I sent a personal check to the IRS office in Louisville, KY on Sept 5th with my form 1040-ES for my quarterly estimated income tax, but as of today, my check has not cleared at my bank. Do I allow more than a month expecting it to clear, or stop payment on the outstanding check and reissue a new check? If reissue, what document is required to assure it is properly recorded and avoid any late penalty?

November 27th, 2024

Our company failed to add 25 people to our 401(k) plan who became eligible for safe harbor and match in 2022. We provide a 3% safe harbor contribution once eligible with an opportunity for up to an additional 2% match. Our auditor says we have until the end of December to true up without needing to calculate any lost earnings or missed deferral opportunities. How are we not late according to the IRS/DOL, and do we have an obligation to make up for interest and lost deferral opportunities?

August 8th, 2024

I am doing a clean-up of my 2022 S-corp taxes on QuickBooks and need to estimate my wages as the owner who didn't receive a salary. How do I rectify this issue and what steps should I take to ensure proper reporting?

November 16th, 2024

I'm on an F-1 visa and usually use Sprintax to file my returns, but it's been giving me errors. What is the penalty if I file after the extension deadline if I don't owe taxes but may be eligible for a refund? Can I hire a CPA online to do this for me?

September 11th, 2024

I'm considering gifting $50,000 in stock (which I already own) to a sibling. I know there is a gifting limit of $17,000 per year that is tax-free. My understanding is that the excess gift ($33,000) is simply applied toward my lifetime gift exclusion and will not be taxed until I reach the lifetime limit, which is something like $12 million (which I have not reached, of course). Is my understanding correct?

October 31st, 2023