My wife received an insurance company death benefit lump sum annuity check on 12/30/19 that was dated 12/17/19 and has yet to be cashed. Do we need to pay taxes for this on our 2019 tax return, and if so, how do we avoid an underpayment penalty since federal & state taxes were not deducted from it?

August 28th, 2024

Can a corporation deduct mortgage interest expense on Form 1120 for 2018, and if the corporation is on a cash basis, should the estimated federal taxes paid in 2018 be reported on Schedule M-1, line 2?

April 28th, 2023

I need to overnight documents to the IRS in Memphis, TN, but the address I have does not include a P.O. Box. The post office says they cannot overnight to an address without a P.O. Box. Do you know an alternative address or P.O. Box I can use for this purpose?

November 8th, 2023

I am about to purchase foreign currency, the Iraqi dinar, as an investment for a future revaluation. I plan to set up a trust or IRA-type account to hold it in. My question is whether the dinar needs to be purchased by/within the trust or account to minimize gains taxes when the currency revalues. Additionally, I am interested in the best way to minimize taxes over a period of time and the appropriate structure for managing and investing the proceeds from the dinar.

December 7th, 2023

How do you claim taking money from the principal of a trust account? Is it considered income, and how much in taxes would I have to pay for the 2019 tax year?

February 20th, 2024