My mother-in-law died and left her investments ($500K) and real estate (2 homes, each valued at $200K) in a living trust. My husband is the successor trustee. We live in CA, where his mother also lived. What are the tax implications of inheriting the trust, keeping the trust assets, and transferring a portion of the investments to our kids' trust?
October 2nd, 2023
I have a 1065 K-1 tax form which I need to know how to put this on my tax forms. I am a general partner and need to know what forms to use and where this information goes on the forms. The specific lines are: line 14 J STMT $-17,777.00, line 17 F* $22,280, line 18 B $386, and line 19 A $3316.
November 6th, 2024
I'm contemplating starting a new small business and selling a rental property in downtown Denver. What would I need to do to re-invest all profits from the sale of the rental property into my new business, particularly into building a new structure on another property I own in Colorado?
September 22nd, 2023
Are you licensed to do 501(c)(8) returns in the state of California, especially 990 or 990-EZ forms? Our organization 'KofC' needs to file a time extension for the last 2 years and then file returns for 2018 & 2019 and then in the future 2020. There has been a series of issues with financial secretaries, including retirement, death, and personal problems, leading to late filing. I would prefer to hand over or mail the paperwork due to potential computer issues.
September 19th, 2024
I have a few questions regarding my mother's tax status who is recently widowed. She is going to start receiving widow survivor benefits through social security and a retirement pension from her late husband. What are the tax implications for her, and should she have federal and state taxes withheld from these benefits?
January 25th, 2023
If a person files for disability, is there a set amount that is given? When they reach retirement age, does it switch over to their social security benefit?
May 29th, 2023
I am a Vietnamese person looking to set up a company in the US to conduct business in Vietnam. Is this possible, and if so, what type of company should I set up? Additionally, what is the tax rate for my company to do offshore business in Vietnam?
November 9th, 2024
I filed my taxes on February 9th and still haven't received my refund. Where is my refund?
July 6th, 2024
I received a letter from the IRS asking to verify my identity. Which tax year is this for? It's for 2020. Is there anything else the accountant should know before I connect with them?
May 30th, 2024
I received three voluminous letters from the IRS that I don't understand. I was expecting a $1267 refund for tax year 2021, but the IRS sent only $467. The recorded line mentioned incorrect dependent names, but I am 81 years old and have no dependents. The IRS also mentioned other reasons for changing my filings. They owe me $800. Can you help? If not, can you provide a list of IRS offices with phone numbers for me to make an appointment? I have spent hours on the IRS website and called many numbers, but no one can help. Is there anything else the Accountant should know before I connect you?
January 22nd, 2023