If a person inherited a small amount of cash (less than $80,000 and all from savings & CD's) from a brother and no estate taxes are required to be filed, how should this money be reported on the person's personal tax return?
October 4th, 2024
What is the maximum amount California can garnish from a bi-monthly paycheck for tax debts?
August 30th, 2024
I need clarification on the $17,000 gift tax exclusion for 2023. If I receive $17,000 from one person, can I also receive $17,000 from another person in the same year?
July 25th, 2023
My 2015 income was $28,067 from Social Security, $2,151 from part-time work, and $2,259 from a pension. Will all of my Social Security be taxed or is the income subject to taxation dependent upon a percentage of the total earned?
December 22nd, 2023
I have W2 income and my wife does not. This year, both of us expect to get 1099 income of about $150k each. I would like to know how to set up the recordkeeping (do we need to get separate EINs) for the consulting work and what is the process of setting up solo 401ks for us.
May 4th, 2024
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June 25th, 2024
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February 19th, 2024
I have a client who is a beneficiary of an IRA. The client is a foreigner and does not have an ITIN, and the custodian of the IRA will not release funds. What reason for applying should I indicate on the W-7 in order for him to be granted an ITIN? Would it be 'other (h)' and write the reason? I know ITIN applications often get rejected if no tax return is attached, but in this case, there is nothing to report yet.
May 16th, 2023
What are the tax consequences for an LLC member on their 1040 return when converting member debt to stock, including the treatment of interest that was converted to preferred stock and received in cash?
October 17th, 2023
What happens if a corporation ceases to do business while still owing payroll tax, and the owner walks away without formally winding up the corporation? Is the corporation entity alone liable, or are former officers or shareholders also at risk?
April 14th, 2023