I claimed the Earned Income Tax Credit (EIC) for the year 2017 using Form 1040-X and was denied because my credit is not retroactive according to the letter from the IRS. What are the requirements for claiming the EIC, and why was my claim denied?

February 19th, 2023

I am starting a new job and need to file my W-4. I lost my husband in March of 2023 but did not file his final return or mine last year. I am not sure whether I should file as married/filing jointly; qualifying surviving spouse; or head of household. We have 1 daughter for whom I am the only caretaker for. What should I file as on my W-4 and my tax return for 2023, and what should I file as in the following years (2024 and 2025)?

August 6th, 2024

If a taxpayer sold a home in 2016 but did not report this transaction on their 1040, and the IRS has now received a 1099-S and is assessing tax based on the total sales price, is a 1040X required to address this issue, or can a Schedule D and Form 8949 be submitted to the IRS? Since the resulting capital gain is below the exemption amount, what is the purpose of the 1040X in this scenario?

March 25th, 2024

I'm working on dividing assets within estate planning. Need a call from an accounting professional.

May 25th, 2023

A taxpayer has several rental properties, some listed as installment sales, some as straight rentals, and others as 'Rent to Own'. How should the 'Rent to Own' properties be treated for tax purposes: as rentals or as installment sales? Are there specific terms in the agreements that indicate the appropriate classification?

August 23rd, 2024