asked
What is the net worth of a corporation that has $145,000 in the bank, $300,000 in a Profit Sharing Plan (to be divided between the 2 owners), and $110,000 in accounts receivable expected to be collected in full? Is it fair to assume that a corporation can borrow against or use a percentage of the Profit Sharing Plan funds without breaching fiduciary responsibilities?
April 1st, 2023
I have a partnership and the only asset we have is our client list. If we sell that, how is it reported on the form 1065?
January 5th, 2023
I won a trip to Disney Land last year and received a 1099 misc for 2016, but I am just going on the trip in 2017. Should I declare it as income for 2016 or this year?
April 28th, 2023
How should a 1099 MISC for a lump sum payment from a non-qualified retirement benefit that was rolled over into an IRA be reported on a 1040, and is there a specific IRS form for this? Additionally, can the lump sum payment be eligible for a 10-year tax deferral?
May 20th, 2024
In 2013, I bought a new house and moved into it but did not sell my old house, which I planned to rent out. The rental house has been advertised since December 2013, but it has not yet been rented. I spent money refinancing the rental house and fixing it up for rent. Are these expenses deductible, and can they be counted as a business loss for the year? Additionally, are the points paid for financing the new house deductible as mortgage interest?
July 29th, 2023
I am 82 years old and haven't filed my income tax since 2010 due to low income. I lost my spouse in 2011 and struggled financially. I rented out my home and eventually sold it, but I haven't filed taxes for these transactions. I also have a trading account and savings accounts that accrue interest. I need to know if I should file taxes now, how to handle my Social Security benefits, if I am considered self-employed due to my trading account, and if I should consult a tax accountant in Pekin, IL.
December 16th, 2024