asked
The sole proprietor of a small business involved in a non-profit fundraiser was from Juneau, Alaska, and was living in a van in Maui, Hawaii from mid-December to the end of April. She had no tax papers in her belongings and later mentioned her mother did her taxes, which seems unlikely given her living situation. I suspect the taxes were never filed and the fundraiser money was pocketed. How can I prove this was a case of fraud?
August 16th, 2023
Does the capital account increase/decrease from the LLC K1 form get brought in as a taxable item/deduction on the LLC member's personal tax return? How does the LLC's ordinary income or loss get brought into the member's personal tax return?
May 18th, 2023
I have a SCORP that had one owner at the beginning of the year, who sold all his interest to 4 individuals on July 15, 2017. I need to show the old owner as having all the shares at the beginning of the year and 0 at the end. I am having trouble getting the 1120S to show the proper percentages and share of profits, and the Capital loss shows up on page 3 Sch. K line 8a 'Long term capital loss'.
September 23rd, 2023
Are appointed paid zoning and planning board members as well as paid elected officials (Mayor and councilmen) subject to unemployment and FLI withholding in NJ? I cannot find an exemption for these employees under the law. Currently, I am not withholding taxes from these employees. To promote or correct this, I am seeking concrete regulation that will support my case either way.
June 3rd, 2024
Will my husband and I get any money back from the IRS, or will we owe? We file married with one dependent, a 19-year-old in college who made about $5,000 with taxes taken out. Our deductions total $3,500 for medical and $4,800 for real taxes on two homes. The second home is rented to our daughter and is worth $55,000 while we owe $86,000. Interest on both homes totals $9,500. I have no income; my husband's SS is about $14,000, and his pension is about $14,000 with no taxes taken out. Will we owe taxes because no federal taxes were taken out of his pension, or will we have enough deductions to get money back? We have more deductions; we were just giving you an idea. Should we have his union take out money from his December pension check to ensure we owe no money to the IRS, and if we do, how much should we tell them to take out? Or is this even worth it?
March 10th, 2024
Is it possible to resell a 1031 exchange property soon after the exchange, and what kind of taxes would I have to pay on the resale?
January 21st, 2023