I have a tax lien in the amount of 61,932 from 2011. I
I have a tax lien in the amount of 61,932 from 2011. I received 1099's for a couple of years and did not file my taxes. so the 61,000 is for the total amount of the 1099's. I was working in Real Estate and remodeling at that time and had expenses/deductions but of course they are not counting that at this time because I did not file. I have mentioned this to a CPA who does my taxes now and he suggested I do an offer and compromise. I had an appointment to meet with him this week but had a death in my family and missed my appt. he is out of town for the next two weeks. The family member who passed had an insurance policy in which I was named and will receive 25,000 once all the paperwork is turned in. I need advise on what will happen with the money and if an offer and compromise is the way to go and if what steps I should take now before signing the insurance forms. I don't know if the attached pic is any help but included it just in case.
Does New Jersey offer First Time Abatement of late filing
Does New Jersey offer First Time Abatement of late filing penalties for a late filed New Jersey Sales Tax return?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My client was given incorrect information from her previous tax preparer. That information was that the client could not file a NJ sales tax return without remitting the sales tax payment at the same time. the client did not have the money to pay at the time... She came to me looking for consel. We were able to file the return for her, late, without making payment. NJ is now assessing a $1000+ late filing penaltyJA: Is there anything else the Accountant should be aware of?Customer: I think that should be everything. There are no other extenuating circumstances - disaster, death in the family, etc. which is why I was hoping that NJ would abate since this is the first and only time the client has filed a return late.
Is there a "statute of limitations" on the time span that
Is there a "statute of limitations" on the time span that the state can collect sales tax on an "online" purchase?JA: Because laws vary from place to place, can you tell me what state this is in?Customer: Rhode IslandJA: Has anything been filed or reported?Customer: Cigarette purchases online from Indian Reservation out of state over seven years ago. State now wants sales taxes on those purchases.JA: Anything else you want the lawyer to know before I connect you?Customer: no
Tax advisor and Enrolled Agent
Are you familiar with NC Corp State Tax Law? OK - is Pearl
Are you familiar with NC Corp State Tax Law ?JA: No. I'm the Accountant's Assistant.Customer: OK - is Pearl familiarJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had 3 businesses that I sold between 2005-2007 time frame. All of them went thru an Audit and without the long story, I was not defended well and owed a massive amount of State Tax money between 2003-2006. Business 1, I paid in full, business 2 and 3 have attempted payment plans over the years. In 2014, the State moved my entire amount owed from a business's account to my personal SS number and wrote off any amount owed that was past the 10 year mark. Now everything is past the 10 year mark and last May, the state garnished my income to help reduce the debt faster. Seems to me that everything is past the 10 year, I should be able to get out of this debt.. I realize I owe but this is hard to pay back with interest, penalties, etc.JA: Is there anything else important you think the Accountant should know?Customer: That is main idea
LLC has not filed an election to be taxed as an S-Corp. The
LLC has not filed an election to be taxed as an S-Corp. The business registered in the state of florida March 2015. Started full operation in May 2016. The business is not up and running. First year 2015, filing form 1065. Second year for 2016, I think should be an S-Corp and file the 2553. But it will be considered late. What is the proper language to write on the 2553 as to why filing late?
1: What happens if discontinue payroll and I continue to pay
1: What happens if discontinue payroll and I continue to pay my guys as 1099 and take shareholder distribution moving forward? Is there a red flag for this with EDD or any other agencies?2: If not, how long will it take before I get asked to go on w2 and are there any regular penalties?..or what dollar amount will make my company more visible (500K, 1 Million, 2,3,5,10 mil) what dollar amount will red flag and warrant that I be on payroll? what is the threshold?3: Are there any back dated penalties if and when I get asked to go on w2, any backdated ss or medicare taxes?