = exempt!

Quick heads up for anyone with BC small businesses - make sure you're also keeping track of where YOUR suppliers are located. If you're buying stuff from other provinces or internationally, different input tax rules apply. For example, I was buying software from an Ontario company and they were charging me HST, which affects how I claim input tax credits compared to GST. And when I buy from US suppliers, there's no GST/HST charged but I might pay duties or import taxes depending on what I'm buying. Tracking this stuff from day one saves massive headaches at tax time!!

Just a heads up on the Mach-E purchase - make sure you're tracking ALL your business mileage starting day one. I made the mistake of being casual about it when I first got my vehicle for my real estate business, and it caused me headaches at tax time. I recommend getting a mileage tracking app that automatically logs your trips. You'll need to categorize each trip as business or personal. For realtors, business mileage includes driving to showings, open houses, meeting clients, checking on properties, etc. Also, keep all documentation from the purchase - especially anything showing the vehicle's eligibility for the EV credit. The IRS has been known to question these claims.

One thing nobody has mentioned yet - if you're buying the vehicle in December, make sure it's actually placed in service before year-end if you want the deductions for this tax year. "Placed in service" means actually using it for business purposes, not just purchasing it. Also, take photos of your odometer when you first get the vehicle and whenever you use it for business in those first few weeks. This documentation can be super helpful if questions come up later.

You're absolutely making the right decision by not getting involved in this situation. As someone who's seen similar scenarios play out, I can tell you that "bank account issues" is often code for more serious financial problems that you definitely don't want to inherit. Beyond all the excellent points about tax complications and bank policies that others have raised, there's another angle to consider: if your sister's inheritance gets mixed up with your finances in any way, it could potentially complicate things for both of you down the line. Inheritance money sometimes gets scrutinized during divorces, bankruptcy proceedings, or other legal situations. The cleanest approach is always to keep financial transactions separate and transparent. Your sister received the inheritance, so she should be the one to deposit it. If her current bank won't work with her, literally any other bank will open an account for someone with a $25,000 deposit to make. You're being a good sister by wanting to help, but sometimes the best help is steering someone toward handling their financial affairs properly rather than taking shortcuts that could cause bigger problems later.

As someone who's been through estate administration, I want to echo what others have said about your sister handling this herself. There's really no legitimate reason she can't deposit or cash an inheritance check made out to her name. Most inheritance checks come from estate attorneys or financial institutions, and these can typically be cashed at the issuing bank even without an account. Yes, there will be fees, but that's much simpler than creating potential tax complications for both of you. The "bank account issues" explanation is concerning. Even if her account is overdrawn or frozen, she could open a new account at a different bank with proper ID and the inheritance documentation. Banks are generally very willing to work with people who have legitimate inheritance funds to deposit. I'd also suggest she contact the estate attorney or executor who issued the check if she's having trouble. They deal with these situations regularly and can provide guidance on the proper way to handle the funds. Don't put yourself at risk trying to solve her banking problems - this needs to be handled through proper channels.

Has anyone here dealt with this situation where one of the partners is an S-Corp specifically? I'm concerned about the timing since S-Corps have different filing deadlines than partnerships.

One thing I'd add that hasn't been fully addressed - make sure you understand the potential for imputed underpayment assessments under BBA rules. Even though partnerships are pass-through entities, the IRS can assess and collect penalties at the partnership level for certain adjustments. When you file the 1065-X as your AAR, the IRS will review it and may propose an imputed underpayment based on the highest individual tax rate plus Net Investment Income Tax. The partnership can then make a "push out" election to have the adjustment flow through to the partners instead of being assessed at the partnership level. Given that you're dealing with an S-Corp partner, this could be particularly relevant since the ultimate shareholders might be in lower tax brackets than what the IRS would use for the imputed underpayment calculation. You'll want to consider whether to make the push-out election when filing the AAR or wait to see if the IRS proposes an assessment. Also, since you mentioned both partners agree on the correction, document that agreement well. It'll be helpful if the IRS has any questions about the adjustment during their review process.

I waited until February 15th last year before filing because my PayPal 1099K came super late despite the January 31 deadline. Some companies just don't meet the deadline and there's basically no consequence for them. So frustrating!

Based on everything discussed here, it sounds like you're in good shape to file now without waiting. Since you made $780 through PayPal, you're well under the $5,000 threshold for 2024, so PayPal isn't required to send you a 1099-K anyway. The fact that you've already included all your PayPal income on Schedule C is exactly what you should be doing. You're legally required to report all income regardless of whether you receive tax forms for it, and it sounds like you've got detailed records which is the most important thing. I'd recommend going ahead and filing rather than waiting. If by some chance you did receive a 1099-K later (which seems unlikely given the threshold), it wouldn't create a problem since you've already reported more income than what would be on the form. The IRS is looking at your total reported income, not trying to match every individual transaction to a form. Getting your refund processed sooner is definitely a nice bonus for being organized with your record-keeping!