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To taxmanrog only: Usually, Taxpayer's reliance on

ToCustomeronly: Usually, Taxpayer's reliance on accountant is not a reasonable cause but how about, as evidence, an email received from the tax accountant stating, "Rest assured, we mailed an extension on your behalf"?

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taxmanrog

Master's Degree

1,002 satisfied customers
My wife and I are in teh process of divorcing, we have filed

My wife and I are in teh process of divorcing, we have filed etc.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: we owned 2 seperate properties and have split them whe got the one worth 320k , and I the one wirth 200k. The one she wond up with we both agreed I had 75% ownership of (because of an inheritance to me about 4 years ago)JA: Is there anything else the Accountant should be aware of?Customer: Her property market 320k was purchased originally for 265k and I invested an additonal 45k into

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ABC Accounting Group

Bachelor's Degree

504 satisfied customers
Our homeowner's association received money from Federal

Our homeowner's association received money from Federal Express for damage they did to our road. On form 1120-H, where do I report this money? We have not been able to make the repair yet as it has to be done in warm weather.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,688 satisfied customers
It is about an S Corp that was improperly dissolved (i.e.

JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It is about an S Corp that was improperly dissolved (i.e. final return filed but paperwork not submitted to the Secretary of State). The Franchise Tax Board is asking for their minimum tax ($800) plus penalties and interests. I would like to know what could happen if those taxes are not paid.JA: When we are ready I'll take you to the appropriate web page.Customer: I assume there is a cost to answer my questions, what range are we talking about?JA: Is there anything else important you think the Accountant should know?Customer: There are no assets of the dissolved corporation or its previous shareholders in California.

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Mark D

Master's Degree

982 satisfied customers
I earn about 145,000 yearly. I am going through a divorce

I earn about 145,000 yearly. I am going through a divorce and I am considering giving her 75K cash as a settlement. The issue is that I only have it in a retirement account, but she wants cash. I've already cashed out 25k for this year for retirement to pay debt off to gear up for child support. If I agree to this, I most likely would end up owing taxes. I'm trying to assess that liability.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No. Pretty straightforward. I have a house that I may sell down the line in order to have cash to handle the liability. I'm going this route to circumvent possible support and get this over with.

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
This relates to income tax in Australia. An elderly lady was

This relates to income tax in Australia. An elderly lady was receiving a part aged pension and a part ComSuper pension (because her first husband was a member of Australian Navy). She had remarried and divorced and her second husband owed her alimony and child support dating from 1967 that was never paid to her. She recovered that money eventually in 2014 - a sum of some $70,000. Is that income taxable? She did not declare it on her income tax return because she never actually received it. The cheque was drawn in her favour and mailed to her but stolen from her and cashed by another party. At age 88, she was too stressed and confused to deal with reporting it and as she had her pension to live on she just did nothing about it. But now I am faced with finalizing tax returns for her estate and I am worried that this money maybe should have been declared?Also, the estate received a small amount of compensation from ComSuper paid because they failed to pay her proper entitlements when they were due. Most of that was compensation for extra tax she paid because the payments were made late in a lump sum and for the costs incurred in pursuing the debt. There was also a small amount of compensation for lost interest over a 7 year period.Any help anyone can provide would be greatly appreciated as I called the ATO but they were not helpful.

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taxmanrog

Master's Degree

1,002 satisfied customers
This is a tax lien question, I do not know what I should do

This is a tax lien question, I do not know what I should do next.I have always paid my taxes, but I got a notice from the state tax department that I owed a very large tax bill. After two phone calls to the man listed on the tax bill, he said the state had no records of any taxes I paid that year, and he said he had no copy of a schedule H that I had filed in with my taxes (a form where my husband became disabled that year.) So per our conversation, I mailed him copies of all payments (with proof of where the payments cleared) and another schedule H signed by my husband's physician, sent to him certified with return signature required, and I received the signature card back in mail, dated with the state tax department's stamp on it. After that, I received another bill for the same amount from the tax department, no mention of what I had sent it, and I sent another certified letter explaining what I had already sent, and to please correct my account. It didn't work, I just got another letter stating they were going to put a lien if I didn't pay, no acknowledgement of the proof I'd sent that it was already paid. I then hired an accountant from H&R block to handle the matter for me-my husband and I gave her a copy of our tax return and signed power of attorney statements for her to handle the matter for us. I didn't hear anything from her, so I called four times over the next several weeks and she kept saying she hadn't contacted them yet, but she would that day. I was a little busy with my husband who was severely ill and in the hospital for several weeks, and I just kept hoping she would take care of it, but she never did, and I got a notice last week that a lien has been placed against us in this matter. I called the county clerk, but they said only the state can take that lien off, regardless of the fact that I have paid my taxes and have proof of it. I do not know what I should do next, if you have any advice on this matter, I would really appreciate it.

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taxmanrog

Master's Degree

1,002 satisfied customers
On another tax issue related to the business, I am a self

On another tax issue related to the business, I am a self employed individual (and the only employee of the business) & have an Individual 401-K plan. Can I contribute to my salary deferral portion of the plan even though the business reports a loss?Is my assessment as follows correct?: My income which I take from the business would be reported as a deduction by the business thus increasing the (anticipated) business loss. So for tax purposes they offset one another, however, it would allow me to make a contribution into my Individual K plan (salary deferral part of the plan) which would provide a tax deduction above the line in addition to any loss reported by the business.

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Mark D

Master's Degree

982 satisfied customers
If you are self employed and report a loss for the current

If you are self employed and report a loss for the current tax year can that loss be used to offset non earned income sources such as dividends, interest, IRA distributions etc.?

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Robin D.

Vocational, Technical or Trade School

22,366 satisfied customers
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