I am working on a client's Form 990 where the organization uses a fiscal year for its accounting period, but the payroll summary (W-2) is for a calendar year. I am struggling to reconcile the fiscal year payroll report with the calendar year numbers. What should be done in this situation?

December 4th, 2024

We sold our investment property that we had for over 10 years for $400k. The original cost was $305k, and we spent $100k to improve the property for rental purposes. Upon sale, the state took $26k for capital gains tax purposes. How do we calculate the capital gains?

May 13th, 2023

When completing the withholding calculator worksheet and reaching line 9, which indicates how much extra to hold back per check, is that amount a combination of how much both my spouse and I should be putting in, or is it just me, if I completed this as married filing jointly?

June 20th, 2023

My client has K-1 suspended losses of $127,026 from 2014-2016. In 2017, the S-Corp had income of $32,659. My software is allowing a loss of $15,507 to offset the current year income, making $17,152 taxable in 2017. Please review the attached stock basis and statements to confirm if this calculation is correct.

May 16th, 2024

I am selling my rental home to my stepson and daughter-in-law for $420,000 and want to give a gift of equity to cover the down payment. The gift of equity will be $84,000. Will there be tax on this gift, and how does it affect my capital gains tax?

August 15th, 2023