asked
How do I go about getting a lock-in letter removed after receiving a notice from the IRS stating I have not been paying enough taxes and was having to make payment arrangements with the IRS to pay additional taxes? I have contacted the IRS about the lock-in letter and indicated that even though I'm claiming married zero, I was also paying additional taxes of $250 taken out.
May 9th, 2024
I sold some commodities and was paid double. Do I have to pay it back, and what are the tax implications if I do or do not pay it back within the same tax year?
April 18th, 2024
I need to start a new company file for a client who has customer retainer balances. What is the offsetting account to accomplish this? I know I need to credit retainer liability, but what do I debit? Originally, it was debited to cash, but I can't debit cash again because it's on a closed period and that will throw off my bank reconciliation.
December 3rd, 2024
I exercised Stock Options in 2005 and had the appropriate Federal tax withheld from the proceeds of the sale. I have a nagging doubt that I incorrectly prepared my 2005 Federal Return, causing a payment rather than a refund for the first time as a taxpayer. Do I need to account for these taxes already paid in some part of my 2005 Federal return?
March 28th, 2024
I own 10% of an LLC that is selling an asset and liquidating. The LLC has been in existence for 2 years, but my holding period is just 6 months. Is my portion taxed as personal income or capital gains, and is there a way to structure the deal to be taxed at the capital gains rate?
September 3rd, 2024
What is the tax treatment for a shareholder who is also a lender to a bankrupt corporation? Specifically, how is the worthless stock treated (capital or ordinary) and how is the bad debt treated (capital or ordinary)? Are there related party issues that affect the tax treatment?
April 1st, 2024