Close friend from outside the U.S asked me if I can use my account to receive money for his online payments. How much % should I charge him?

I have established off-shore development relationships with individuals and firms in India, Ukraine, Belarus, Russia and Korea going back to 1996. You might find it a lot smoother to have them work through an established firm in India that is already set up with all appropriate licenses, tax-reporting, payment systems, and so on. It can be tricky enough to communicate the software requirements and other specifics of your project without you and them also learning and implementing processes to respect domestic and foreign regulations. If you'd like more information, feel free to set up a call.

1. What kind of industry should I consider so that I can get easy traffic in a very, very short amount of time, considering the fact that my only objective is to reach $2000 monthly. Health/wellness/nutrition/fitness are usually quick, high-interest industries. Definitely high-competition, though. Saturated market already. 2. What could be the most efficient way to get traffic in this case Efficient? Buy it from Adwords. COST efficient? Organic/SEO. But organic takes time and lots of energy in content production and promotion. 3. Should I use Wordpress blog or design my website from scratch (any other suggestions?) I prefer WordPress for nearly everything. Unless you have some specific reason not to, I recommend choosing WordPress. 4. Is there another easy way to get money for my website apart from Google adsense? Yes, definitely. Adsense is actually a VERY low payout method of monetizing traffic. Look into CPA marketing, or cost-per-acquisition. Affiliate marketing sites are also good options. Both take time and effort, however. $2k/mo in web traffic revenue is a lot for solo publishers. That's an ambitious goal. Chase it, definitely. But think outside the box a bit. Adsense won't get you to $2k/mo anytime soon. If there were (legitimate) get-rich-quick schemes lying around on the web, we'd all be doing them!

First I'm lot a tax attorney or even know anything about Malaysian tax law. I'm however a person that has moved around a lot and have encounter this situation before. You will must likely have to declare your US income in your home country. However some local tax laws allow for a deduction of foreign tax paid at source. I have not found a US tax treaty between US and Malysia but you should contact a local tax attorney or the tax agency there and ask if they allow deductions or exemptions for foreign tax paid at source. If they do, you would declare your income and deduct the amount of tax already paid to the US. You may or may not still be liable for additional tax on that income. Again it depends on local tax rates and policies. It's never a good idea to hide income from your tax agency though.

Yes you should be reporting the capital contributions. Under the old Form 5472 rules, it's true that only items that impacted taxable income would be reportable transactions. So, a capital contribution by you to the corporation would not be reportable, unless the equity contribution was somehow below or above a fair value contribution in exchange for services that you might provide for the corporation - essentially an imputed reportable transactions. When the IRS changed the Form 5472 rules to require non-U.S. owned single member LLC's, they expanded the reportable transaction definition to include virtually everything. The term “transaction” is defined in Treas. Regs. Section 1.482-1(i)(7) to include any sale, assignment, lease, license, loan, advance, contribution or other transfer of any interest in or a right to use any property or money, as well as the performance of any services for the benefit of, or on behalf of, another taxpayer. So, for example, contributions and distributions would be considered reportable transactions with respect to such entities. These amounts can be reported on Lines 12 and 25 with an explanatory footnote that clarities the amounts are capital contributions and not amounts that impact taxable income.

The income should be reported by the individual or business that provided the service and earned the income. If the 1099 is in your name, you could ask the issuing Company to change to the S-Corp if that is who earned the income. In the future, have a written agreement between your S-Corp and the Company you are providing service. Also, provide them with a Form W9, so they know where to report the 1099 income at year end.