Will the transfer of shares in my friend's S-Corporation affect the Limousine License (License Plates to operate a Limousine in the City of Chicago, IL), especially if I will operate the Limousine myself and I do have a Chauffeur License? Is it possible for the License to be cancelled because of the Shares Transfer?

October 21st, 2024

If my friend sells me his company today, which is an S-Corporation, by selling me his 100% shares/stock, can both of us file Business Tax Returns for the same company for 2016, each for the period of time we were the owner of the company? Specifically, can my friend file Corporation Tax Returns from January 1, 2016, until today, March 6, 2016, and I can file Corporation Tax Returns from March 6 until the end of the year? Is it possible to file two returns for the same corporation, for the same year, but different periods of the year?

August 21st, 2023

I live in Florida and am moving to Hawaii. I have recently bought a home in Hawaii and have it rented out. Will this affect my taxes this year, and what do I need to report on my tax return?

February 7th, 2024

I made an indirect rollover by transferring funds from a standard IRA to my personal account and then immediately to another standard IRA. The 1099-R shows only the distribution, which is now part of my income. I have Form 5498 with the rollover contribution, but how does this reflect on my tax return?

June 21st, 2023

I have several 1099-DIVs that contain both ordinary and qualified dividends. Are the qualified dividends separate and distinct from the ordinary dividends, or are they a subgroup of the ordinary dividends? I ask because I have one 1099-DIV that shows both ordinary and qualified dividends with equal amounts (i.e., $1,041.13). This seems too much of a coincidence.

October 2nd, 2024