asked
I am an EA and have a client who I submitted an OIC for, which was totally approvable. The client then received an inheritance and paid off all his credit card debt and his car. The IRS asked for more data for the OIC, and I found out about the inheritance. The inheritance is largely gone, and the client cannot drive Uber due to a back injury. What is my best approach? Do I tell the IRS he paid off all his debts and has nothing left? Or do I withdraw the OIC? With what he has now, he probably is CNC or OIC eligible, except for the car which he was using for business. What are the consequences of withdrawing OIC? Can he simply re-apply?
April 21st, 2023
My sister passed away and she was the trustee of my deceased father's Trust. I am now the successor trustee of both her trust and my father's trust, and I am the only beneficiary of her trust. I filed federal tax returns for both Trusts, but am not sure where to file the state tax return. Both my sister and father were residents of Florida, where both trusts were formed, but I am a resident of North Carolina. What should I do?
October 7th, 2023
In California, if I use dividend and interest income from stocks and bonds, which were given to me by my parents, for community purposes with my wife, does that mean these assets become community property?
July 17th, 2024
I separated from my husband in March 2016 but did not divorce him due to my religious beliefs. We filed our taxes separately for 2016, and I filed as single. Did I do something illegal, and could this affect my financial aid?
February 2nd, 2023
I am semi-retired, sold a rental property I had for 3 years, and have a capital gain of about $60K. I am single, no dependents, and will have about $30K in 1099 income this year. Will I owe 15% tax liability on this gain, or because I have only $30K in contract income, will I have no tax liability on the proceeds? I live in Texas. Is there anything else important the accountant should know?
December 7th, 2024
I am a senior citizen in California who has received a new franchise tax board bill of $8,000 as a result of settling an Offer & Compromise with the IRS for the 2013 tax year. How do I protest this bill, and what are my options for dealing with the collection procedures?
October 22nd, 2024