Can I deduct the cost of sponsoring an event for a non-profit, such as spending $1000 on a social event and raffle, if I receive a charitable donation receipt from the organization?

February 1st, 2023

I received a notice of proposed assessment from the state regarding an adjustment to my 2011 federal tax return. The IRS informed the state of this adjustment without my permission. Why would the IRS do this, and under what circumstances could they make such an adjustment without my consent? Is this an error on my part, and what should I do to understand and potentially challenge this adjustment?

July 19th, 2023

What happens to money put in a defined benefit plan if you leave early?

August 8th, 2024

I am self-employed as an IT consultant for 2.5 years and want to lower my 2015 taxable income by opening a SEP IRA with E*TRADE. Am I eligible for a SEP-IRA deduction for 2015 if I make a contribution of $20,000 by the end of 2015? My gross income for 2015 is approximately $160,000.

May 24th, 2023

I am a trustee and one of five equal beneficiaries to my deceased mother’s Revocable Trust in Florida. The trust assets, consisting of savings periodically invested in CDs, were liquidated after her death, and the proceeds were transferred to her trust checking account. The total trust assets are $125,500, including $125,000 of principle and $500 of interest income upon which tax has not yet been paid. Upon distribution to beneficiaries, what portion of their individual distributions will be subject to Federal Income tax?

September 22nd, 2023