Juan C. asked
What needs to be included on a C-corporation dissolution plan to the IRS when filing the final corporate tax return?
May 10th, 2023
Julie C. answered
To file the final corporate tax return for a C-corporation dissolution, you need to include the foll...
May 10th, 2023
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How do I calculate Part V (Distributions From and Dispositions of Stock of a Section 1291 Fund) of Form 8621 for my situation? I am a US permanent resident with a 2013 tax status as a non-resident and a 2014 tax status as a resident. In 2014, I sold all foreign stocks that I had bought through a trading account while in India. I bought several lots of a specific stock (ABC) over time before 2013 and sold them all on the same day in 2014.
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If a person wins a large sum of money, does the IRS take the tax out immediately or do they wait until April or do they make arrangements for payments monthly? This is a hypothetical question. I am in a contest where the winner will win a great deal of money to be paid out weekly for their lifetime and then their beneficiary will continue when the original person passes on. I have not won, but I am hopeful like a million other people. I am just curious.
April 18th, 2023
How will my tax return look if I have an income of $23,000 from salary, $3,150 from unemployment, $26,660 from disability pension, $18,062 from Social Security, $14,500 in disbursements, and deductions including $4,458 in federal tax, $461 in Medicare, $285 in SDI, $1,192 in state taxes, $1,969 in Social Security, $329 in dental, $1,247 in Kaiser, $7,361 in 401K, and $1,309 in a loan? Additionally, I bought a home this year and paid $9,100 in mortgage interest and $4,200 in property taxes. Can I get an additional $10,000 this year from my IRA? I have one dependent, my father who passed away in January, and I am married filing jointly.
May 18th, 2024
The IRS says I owe them $7,000 for capital gains on my 2013 taxes even though the gains were reinvested and I never received any funds. Do I owe this money?
September 27th, 2024
I invested $40,000 in a property management company PLLC in VA and signed an operating agreement. I do not work for the company and just invested for profit. What entity type of PLLC is advantageous for tax purposes, and is the return of my principal investment taxable?
December 31st, 2023
