I am a first-year tax preparer who mistakenly did not estimate self-employment taxes for my clients. Three years later, an IRS agent is accusing me of doing this on purpose and threatening indictment. Can I go to jail for this mistake? Additionally, I haven't received my income tax refund since 2002 and haven't filed for 2005. Will I be punished?

April 19th, 2024

My father passed away and left me his 401k. What is the tax on the money I pull out and how do I report it? Also, how should we distribute the money best to avoid double or triple taxation?

October 27th, 2023

If someone who is self-employed makes $100,000 net income in NYC, how much percentage approximately goes in taxes, including NYS and NYC taxes?

February 13th, 2024

I have not signed our joint 2011 federal and state income tax, as I want to use my half of the return to pay for my divorce attorney. We are expecting over $50,000 in return. My husband has his own business. We live in Maryland. I have been told that I do not automatically get half. Is that true?

December 26th, 2023

I am inheriting $20,007,000.00 from a bank in England. What would be the tax on this money since I am next of kin? If I want to donate money to a charity, how much would I have to give instead of giving it to Uncle Sam to avoid paying him to help a needy cause? How fast do I have to do it so Sam isn't knocking at my door because I signed a 105 Fincen form?

July 19th, 2023