A Texas Limited Partnership with royalty interest in oil and gas is registered in CA. All but one of the partners is a CA resident. Is all of the income reported as CA income or on the CA Franchise tax return, or is it all Other than CA income? The non-resident has no withholding requirement since it is not CA source income. Instructions say you must file a CA return for the LP because it is registered in CA.

October 5th, 2023

Owner of a residential rental property incurred a $8000 expense for painting the building exterior. Is this just a repair expense or an improvement?

November 9th, 2023

I'm receiving a settlement check for back wages of $166,000, and they are deducting $63,369.52 in taxes. I want to reduce the tax taken out by 10-20k today because I know I have legal fees that will cover the difference when I file my 2017 taxes. How can I achieve this?

March 2nd, 2024

A client received a W-2 where line 1 and line 11 were filled out. Line 11 is for nonqualified plans. Is this treated as a W-2, and is the amount reported excluded from income on the NYS return subject to $20,000? Additionally, the client also received an RRB 1099-R with line 4 filled out. How should these be reported and are they also subject to the $20,000 exclusion?

May 27th, 2024

My mother passed away on February 3. She had no will and her only property is a home with an $87,000 mortgage and a sale value of no more than $107,000. I am in Minnesota and she has no other debt. How do I go about settling her estate, and how should I approach the bank regarding the mortgage?

February 4th, 2024