Do I have to report income from my deceased father's trust on my personal 1040, including interest, dividends, and rents from rental properties, if the trust has not distributed any assets to the beneficiaries and is still in operation with multiple EINs?

December 24th, 2023

How do you get the penalty abated on a late-filed S corporation tax return?

April 10th, 2023

I have two small Mexican restaurants. One is filed as a sole proprietorship, and the other is an LLC. I need help understanding how to start the process of preparing taxes for the LLC, especially if I might add a partner during the year. What forms should I use, and how do I begin the process?

December 27th, 2023

If a stock brokerage account is held jointly by a mother and daughter using the mother's social security number, and the mother is 98 years old, what happens to the step-up in basis at the time of the mother's death? Is it better to change the account to a revocable living trust or keep it as a joint tenancy with right of survivorship (JTWROS) for tax purposes?

April 21st, 2024

I am married in NYC and would like to ensure the correct amount of taxes is withheld from my paycheck to avoid underpaying. My gross pay is $2596.80 bi-weekly, and I prepared my W-4 (2017) by checking box 3 as Married and line 5 by claiming a total number of allowances of 2. I did not complete the deductions and adjustments worksheet (Page 2). I'm also Married and the only earner with no kids. Additionally, there was a system change in the accounting department, and I had discrepancies between my most recent paycheck and prior ones. What should I do to verify the correct withholding, including Federal, Social Security, Medicare, New York State, FLI, and SDI taxes?

August 20th, 2024