In the U.S. Virgin Islands, the VIBIR is required by law to mirror the IRS's tax law system. However, during exams, the VIBIR often sends a 90-day letter just days within the 90-day assessment statute, denying taxpayers the opportunity for an informal appeal even if Form 12203 is filed before the deadline. This skips the internal appeals process, forcing taxpayers to either agree or go to tax court. Are taxpayers being denied due process rights in this audit procedure, and who should be made aware of this issue?
June 3rd, 2023
I have an LLC that had minimal income last year (less than 5K), and my tax preparer suggested phasing it out and filing a regular Schedule C for my business deductions. I didn't file taxes for the LLC for 2012. If I make income this year (<10K) from commission sales, should I use my personal tax ID (SSN) for the W9 or the LLC's? Should I leave the LLC alone and let it die out?
December 29th, 2023
I bought a home in 1996 for $130,000. I lived in the house as my primary residence until October 2012. For the past 4 years, I rented a room, but the home was still my primary residence during this time. Beginning December 2012, I moved out and rented the entire home. What is the latest date that I can sell the home and still claim the $250,000 exclusion?
May 6th, 2024
I need to find out if my deceased husband, who passed away on 12-16-12, paid quarterly taxes during 2012, as he did in previous years. We filed joint tax returns since 1995. His estate is currently in probate, and we need this information for the 2012 tax return, which will be part of finalizing his estate. How can I obtain this information?
July 6th, 2023
I am looking to purchase two real estate investment properties that I plan to rent out. I will have expenses such as travel, rehab and maintenance costs, and purchasing appliances. I have considered an LLC but the loan program does not allow me to sign these properties to an LLC. What write-off options should I track for upcoming tax filings, and what am I justified in writing off? Are there any tax credits I should expect for my first two mortgages?
October 10th, 2023
How can I print a copy of my 2004 Federal Tax Return to verify the dates of my employment with the IRS as a full-time employee for federal retirement?
April 29th, 2024