asked
My recently separated wife and I were audited for 2011 before she left. I called the IRS and was told to send in payment of only the back taxes, then send in an abatement letter requesting CNC status shortly after I sent in the payment. She moved out with depression and therapy, and I forgot to send in the letter. Now a second form came requesting the rest. I called and someone new told me I can't request abatement until everything is paid in full, and neither of us have the funds to pay the remaining amount. What might be our next move?
September 2nd, 2023
Can an LLC invest in an S Corp?
May 19th, 2023
When a partner earns partnership interest via personal service, how is the partnership basis typically valued?
June 8th, 2024
I filed my family taxes before the deadline, including a Form 982 for insolvency due to a property in foreclosure. I received a letter from the IRS asking for taxes on additional 1099-C forms totaling $10,000 that I never received. Can I file a new 982 form to include this $10,000 in my insolvency, and how should I respond to the IRS letter? Will this trigger a full audit?
July 1st, 2024
What are the short-term and long-term capital gains tax rates in Hawaii, and how do they compare to the federal rates?
June 17th, 2023
I have a Form 1116 question regarding US taxes for a family living in Australia with a family income of $90k, $25k in income taxes, and $10k in passive income from bank interest. The 1040 line 44 tax is $15k, limiting the claim to $13.5k (9/10ths) and leaving excess foreign general category taxes of $11.5k. The passive category income is $10k with no direct foreign taxes on the interest until the end of year tax return. This results in having to pay the US $1.5k even though more was paid to the foreign country. Doesn't this mean some of the 'income tax' levied during the year on wages was in fact passive tax on the interest, and where is the credit for that?
November 10th, 2024