My wife and I are receiving a gift of $100,000 from my father-in-law, a foreign national residing in a foreign country, from the sale of foreign property. Is this amount taxable? Do I need to report anything? What records do I need to keep? What is the best way to receive this money: check deposited in the US or deposit into a foreign bank account under my wife's control and then a wire transfer to our joint US account?

August 29th, 2023

My husband established an S-corp for his business in January 2012 but continued to operate out of his sole-proprietorship bank account until April when he set up a corporate account. His letterhead and other business info were updated in January to reflect the corporation. Should the income deposited into the sole-proprietorship account after the S-corp was established be reported on his Schedule C or on the 1120S?

June 28th, 2024

I currently owe about $6500 on my taxes for 2012. If I contribute $6500 to a SEP IRA before April 15th, how much will my tax debt come down?

August 3rd, 2023

TurboTax will not accept my self-generated EIN number, preventing me from e-filing my tax returns. What should I do?

December 1st, 2023

Where does Canadian Tax paid go in a K-1, and how does it affect my return?

January 28th, 2023