I am a self-employed massage therapist who has been living off a divorce settlement for the past two years. I am now considering buying a home but need tax returns to qualify for a mortgage. Should I file taxes on money I don't owe just to get the paperwork needed for a mortgage, or should I continue renting and file taxes on future income?

December 29th, 2023

I was audited by the IRS for tax years 2012, 2013, and 2014 and did not attend the audit meeting due to lack of documentation. The IRS assessed additional taxes, penalties, and interest totaling over $65,000 for all three years. I discovered a missing 1099 in the IRS transcripts for those years. Can I amend my tax returns to claim less gross income based on this missing 1099, and if the IRS does not agree with the amended return, what are the consequences?

November 14th, 2024

I'm recovering from a gambling addiction and owe the IRS $12k in October and $37k next April. I don't want to file for bankruptcy because I have a business loan secured by property. I'm considering a $500 monthly payment plan starting in October, increasing to $1k a month from April. Will the IRS accept this, and do I need to pay down to $25k to qualify for an installment agreement?

March 5th, 2023

If an individual is the sole shareholder of two C corporations (Company A & Company B) and then contributes his shares in Company B to Company A, making Company B a 100% subsidiary of Company A, with no cash or added stock received in exchange, does this qualify as a tax-free exchange, and is there an issue with respect to Section 382?

September 25th, 2024

How does income reported on Form 1040, line 21, affect Social Security benefits for a person aged between 62 and 66, and is this income subject to self-employment tax?

March 28th, 2023