Can the EDD hold my granddaughter, who was initially listed as an officer but resigned before the business failed and tax withholding issues arose, jointly responsible for the outstanding taxes with me?

August 27th, 2024

I purchased a laundromat for $250,000, sold it for $200,000 after holding it for two years, resulting in a loss. The sale included fixed assets, inventory, goodwill, and restrictive covenants. How should the loss be treated on my 1040 return, and what should I do with the restrictive covenants?

January 31st, 2023

My S Corp has gone out of business but I still need to file my 2012 return and can't afford to hire an accountant. I plan to use Turbo Tax for Business and have an MBA degree with accounting experience. I have used the accrual method of accounting but my accountant has converted my data to cash accounting to minimize my tax burden. Do I need to adjust the balance sheet when converting to cash accounting, and if so, how should I do it?

December 18th, 2024

Our daughter helps us out by doing some cleaning around our house. I return by giving a little cash weekly. Does this create any tax obligations?

March 20th, 2024

What happens if we never paid any amount to maintain the corporation? What should I do now? How much do I need to pay and to where?

April 3rd, 2023