asked
I sold a C-corp business in 2008 with a partial down payment and a note. After receiving some payments on the note, the buyer defaulted and I filed a lawsuit. They settled for a lesser amount and resumed payments, but defaulted again. I obtained a judgment against them and they abandoned the business. The office landlord asked me to dispose of the contents, which I did by selling some and donating the rest to tax-exempt charitable organizations. My questions are: 1) Can I claim charitable contributions deductions for the donated property? 2) Is the year in which I obtained the judgment the year of acquisition of the donated items? 3) Is my cost or adjusted basis the amount of the judgment less the revenues received for the items that were sold? 4) Are the revenues for the items that were sold considered capital gains? 5) Can I claim a loss for the business? 6) How would that loss be calculated?
August 3rd, 2023
I have an important sales tax question. Someone started selling online on eBay and did not know they had to apply to charge sales tax in their own state. They then started charging tax but haven't applied for sales tax yet. What should they do and prepare for BEFORE they apply to charge tax in their home state? The state will ask from when this business was open and where is all the sales tax? What do they answer and is there anything they can know/do before they reach out to the state to avoid penalties and charges that may come up? Can they get a sales tax license (and by extension a resale certificate) to say retroactively from the date they actually started charging?
January 1st, 2023
I cannot locate my 2017 tax report and need the AIG and/or five-digit PIN number to add to my just completed 2018 tax report. How can I obtain this information?
October 10th, 2023
I’m being told I have to sign a document saying that I have received all the monies from my father's trust even though I haven’t. What is left is $884 from his tax returns and I am told they will not release it until I sign. They say it’s standard. I don’t want to sign it. What are my rights?
January 13th, 2023
I received a Notice from the IRS stating that I owe them approximately $11,000. This is the only notice I received, and it states that if I don't agree, it will go to the tax court on December 29, and if I don't reply, they will assume I agree. I would like to make payment plans to start in February. Will they offer me a payment plan if I don't answer, and if so, how quickly will they get back to me?
July 21st, 2024
We missed issuing a 1099-Misc and have already filed our Form 1096. We need to file a corrected 1096 on paper as we did not file 1099s electronically. Do we need to re-submit all 1099-Misc Copy A with the corrected 1096?
July 11th, 2024