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I just amended a clients returns, 14 and 15. I would like to

I just amended a clients returns for 2013, 14 and 15. I would like to work out the interest they owe for each year so they can make an accurate payment. I find it confusing, as IRS wiill give a percentage to add to another rate. I do not find a table anywhere. For that matter, I would accept a workable rule of thumb that would get me close to the correct answer, if that was available. I run into variants of this problem routinely in trying to work out penalties. My computer- Intuit Pro Series--calculates pretty much everything else. What is the solution?

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Dr. Fiona Chen

President

Ph.D.

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I have a question about a returned check, I had two 941

I have a question about a returned checkJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had two 941 payments that went to the wrong bank account. Will the clearinghouse resubmit the ach payments?JA: Is there anything else the Accountant should be aware of?Customer: Will i receive the 608c letter if the clearinghouse resubmits?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
I live in PA. My wife file divorce and I received divorce

I live in PA.My wife file divorce and I received divorce complaint letter.We married in Feb 2011.Before Feb 2011 i had 10000$ on personal checking account and 60000$ and 10000$ on 2 personal saving accounts.In Feb 2012 we had a scandal and almost started divorce.I opened foreign account in Europe.I did following transfers till today - see below.Question: what is marital assets and what are non-marital assets according to table below.Amount Year$11,000.00 2012 Transferred from personal account to europe personal account$20,000.00 2012 Transferred from personal account to europe personal account$34,000.00 2012 Transferred from personal account to europe personal account$11,000.00 2012 Transferred from personal account to europe personal account$25,000.00 2013 Transferred from personal account with wife name on it to europe account-$10,000.00 2014 Transferred from europe personal account to family account with wifeTotal for 07/2016 $91,000.00

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Client made traditional IRA contribution in 2013. In Early

Client made traditional IRA contribution in 2013. In Early 2014 they learned they can not deduct the contribution due to being in a plan at work. Client withdrew IRA contribution prior to due date of tax return. There were no earnings. 1099-R was issued for 2014 code 1. IRS wants to assess tax on distribution plus 10% penalty.Trying to show as a return of IRA contribution. Would that be on a 5329?The 2013 return does not show a contribution and the original 2014 return did not show the distribution.Or if no 5329, do we just send in an explanation and show money returned prior to due date of return.

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Mark Taylor

Certified Public Accountant

Masters

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I was contacted by a revenue officer who is working with me

I was contacted by a revenue officer who is working with me to resolve unpaid taxes. She has asked me to provide tax returns for 2002 and 2003. They are apparently the only two returns that were never filed. I do not have any records going back that far. What is the legal requirement for me to produce a return from 14 years ago?

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Robin D.

Vocational, Technical or Trade School

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I have a client who just received a substantial tax

I have a client who just received a substantial tax understatement penalty, I would really like to help her by removing this penalty she is an excellent tax payer and really she didn't no about this penalty. How can I get the irs to at least try to remove this penalty 4189.00 she already pays a lot of taxes .

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,732 satisfied customers
Sacramento, CA: house title in name of parents; father now

Sacramento, CA: house title in name of parents; father now deceased, mother (94) moved to a care facility. Parents have two adult children; daughter has her own home, son now living in parent's home. Family trust created years ago, names son and daughter as co-beneficiaries and co-executors.Small 1st mortgage (<$40K), house worth > $350K. Property taxes are low (<$1,200 annually).Thinking about a re-finance, taking advantage of equity, and doing home improvements (est. $75K). Credit Union for 1st mortgage has advised me to add my name to title; then wait six months, then apply for refinance (underwriting guidelines). Re-finance loan would be in the name of both the Trust and the son.Tax-wise, have filed annual Fed & State taxes for mother as though she still lives in the house, taking mortgage interest & prop tax deductions. Son, though living in the house, pays rent in the form of making the monthly mortgage payments, all utilities and home maintenance - but takes no tax deductions.Is there a taxation factor/issue if son is added to Title? Does that impact mother, son, and/or daughter - today or in the future? Short-term goal would be to have tax deductions appropriately split between mother and son for the same residence (as co-owners).

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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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I recd irs form 886A- on education credits. I have been

i recd irs form 886A- on education credits. I have been doing online school for a while and at end of year school send me like 1099 (? i maybe wrong on the school form #) I never ever had a problem when reporting this all these years to IRS. Now this time there is a prob and IRS is asking me to send proof of money distribution from school and I dont understand why. Whatever info I had I sent to IRS but it is not proof enough. Can you tell me what are they looking for so I know specifically why and what in sending them the correct documents.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Even though I filed on time in feb., because their audit took time to do I was assessed a 20% penalty. why?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,732 satisfied customers
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