I have a K-1 with Box 11 Code F showing net Section 475 income of $28,000. I am trying to determine if this should be classified as a short-term capital gain (since she is not a trader) or as ordinary income.

February 24th, 2023

If $10,000 is given to a partnership as a gift in 2016, is the money taxable to the partnership?

January 29th, 2024

What are the tax implications and rules for buying vs leasing a company car for an employee, and which option is better? Additionally, what are the tax implications for providing a company car vs giving a car allowance?

April 8th, 2023

Does New Jersey offer first-time abatement of late filing penalties for a late-filed New Jersey Sales Tax return, given that the client was misinformed by her previous tax preparer and did not have the funds to pay the sales tax at the time of filing?

July 8th, 2024

For my 2015 tax return, I have several issues: 1) I can't find my W-2 forms, but I entered the data into TurboTax in April. Do I still need the forms? One employer may be defunct. 2) My extension request was rejected by TurboTax in April because I didn't have my IRS PIN, and I owed a refund. Will there be a penalty? 3) I have college loan repayments with the amounts, but not the 1098 form. Do I need the form?

January 25th, 2023