We are a regular NY State C corp. We purchased a 2013 Mercedes Benz GL 550 for the business in September 2012. We believe this vehicle, with a GVWR of over 6000 pounds, will qualify for the rapid one-year depreciation of its total cost in tax year 2012. The cost of the vehicle was $90,000, and we allocated about 17% for personal use, resulting in a net business cost of $74,700. Can we deduct the full $74,700 depreciation on our 2012 Federal corporate tax return?

May 7th, 2023

I have large capital losses from years 2000 to 2003 from Canada, before I got my green card in 2004. My tax person didn't include it in my 2004 return. I didn't file US returns for 2000-2003 as I was not required. Is there any way I can capture those losses?

April 26th, 2023

An individual formed an S corp in 2012 and paid himself as an independent contractor instead of an employee. The 1120S has not been filed yet nor has his personal return. How is the best way to fix this?

December 27th, 2023

My wife and I have always filed jointly. This year, she filed separately. I know I can't use our child as a deduction if she did, but do I declare that I'm not a homeowner if she claimed herself as a homeowner?

March 22nd, 2023

I own a small service-related business and had an employee who initially worked as an independent contractor, for whom I issued a 1099 but did not report to the IRS. The employee now wants a W-2 issued instead and to pay back taxes, which puts me in a situation where I will be late on payroll tax filing and payment. I am concerned about potential audits, penalties, and how common it is to be this late in filing and payment. Additionally, I want to know if I can issue a W-2 with zero income tax withheld and only social security and Medicare deducted to lower penalties. We are in Texas.

January 8th, 2023