I am filling out form 9297 for an installment agreement with the IRS. The revenue officer requested 3 home equity loan applications and denial letters to prove I can't get the money to pay the tax debt. I applied at 3 banks and received 3 denial letters, but only have 1 complete application due to banks deleting rejected applications. Was it legal for the revenue officer to request 3 applications, and if they ask for 2 more, should I consider filing a taxpayer appeal due to the potential further damage to my credit rating?

May 19th, 2023

I am a consultant with my own S corp. My wife is starting an at-home business and I want to avoid self-employment taxes for her. Can I add her to my company and file a DBA for her business? I would then pay her a salary, and my payroll company would deduct taxes. Is this correct, and is it the best way to avoid self-employment taxes, or are there benefits to her setting up her own LLC or corporation?

May 6th, 2024

What are the capital gain tax consequences of selling stock in the name of a revocable trust, which is under a special needs trust, and using the stock proceeds to purchase a home in the name of the revocable trust?

July 29th, 2023

For an S corporation filing Form 1120S with gross receipts/assets under $250,000, is Schedule M-2 required even though TurboTax business program does not calculate it?

March 11th, 2024

As a senior citizen, if I win Pick 4 and receive food stamps, will I have to pay taxes or give the winnings to food stamps?

January 30th, 2024