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Recent tax questions

I started an s-corp over legal zoom but never did anything

i started an s-corp over legal zoom but never did anything with it and never operated and forgot about it. it has been a year. i want to get rid of it. what is the estimate of penalties i will pay?i also worked as an independent contractor for a few months as a job, but never filed taxes on the 1099 because it was only for a few months. Will i get penalties, if so, how much, it's been a year since then. Also, is there a way i can resolve this conflict? Is there a timeline i can re file and include those in my tax filings? Is it fraud to not file this, i do not want this trouble and want to resolve completely.

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Tax Return, Schedule C Losses I am retired, with retirement

Tax Return, Schedule C LossesI am retired, with retirement income, and interest from investment incomeI wish to operate a rental business,(Large mobile RV Vehicle rentals to actors/actress's) and anticipate first, and second year losses.How much loss can be used to offset retirement and interest revenue to lower tax liability

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I'm working with a corporation that incorrectly recorded

I'm working with a corporation that incorrectly recorded installment sales on cars they sold for many years. They've been providing financing to customers and were booking sales based on cash received (per the installment loan agreement with the customer) - rather than based on the sales price of the car.This was an error based on a misunderstanding of the revenue recognition rules for car sales. My question is... Would fixing this error require a reporting a change of accounting method or the IRS? Or simply filing amended returns.

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PDtax

Owner

Master's Degree

 
6,682 satisfied customers
I have a vehicle Turbo tax is requesting my prior year

I have a vehicle for which Turbo tax is requesting my prior year depreciation. Looking back at prior tax returns, I incorrectly claimed no depreciation for this vehicle. Should I indicate the depreciation value this year, or the "zero value" I indicated on my prior returns.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
My grandparents set-up up a mutual fund college education

My grandparents set-up up a mutual fund for my college education several years ago and it was my understanding that if I used this solely for education (college tuition) that it would be tax exempt. I have receipts of withdrawal from the fund and payments to the school for the amount withdrawn. Today I received a notice from the IRS for CIP2000, claiming I own taxes on these withdrawn amounts. This was for tax year 2014.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I amended my returns 2014 and 2015 and IRS owes me some

I amended my returns for years 2014 and 2015 and IRS owes me some refund on both the amended returns. Do they send the money by direct deposit or paper check?My original returns for 2014/2015 were electronically filed and I got the refunds on them by direct deposit.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,542 satisfied customers
I received a notice from the IRS saying that I owe them

I received a notice from the IRS saying that I owe them money--that I don't understand.It may be a LTR 99C-----(there are many codes in the upper right of the page)In essence the says 'the totals you reported on the following statements don't agree with the amounts you reported on your tax returns.'It references Forms W-2 & W-3 & Form 941.What is this?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I realized today that I forgot to include my 1099 forms when

I realized today that I forgot to include my 1099 forms when I mailed in my federal tax return. I have them, I just failed to include them. What should I do?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
My turbotax included a form 8885 and it should not have. I

My turbotax included a form 8885 and it should not have. I did not catch it and due to an identity theft that the IRS caught before I filed my taxes, I had to paper file. Now it has been 2 months and they want backup paperwork for the 8885. It should not have been filed. What do I do? I have been on hold with the IRS for 50 minutes!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
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