I'm a new company owner in Florida with no experience in taxes. I just got my workers' compensation insurance and started working on July 22nd. Do I need to file the RT-6 form for the quarter ending July 31st, and if so, when is the deadline?
November 21st, 2024
I own an in-home daycare and my 18-year-old high school student watches kids while I make dinner, for which I pay him. Can I deduct this as a business expense, do I need to pay SS/Fed tax on what I pay him, and does he need to file a tax return?
December 19th, 2024
My mother, a naturalized US citizen, inherited a share of land sold in Vietnam. She is wondering if she has to pay taxes on bringing her share into the US and, if so, how much. She may need to fill out IRS Form 3520.
February 24th, 2024
I have an S corp that has always filed cash basis tax returns and currently has average sales exceeding $10m for the prior 3 years. I believe we need to file Form 3115 to change from cash basis to accrual basis accounting. Does changing from cash to accrual qualify for an automatic accounting method change, and how should I proceed with the preparation of Form 3115?
August 13th, 2023
I have money in a Traditional IRA that I would like to convert to a Roth IRA. All of my contributions to the Traditional IRA were non-deductible after-tax income, but there are investment gains in the account. How would my Traditional IRA funds be taxed if I convert the entire amount to a Roth IRA, and do I need to notify the IRA of my non-deductible contributions?
August 20th, 2023
I need help with Obamacare. After inputting information into Form 8962, we owe $2085. What can I do to avoid paying this amount?
December 7th, 2024
I am filing for an EIN number for a newly formed Nonprofit Organization in the State of Texas. We are a community band, and I need to indicate on IRS Form SS-4 line 9a what type of Nonprofit we are. Can you help me figure this out?
September 6th, 2024
I am gifting a down payment on a home to my son and just learned there may be a gift tax. What is the tax and any way to get around it?
July 20th, 2023
Can a non-CPA or non-EA explain a tax relief program to a consumer without promising specific results, as per Circular 230 and IRS Revenue Procedure 81-38, Section 8?
November 17th, 2024
I took multiple distributions from my IRA in 2017 totaling $163,000. Distributions from five accounts totaling $70,000 were taken out on 6-26-17 and returned in full ($70,000) on 8-23-17, per the 60-day rule. My tax person advises that the distribution was not coded correctly on the 1099. How do I demonstrate to the IRS that $70,000 is not taxable since it was returned within the 60-day period, especially since this amount is mixed in with the other distributions?
March 9th, 2023