We have an S corp with one stockholder wanting to sell his 45% share to the other two stockholders. The business is valued at $850,000 and has no assets beyond professional consulting services in computer software development. How should this transaction be accounted for in terms of goodwill or otherwise, and what are the tax implications for both the buyer and the seller, as well as for the corporation?

September 30th, 2024

My TurboTax is not accepting credit for a 2019 Hyundai Ioniq EV sedan purchased in 2018. Is there a credit available, and why is TurboTax not accepting it?

August 14th, 2023

Can an individual making between 20 and 30 thousand dollars a year get any credit reducing his taxable income for the child support he pays?

December 15th, 2024

My husband and I have used the same CPA firm for over five years, but recently received letters from the IRS stating we owe almost $41,000 for the tax year ending Dec 31, 2017. The CPA assured us the issue was resolved, but we've received multiple follow-up letters. Now, the CPA is asking us to sign a form 2848 to speak to the IRS on our behalf. Since this CPA has done our taxes for years, does he really need us to sign a form 2848? And is it within my rights to call the IRS directly?

January 21st, 2024

If my ex-partner claims our child on her tax return, can I still claim the head of household (HOH) status and the earned income tax credit (EIC)?

June 17th, 2024