A Revenue Officer (RO) has found information on a TRW report indicating that my client is paying on a mortgage, but according to personal financial statements submitted, my client claims not to own any property and is renting at a specific address. The RO is threatening to levy my client's bank account if documents supporting the statement of non-ownership are not provided. How should my client proceed, and what steps are involved in the process of levying a bank account by the IRS?

January 8th, 2023

My parents and I are selling a NYC co-op for $145,000. I have a 33.3% interest and they have 66.6%. I am a NYC resident and they are non-residents (Canadians). Are there any NYS capital gains withholding requirements, and if yes, what are they?

August 30th, 2023

If an S-Corp shareholder buys Corp treasury stock at less than the redemption price, can he claim a loss on his tax return?

October 18th, 2024

On June 9, we had a phone conference regarding closing out an S Corp. I am down to the balance sheet with a $48K loan from the shareholder, $2K in stock, and a $50K negative retained earnings on Page 4 of Form 1120S. What is needed on the Schedule D of Form 1040 for the shareholder, given that the stock was held long term and what amount can be taken as a long-term capital loss?

January 5th, 2024

I received both federal K-1 and a California Schedule K-1 for a family trust for dividends and capital gains that occurred before the estate was equally distributed between my brother and sister. I do not live in California and there are no California source amounts for these dividends and capital gains (amount in column E of the Ca K-1 is $0). Do I need to file for a non-resident or can I ignore the Ca form and do nothing?

April 25th, 2024