If a property is co-owned by a father (a non-resident alien) and his son (a US national), what are the tax implications when the deed is transferred solely under the son's name?

February 20th, 2023

I am a DPOA for my sister. She and her husband invested $50,000 in a new type of boat and received shares in the company. I don't see any balance sheet or information. I called and wrote to the company for answers but got nothing. The husband is dead, and my sister has Alzheimer's. How can I progress beyond the DPOA to get information or recover the investment?

February 20th, 2024

A taxpayer, who resides in PA, inherits an annuity from his recently deceased grandmother. He is under 59.5 and takes a lump sum, early withdrawal. Does he have to file a PA Inheritance Tax Return & pay PA Inheritance Tax?

January 12th, 2024

I am preparing a partnership tax return (1065) for an LLC with 4 partners, including 1 passive member and 3 managing members, using Turbo Tax. The passive member contributed $30K, while the managing members each contributed $50. The LLC incurred development expenses but did not generate income. I was surprised to see that Turbo Tax allocated losses to the three active member managers when the losses exceeded their capital contributions. Is this correct?

December 17th, 2024

I am an expatriate living in Japan for 2.5 years, and my home office is in California. I severed all ties with California when I left, but my company is forcing me to file as a CA resident. If I no longer work at this company in the future, can I amend prior tax returns and obtain the taxes paid to California back? I do not plan on living in California in the future and established residence in another state just prior to moving overseas.

April 18th, 2023