If you are a partner in a partnership and the business is sold, and after disbursing all the funds left over you still have a balance in your capital account, is that a capital loss? If so, how is that reported on Form 1040?

November 8th, 2024

As a trustee of a revocable trust, I received approximately $1500 from a deceased's retirement fund in 2017 and distributed it to beneficiaries. The trust also sold a condo in 2018, which was inherited in 2017, and distributed the proceeds. What is taxable for 2017 and 2018, and who pays the taxes—the beneficiaries or the trust?

March 27th, 2024

We have a small farm and have previously itemized deductions and filed Schedule F. This year, it would be more advantageous for us to take the standard deduction instead of itemizing. Can we do that?

May 18th, 2024

My small business filed amended W2s for our employees and there are taxes due on them. Since our vendors are not paying us, can I get ADP to file a request to the IRS for a payment plan, or do I have to do that myself? Additionally, I need to file a 941x along with corrected W2s for the 4th quarter of 2017. Where do I start?

April 26th, 2023

I withdrew money from my 401k and used it as a deposit on my primary residence. Are any early withdrawal penalties waived for that purpose?

October 27th, 2024