My mother died of mesothelioma and I am the executor of her estate. We receive settlements from companies that are mostly bankrupt but have left funds to resolve claims. Are these settlements taxable, and how do I enter them on form 1041?

May 16th, 2023

I did not file my corporate taxes for the last 3 years, resulting in my corporation being dissolved by proclamation in New York. The corporation was always inactive. What is the best course of action: filing the missing years or letting the corporation dissolve? Additionally, what are the potential personal liabilities and chances of reducing penalties if I file the missing returns, given that I was never in business?

April 12th, 2023

I am receiving $52,000 from a bank as reimbursement for a mistake they made in 2011, which led me to pay $63,000 to the IRS. Do I have to pay taxes again on this reimbursement?

June 1st, 2024

What are the proper forms to use for filing a federal tax return for a Florida Corporation that has been using Schedule C instead of filing as a C or Sub S corporation?

February 25th, 2024

I had taken a loan on my 401k at my prior employer. I plan on doing a rollover to my new employer's 401k. I don't have the total amount available to pay the loan back and my old employer's plan won't accept partial payment. That means that the whole outstanding loan amount will be taxable as a premature distribution. I have about half the money and can have the balance within 45 days. Is there a way to consider the distribution as a 60 day rollover and deposit the distribution amount via personal check and classify it as a 60 day rollover? If so, how do I do it to make sure it is accepted by IRS?

October 27th, 2023