asked
An individual on disability with low income is not required to file federal tax returns. However, he also operates a small business (sole proprietor, retail store) with very little income after expenses. Is he required to file federal tax returns because he operates this business? Or would he be exempt from filing if his total income (including the store's) fell below a certain amount? If he is required, can you please provide the law or IRS code that applies?
April 23rd, 2023
I owned an S corporation in Michigan that shut down and no longer exists in the state. I received a bill for taxes due from 2009, long after the corporation was closed. Taxes were paid at the time of the return, but the state said that after reviewing the return, there is a balance due. I had a tax firm complete the tax returns. The company is no longer in operation. As the sole officer, am I responsible for the state of Michigan tax debt?
February 6th, 2024
How do you report 401K contributions for partners on a K-1, and should these contributions be included on lines 19A as distribution and on line 13R (pension & IRA)?
November 10th, 2024
Where should I report the amount paid on the beneficiary's behalf from the principal on the beneficiary's K-1, and how should I indicate that it is not taxable to the beneficiary?
February 28th, 2023
I have a wholly owned California corporation that is no longer active but has funds. When I take distributions from this corporation in the form of dividends, are they qualified dividends or ordinary dividends?
August 24th, 2024
I need a CPA. What is your question?
May 21st, 2024