asked
We had an investment with Provident Group, which was rolled over into an investment in a Dominican Republic Resort in 2010, but it was determined to be a Ponzi scheme and closed after one month. Provident has been reaching out for years to close the account, but we never did because they wanted to charge a fee. Now, they are threatening to send a message to the IRS as a write-off, making us responsible for the income, which would be added to our taxable income. Can I use the IRS provision in Rev.Proc 2009-20? If I didn't close the account yet but will now, can I still claim the loss for the Ponzi scheme?
September 8th, 2023
Does personally guaranteeing a loan for an LLC make an LLC member liable for SE tax? What if the loan proceeds were not used for the business? It was instead used by members to pay off a retiring member but the loan was issued in the LLC name.
November 18th, 2023
I recently changed the bank for direct deposit of my monthly social security. The change was initially stated to be effective from the December deposit, but a later notice indicated it would be effective on November 25. I receive my direct deposit on the fourth Wednesday of each month (my DOB is January 27). Does that mean my first deposit in the new bank will be on November 28?
July 12th, 2023
Where/how is line 11a on IRS form 1040 calculated?
April 7th, 2024
I noticed an unauthorized withdrawal of $2988.40 from my checking account on 08-23-2019. The transaction was made by someone from the UK using Xoom Corp. I did not authorize this withdrawal. What should I do?
March 27th, 2023
Can a non-profit organization in an Opportunity Zone accept donations and then return distributions to the donors, allowing the donors to participate in the 10-year capital appreciation of the fund?
October 19th, 2023