asked
I am a physician in Michigan who received a recruitment loan from a hospital during my medical school years, with a promissory note requiring me to work for them for a certain number of years after graduation. The hospital did not tax the loan at the time, but now, after I have worked there for over a year, they are treating the loan as income, adding it to my paycheck, and taxing me at my current high tax bracket. They are also charging me interest on the loan, which they are adding to the principal, and then taxing that total amount. I believe this should be treated as a bonus and taxed at 25%, not my current tax bracket. Is this legal, and what should I do?
January 15th, 2023
I am selling property abroad and repatriating the money to the United States. What kind of tax will I have to pay and what percentage?
March 7th, 2024
After agreeing to the IRS auditor's decision and closing the audit, can you request for an appeal?
April 12th, 2024
I bought my home in June 2003 and began renting it in February 2011 after a job relocation. Rental stopped on February 28, 2014, and it was sold shortly thereafter (closed in April 2014). Do I have to pay capital gains?
September 21st, 2024
Do personal guarantees on bank debt count as basis for an S-Corp client with a loss beyond their capital basis?
May 5th, 2023
I have $16,000 in a 401k account, am 68 years old, and want to take some money. I need to pay taxes on that. I am unsure about withholding taxes and my only income is from Social Security. Should I withhold taxes on my 401k distribution, and if so, how much?
July 25th, 2024