asked
I received a CP523 notice stating I had until March 6 to contact them and that they may levy my state income tax refund on May 4. The letter was confusing and mentioned paying past due amounts or facing termination of my installment agreement (IA). What does this mean, and what actions should I take?
January 30th, 2023
My mom closed out her traditional IRA in March 2013 and gave the $75,000 to me. She is 86 and still employed. Her tax guy says she owes $30,000 to the federal and state governments. Can we reverse the damage she did?
August 2nd, 2023
How can an individual who sold a real estate investment property pay the least amount of capital gains tax, especially if they have a business managing the rental property and want to accrue the sale to the business instead of themselves?
January 1st, 2023
Can I direct deposit my tax return from the IRS into someone else's account who doesn't have the same last name as me?
July 16th, 2024
If you are a farmer and purchase and depreciate 100% business use of a truck, what are your record-keeping requirements?
February 26th, 2024
The CA Franchise Tax Board sent a notice of balance due for LLC tax for years 1999 and 2000, which is the first notice received in 13 years. We no longer have documents proving whether we paid or filed the tax returns. Is there a statute of limitation that prevents the Franchise Tax Board from collecting something from over 13 years ago? FTB is asking for over $4,600 in fees, interest, and penalties. Is there any way to negotiate with FTB to reduce the amount owed?
June 14th, 2023