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Recent 1099 questions

A company I represent as an independent contractor (1099

A company I represent as an independent contractor (1099 status) is asking to see a copy of the last two years of my tax return Schedule C for years 2014 & 2015, because they claim the state labor board is reviewing their business practices. In my opinion, this is my personal tax information. If the labor board wants it, shouldn't they be contacting me directly?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
I am going to accept a freelance job and i want to use my

I am going to accept a freelance job and i want to use my LLC and pay myself through that.What do i need to do before i accept?How can i ensure that i do my taxes correctly?Will things be much different if i have another employee with me (my friend)?

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
If I grant to a communications company an easement on my

If I grant to a communications company an easement on my property for a fee of $10,000, is some kind of income tax owed on that payment.

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
For our 2015 Federal Income Tax return, the IRS has reduced

For our 2015 Federal Income Tax return, the IRS has reduced our TurboTax calculated refund by $500, the exact amount that Fidelity, following our instructions, withheld from my wife's annual withdrawal from her IRA. Fidelity reported this amount to the IRS on a Form 1099-R All of the Fidelity data for our three Fidelity accounts was entered electronically into Turbo Tax by internet download. In entering data into Turbo Tax I also entered this withdrawal amount under "other withholdings". I'm assuming that this constituted a double entry of the withheld amount and was, therefore, the reason the IRS reduced our refund by an equivalent amount. Am I correct in thinking that if a financial institution files a 1099-R covering tax withheld from an IRA distribution and if that financial institution's data is subsequently downloaded into Turbo Tax, then I, the filer, should not also enter the amount withheld under "other withholdings".

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
Facts: In 2013 we cashed in an annuity of $84,135, the

Facts: In 2013 we cashed in an annuity of $84,135, the Federal tax withheld was $16,827. Using the H&R Block tax software we filed the 2013 return in May 2014 as we calculated a refund and understood in such cases the return does not have to be filed on or before April 15th. We believed we rolled over the $60,000 by reinvesting it in an insurance company. The tax software entered the $60,000 on line 2 (rollover of partial distribution) on the 1099-R worksheet. We overlooked reporting small dividends in the amount of $295.We received an IRS Notice CP2000 dated May 4, 2015 which added the $295 and the $60,000 to our taxable income and stating we owed taxes in the amount of $15,397. Plus penalties and interest totaling $19,557. We filed a 1040x to correct the $295 amount and to explain the rollover of the $60,000. We have been arguing with the IRS since and now are told we owe $21,146.17 due to more interest and penalities.Now we received an IRS Notice CP91 dated June 13, 2016 intent to seize 15% of our Social Security benefits. This seizure has been completed with our August 2016 benefit payments.My question is, how did we incorrectly report the rollover of the $60,000 from the annuity as that is the lion share of the additional income the IRS states we received. And secondly how do we now correct the error if there is one?

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
I have been working landscaping job for several years. I

I have been working landscaping job for several years. I have been just informed that my employer is going to file a 1099 for me for year 2015. Can he do that this late for 2015?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: ????JA: What confuses you?Customer: no one answered my question.JA: Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
I am in the middle of a divorce and need to have a estimate

I am in the middle of a divorce and need to have a estimate how much California tax and federal tax I will owe on my income come tax time at end of the year, we have not had a judge tell us which of us can claim our son yet but his attorney keeps saying my income is not taxed. I know it is at the end of the year it has been since I was disabled in 2009. My income is as follows. SSDI for mysel $1190 monthly minus part B premiums of $178 and Part D premiums of $75 . I get SSDI dirivative from my past employment for my 15 year old son of $297 a month, Cal-pers medical reirement (taxed) $437 a month, Child support $298 and Alimony $552 a month. please give me a amount I can turn into the judge to concider for my income and expense decleration.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,976 satisfied customers
If I transfer funds from a brokerage account into an active

Hi. If I transfer funds from a brokerage account into an active checking account, are those funds taxable? And if so, is there an information form the bank should send me so I'll know the amount they're reporting?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,976 satisfied customers
My question today, is, can we as a 501c3 religious

My question today, is, can we as a 501c3 religious organization give our Speaker/Director and honorarium for speaking for our ministry? I believe he/she would then have to report it as income, right?

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Mark Taylor

Certified Public Accountant

Masters

862 satisfied customers
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