I owe back taxes due to unfiled returns, and the IRS has been taking money out of my paycheck. I have contacted them but have been unable to reduce the amount withheld. Can I get any of that money back, and how do I stop the withholding?
January 13th, 2024
My step-grandfather had a remainder non-revocable trust. Wachovia / Wells Fargo was the trust administrator and executor. My step-siblings have now received $50,000 each. (Trust was under $1 million.) To figure out the possible income taxation, is the entire $50,000 taxable? Or is it the gain/loss of the stocks involved?
March 20th, 2023
This is the 1st year I am not claiming my sister who I had custody of since she was 15 and then went on to college. Last year she was not in school but received a 1098-T form with adjustments to tuition and expenses for the prior year. Since I claimed her last year, do I need to add that to my taxes this year and if so, how?
April 24th, 2024
I am the owner of an S Corp and have been selected for an audit. My main concern is that my salary of $25k, which has been consistent for the past 5 years, may be deemed unreasonable by the IRS. How can I defend myself if they challenge this, and what is the best course of action?
October 10th, 2023
Can I claim the sale of my mother-in-law's house on her taxes, even though it was deeded to my wife? She only sold it to cover her mother's bills at the nursing home.
October 14th, 2023
If a taxpayer is starting with a zero M-2 balance because prior year distributions exceeded AAA balance by $5k, in the current year, do you need to make a reduction (other reduction) on Schedule M-2 to reflect this, making the ending M-2 balance tie to the retained earnings account?
September 19th, 2024