asked
If a property is co-owned by a father (a non-resident alien) and his son (a US national), what are the tax implications when the deed is transferred solely under the son's name?
February 20th, 2023
I am a DPOA for my sister. She and her husband invested $50,000 in a new type of boat and received shares in the company. I don't see any balance sheet or information. I called and wrote to the company for answers but got nothing. The husband is dead, and my sister has Alzheimer's. How can I progress beyond the DPOA to get information or recover the investment?
February 20th, 2024
A taxpayer, who resides in PA, inherits an annuity from his recently deceased grandmother. He is under 59.5 and takes a lump sum, early withdrawal. Does he have to file a PA Inheritance Tax Return & pay PA Inheritance Tax?
January 12th, 2024
I am preparing a partnership tax return (1065) for an LLC with 4 partners, including 1 passive member and 3 managing members, using Turbo Tax. The passive member contributed $30K, while the managing members each contributed $50. The LLC incurred development expenses but did not generate income. I was surprised to see that Turbo Tax allocated losses to the three active member managers when the losses exceeded their capital contributions. Is this correct?
December 17th, 2024
I am an expatriate living in Japan for 2.5 years, and my home office is in California. I severed all ties with California when I left, but my company is forcing me to file as a CA resident. If I no longer work at this company in the future, can I amend prior tax returns and obtain the taxes paid to California back? I do not plan on living in California in the future and established residence in another state just prior to moving overseas.
April 18th, 2023
I have a 4-person Delaware LLC formed in late 2010 with income starting in 2011. We failed to file for 2011 and have an extension for 2012. What is the proper procedure for getting square with the IRS for 2011? Do we need to write a letter explaining why we failed to file, is there a specific form to file, and do we still distribute K-1s for 2011 and 2012? Should we attempt to estimate a late fee? Additionally, I found a form 8832 that we might not have filed; should we file this as well, and what is the process for amending personal returns?
September 15th, 2023