A client received $10,000 to vacate his rental apartment to avoid eviction proceedings. Is this taxable income, and if so, how should it be reported? Additionally, how should $2,500 paid to an attorney for making the settlement be treated for tax purposes?

July 13th, 2024

I filed an estimated tax payment with the wrong voucher date. The voucher was for January 2019. Who or what do I do?

November 21st, 2023

If a C-corporation has bank debt cancelled, which was guaranteed by the shareholder, is there cancellation of debt income to the shareholder or does it stay with the corporation?

January 1st, 2024

Can I qualify for a Section 1031 exchange if I sell my S Corp's business property in CA in April 2018 and use the cash for other business purposes, then buy a business property in TX in May 2018 using an SBA loan? Additionally, can I buy the TX property under my personal name instead of the S Corp's name, and how should I declare the Section 1031 exchange for tax benefits?

November 15th, 2023

Is there a penalty for overpayment of taxes, how far back does the IRS go to collect back taxes, and will the IRS send a refund check if you overpay your taxes?

March 29th, 2023