asked
I started a personal trainer business at 19 and didn't file taxes for the last 5 years. I've made about $485,000 and have many deductions but no organized receipts. I hired Optima Tax Relief, who said I could owe $170k and charged $10k for their services. Should I continue with Optima or hire a CPA to get on track with the IRS?
January 15th, 2024
I sold some stocks in 2013 and neglected to claim the sale on my taxes because I didn't receive a 1099 from the clearing house. The IRS has assessed taxes on the entire sale amount, not the gain. The brokerage firm doesn't have the purchase price information needed to calculate the gain. My investment account was transferred to three different firms over the years. How do I report this to the IRS and where can I find the historical purchase prices?
December 25th, 2023
As part of an acquisition, former owners will be paid a non-compete over 3 years and will also be employees of the acquirer. Are these payments includible in the W-2? Or is there a position to say the first one is part of the sale proceeds? Or are all three (even after employment begins) part of the sales proceeds?
December 11th, 2024
If I have a self-proprietorship and my wife works for me, do I pay her and then file a W2 for her wages? If my self-proprietorship has a defined benefit contribution plan, can she participate as an employee?
September 8th, 2023
Can I consider the additional payments I make to my ex-wife for certain children's expenses as alimony for tax purposes?
April 11th, 2023
I am preparing a 2014 S-Corp return for a client who did not take any salary, but has K-1 income of $75,000. Should I subject any or all of her K-1 income to self-employment tax on her personal tax return, or should I show it as a distribution?
February 4th, 2024