I owe NJ tax and penalty for a company I have based in Illinois. Our company recruits truck drivers for a client based in NJ and keeps these drivers on our payroll. We have a tax debt now with a penalty and need a plan in the future to avoid being responsible for no taxes. What can be done to address this situation?

May 10th, 2024

How should I fill out the IT-2663 form for the sale of a house owned by four brothers, where one is a NY resident and three are non-residents, given that the sale price is $82,000 and the FMV is $105,000? Specifically, what should be entered on Part 2, Line 1, and do I need to provide a list of brothers' details on the form?

March 2nd, 2023

I need to submit a revised form 8606 because I rolled a 401k over to a Roth IRA in 2010 and spread the tax impact over 2011 and 2012. I also incorrectly put a value greater than 0 on the basis line. When I make these revisions do I need to submit a form 1040x? My taxable income was not impacted by the error on the 8606.

April 3rd, 2024

How should the tax return be prepared for the sale of a house bought by two men, "A" and "B", as tenants in common, where "B" transferred his interest to his daughter due to illness, and both "A" and "B" continued to invest in the property? Specifically, how should the capital gains and expenses be reported, considering the daughter has no investment or expenses but will face capital gains tax?

May 15th, 2024

My divorce decree states that my ex-husband and I will file a joint tax return for 2018. He is refusing to share the business return, which reported all of our income, with my tax accountant. My tax expert suggests filing singly if the supporting documentation is not provided. My divorce attorney warns that I might be found in contempt if I refuse to sign the joint return. Should I sign the joint return without reviewing the business return, or is there a way to ensure the return's accuracy without violating the divorce decree?

January 7th, 2024