asked
I was let go from a large company in April 2013 and received 24 weeks of severance, paid biweekly through the end of September. In May, I obtained a job with a similar but separate company affiliated with my previous company. On the day of my last severance payment, the payment was reversed, and I was informed that I was not entitled to severance because I worked at a company which 'indirectly or directly provides services' to my former company. I am repaying $13,300 in seven installments - $1300 now, and $2000/month beginning in January. I've been told this means I will receive a W-2 indicating that $12000 as income for 2013; will I receive something in 2014 to show that I have paid this money back? How can I make sure I am not taxed twice on this money (or taxed at all, actually, since I will end up returning it all to my previous company)?
December 10th, 2024
When the assets of a sole proprietorship are 'converted' to use in a new Sub S corporation, is the value of those assets booked in the new entity at fair market value or book value from the old entity?
November 29th, 2024
If I work as an independent contractor through an LLC for a job abroad, would I be subjecting myself to double taxation with Holland and my state of residence?
August 15th, 2024
I am filling out IRS Form 8802 as an individual. My wife and I filed a joint tax return last year. Do I need to attach a copy of Form 8821 for both my wife and myself?
September 3rd, 2023
I am renting my apartment in NYC and also renting out an extra bedroom on Airbnb. I received $3,670 in 'Rents' on my 2012 1099-MISC. Since I don't own the apartment, can I deduct a portion of my rent as an expense related to the Airbnb income? If so, how should I calculate this deduction and where should I report it on my tax return?
June 9th, 2024
How do I determine the amount to put in line 11 of Form 6251 for the Alternative Minimum Tax Net Operating Loss (AMTNOL)?
April 17th, 2024