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

I received a Schedule K-1 form for a trust after my father's passing, indicating $6,600 in net long-term capital gains. Do I have to pay taxes on this, and if so, at what rate?

March 23rd, 2023

My client took out $50,000 from her 401k to buy her first house. Will she still face the 10% penalty?

December 26th, 2024