I bought a used Kenworth truck from a Canadian dealer last June. The truck was manufactured in the US, so no duty was due at import. Will I be contacted by the IRS for an excise tax at some point?

June 17th, 2023

I took over a set of books on 1/1/07 for a client who buys and sells real estate. There are several properties on the books that the client doesn't recognize, and the previous bookkeeper has no explanation. Cash and bank accounts appear to be in order, but I need to credit the respective property accounts to remove these properties. What account should I debit? One accountant suggested debiting the Retained Earnings account. Can I use Retained Earnings for other adjustments as well?

August 20th, 2023

We sold a home in Feb. 2016 and bought another one in March 2016. Do we need the Settlement Statement for the home we sold for tax filing?

September 30th, 2024

Our company offers a reimbursement plan up to $500 for health improvement items like gym memberships and exercise equipment. We pay for these items upfront and then submit receipts for reimbursement through the payroll system, which counts it as taxable income. Since we've already paid tax on this money once, isn't this double taxation?

March 30th, 2023

I was a non-resident of MD but had a rental property I rented for 6.5 years. I didn't realize I had to file MD return 505. I am a legal resident of WV. Can you address MD tax returns, and can I back file in MD for all 6.5 years?

September 18th, 2024