asked
I have many clients with over $10 million equity in commercial real estate, generating more than $500,000 annual rental passive income. I want to set up a retirement plan (like a Defined Benefit Plan) after converting some of the passive income into earned income by issuing W-2s or Form 1099. What are the implications of IRS tax laws on this matter? Clients usually have not paid any compensation for management services in prior years and typically withdrew funds from real estate LLCs. What will be the proper level of management services as owners?
April 17th, 2024
I would like to claim my Earned Income Credit for tax years 2017 and 2018. I previously filed my tax returns using an ITIN, but now I have a Social Security number. How do I claim that credit?
April 27th, 2024
Do I need to file a return for a dissolved company that sold a rental property, and how should I report the income and deductions related to the sale?
May 25th, 2024
I claimed the Earned Income Tax Credit (EIC) for the year 2017 using Form 1040-X and was denied because my credit is not retroactive according to the letter from the IRS. What are the requirements for claiming the EIC, and why was my claim denied?
February 19th, 2023
I am starting a new job and need to file my W-4. I lost my husband in March of 2023 but did not file his final return or mine last year. I am not sure whether I should file as married/filing jointly; qualifying surviving spouse; or head of household. We have 1 daughter for whom I am the only caretaker for. What should I file as on my W-4 and my tax return for 2023, and what should I file as in the following years (2024 and 2025)?
August 6th, 2024
If a taxpayer sold a home in 2016 but did not report this transaction on their 1040, and the IRS has now received a 1099-S and is assessing tax based on the total sales price, is a 1040X required to address this issue, or can a Schedule D and Form 8949 be submitted to the IRS? Since the resulting capital gain is below the exemption amount, what is the purpose of the 1040X in this scenario?
March 25th, 2024