I'm 39 years old and have three active 401(k) accounts, one of which has been active since 2015. I want to use the funds from my 401(k) as a down payment for a home. What are the tax implications and penalties, and is there a way to avoid or minimize them?

April 4th, 2024

My elderly father sold me the family house 5 years ago for $1, and I am now selling it for $750,000. My father did not file a gift tax return at the time, and I am unsure about the tax implications. I have lived in the house since the sale and am filing a single return. What are the tax implications of this sale, and is there any way to retroactively treat the transaction as a gift?

March 19th, 2024

A taxpayer's entity, which has been filing as a C Corp since 2014, recently had their election to be an S Corp approved by the IRS with an effective date of February 5, 2022. The IRS is holding the sole partner responsible for the 2014 and 2015 tax liabilities. Can the IRS assess these amounts at this point, and if the entity has suffered losses since those initial profitable years, could those losses negate any tax liability?

February 7th, 2023

How can I pay over the phone a penalty I have incurred for filing my 2019 taxes late? Also, can you tell me how much that penalty is? I have lost my copy of the bill showing the penalty amount. My SS number is ###-##-####. I had reasonable cause for filing late due to hardship (illness).

May 19th, 2023

How do I qualify for the extra money that is being sent out to people as a stimulus check? I am 59 years old, have no minor dependents, and do not file anything with the IRS because I am disabled and on social security disability insurance.

March 21st, 2024