My client is a multi-member LLC (2-member partnership) electing to be taxed as an SCorp on 1/1/21. The liabilities are greater than the assets being transferred. It appears my client(s) is going to have a taxable gain on the transfer. Is this gain reported on the 2020 1065 (K-1)?

February 7th, 2024

Do I have to file my taxes to get a stimulus check if I am 49 years old, live on Social Security, and receive a little over $800 a month?

May 23rd, 2024

I need to get my PIN from the IRS, but their application wouldn't accept my new email. It tells me that's the wrong email.

October 21st, 2023

I have been learning and trading in the stock market for a year but did not know about the wash sale rule. My brokerage is TD Ameritrade, and when I received my last year's transactions document, it shows a wash sale loss disallowed quantity of $100,000. However, my gain loss quantity is $20,000. How much tax will I pay in this situation?

May 6th, 2023

I was late filing my 2019 tax return. Is this why I have not received my stimulus payment? The IRS said they don't know so far. I am 89 years old, located in Moroe Township, N.J., and have one dependent, my wife of 65 years. My typical filing status is married filing jointly, and my income is about $76,000. I paid all my taxes, but I was late filing.

March 17th, 2024