I received a CP14 notice stating I owe taxes for my 2018 return, which I didn't expect due to the Earned Income Credit (EIC). I followed the instructions to have the IRS calculate the EIC, but they didn't address it in their notice, only acknowledging my income and adding penalties and interest. What should I do to resolve this issue and avoid further penalties?

May 18th, 2023

I had an option on 100 acres of farmland in Wisconsin since 2006. I have since sold that land and after paying off the original landowner received $355,000 in cash. Will this be treated as long or short term capital gain? Also, I own 7 acres with farm buildings. I am now repairing the buildings which needed some work. I also have some livestock. My personal income is below $20,000 (self-employed for over 25 years). I will be spending over $35,000 fixing up several buildings including the barn. Can I expense this all for 2012? Also, what else could I expense against this gain?

March 1st, 2023

Can I take money from a 401k at age 58 without penalty if I separate from the company without doing a lifetime stream?

April 21st, 2024

An LLC formed in April 2011 has not filed any returns yet and wants to change its entity status to an S-Corp retroactively from the formation date. Does Rev. Proc. 2003-43 apply, and if so, how should the S-Corp election be handled?

December 6th, 2024

Can an employer reimburse an employee (over 65) for the premium for their Medicare Part B and Medicare Advantage Plan premiums that they pay personally, without issuing a 1099 or including the premiums in their income at the end of the year?

November 9th, 2023