asked
In 2006, I had a profit but in 2007 my EA made an election to carryforward my NOL and in 2008 I also have a small business loss. Since I don't need the 2007 loss to help me out can I save it for later? In other words, do I have to put it on my tax return?
September 25th, 2023
My 501(c)(3) organization, Inland Youth Foundation #2, has been suspended and closed down for emergency. I have all my documents from the Secretary of State of California, but I don't know how to reinstate my license and reopen in a new location. I have a vision and plans to reorganize the youth center and want to reinstate ASAP to start fundraising to reopen. What do I need to send to the tax board, as nothing was ever reported, and how can I reinstate my license?
December 18th, 2024
My ex-husband and I divorced in 2004. As part of our legal court-ordered agreement, we each claim our son as a dependent in alternate years. In 2009, the tax law changed. Does the new law, which allows the custodial parent to claim the dependent every year unless a specific form is signed, supersede our court order? Is this true for our situation, or does it only apply to those who divorced after 2009?
July 1st, 2023
My LLC will not have enough money for payroll this Friday. Can I lend money from my personal savings to the LLC? Is this legal with the IRS, and how do I get my money back once the company has funds? How should I go about lending the money, and is any paperwork or specific document needed?
March 29th, 2024
I need to file my taxes for the last 4 years. I didn't work consistently, but I am concerned about my status with the IRS. I didn't receive any forms because I only worked part-time and occasionally. How can I determine my status with the IRS and what steps should I take to file my taxes?
November 14th, 2023
I have a South Dakota farm held in an S Corporation. The wife and husband are shareholders, and the husband is elderly. The heirs want the land, not the stock. The heirs do not get along and each wants parcels of the property. Could a reorganization be done to issue new stock shares to each of the new heirs (her children) and his child? Would this trigger a gain on either the corporate end or the individual end? Is a tax-free reorganization possible, and if so, would it defer taxation until the eventual sale of the property?
January 29th, 2024