I have a $45,000 Federal tax debt from 2002-2006 with a lien. I heard about the offer in compromise but am unclear if I qualify because I should have all of what I owe paid up to submit an offer. Do you have any advice or information that would make things clearer to me?

April 21st, 2024

I received a settlement check from JPMorgan Chase for SCRA violations related to my primary residence. Chase sent me a 1099-MISC reporting it as other income. I believe this payment should be treated as a gain on the sale of my primary residence and qualifies for exclusion of $250,000 ($500,000 for married), making it non-taxable. Am I right?

March 23rd, 2023

Even though a corporation has profits or losses, do their shareholders receive a 1099-DIV form? If a company has a profit of $8000.00, will the 1099-DIV form show dividends for that amount since I'm the only owner?

January 28th, 2023

Will the transfer of shares in my friend's S-Corporation affect the Limousine License (License Plates to operate a Limousine in the City of Chicago, IL), especially if I will operate the Limousine myself and I do have a Chauffeur License? Is it possible for the License to be cancelled because of the Shares Transfer?

October 21st, 2024

If my friend sells me his company today, which is an S-Corporation, by selling me his 100% shares/stock, can both of us file Business Tax Returns for the same company for 2016, each for the period of time we were the owner of the company? Specifically, can my friend file Corporation Tax Returns from January 1, 2016, until today, March 6, 2016, and I can file Corporation Tax Returns from March 6 until the end of the year? Is it possible to file two returns for the same corporation, for the same year, but different periods of the year?

August 21st, 2023