I am interested in information regarding care givers fees. I
I am interested in information regarding care givers fees. I was a care giver for my mom in her home for 5 + yrs. She has since passed and her estate is being settled. I was not able to get paid during that time as her funds did not permit it. I will get a one lump sum for the past years. Even though it is deferred payment, what am I liable for in taxes?I forgot to say it's about 200-210k total.Thank you, Nancy
I am a shareholder of a C-corp. We loaned money to an LLC
I am a shareholder of a C-corp. We loaned money to an LLC for trading purposes and the LLC will disburse in January 2017 (the principal and interest). The C-Corp is a fiscal year filer with 2 estimated taxes due prior to January 2017. The C-Corp does not have the funds to pay the estimated taxes on the projected interest made on the loan.How does the C-corp avoid penalties and interest on the 2 estimated taxes prior to January 2017. The C-Corp needs to the proceeds from the loan/interest to pay the estimated taxes.Do we use IRS Form 2220 and which option?Thank you - Mel
I have received a notice of intent to levy from the
I have received a notice of intent to levy from the Massachusetts Department of Revenue. How can I arrange for a repayment plan? if they seize my cash I'm essentially homeless.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I owe about $1800 in back taxes, and amount that I supposedly owe from years back. I had been making small monthly payments, missed a few, now they are going to seize my bank account.JA: Is there anything else important you think the Accountant should know?Customer: I am about to move back to California for work but my wife and son will remain here in MA. I don't want them to suffer from this seizure.
Vocational, Technical or Trade School
Why would be amount of taxes on 120,000.00, We are retired
Why would be amount of taxes on 120,000.00JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We are retired and due to some mistakes my husband made we owe back taxes. We have 120,000.00 we would like to pay all races owned and pay any outstanding bills. Also, I read we may be able to give our daughter a tax free gift of $14,000.00. Is this the case.JA: Is there anything else the Accountant should be aware of?Customer: The amount to be tax does not list any exemptions.
FTB administered a bank levy without notifying me. I
FTB administered a bank levy without notifying me. I cooperated with the underwriter assigned to my case and I told her to hold off on levy and garnishment because the IRS was almost done investigating a fraudulent 1099 issued to me for tax year 2007. When IRS made the final decision in my favor, removing $52000.00 including penalties and fees. FTB is trying to collect $ 18000.00 for the same tax year 2007. The tax owed was from that fraud 1099. Even after I told them that IRS finished their investigation in my favor, FTB still continued to garnish my income. I sent the underwriter the letter from IRS which FTB asked me to procure the following day IRS made their decision. There was ample time to notify my employer to release the garnishment hold on my income. The underwriter said that it was too late plus I need to pay $1100 for tax due from another year. I did not understand what she was referring to but pleaded with her to reasses my tax liability because I'm very sure that I do not owe them back taxes anymore. The underwriter told me that it will take them 90 days to process the reassessment. How fair is that? It only took her 1 day to decide to garnish my income and hurriedly before IRS can finalize the decision.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: so far the garnishment started July first pay period and is still ongoing for $ 378 per pay period. These amount has caused me a lot of hardship including late payment to my condo lease and other bills.
I paid $40,000 in back taxes to the city of Philadelphia.
I paid $40,000 in back taxes to the city of Philadelphia. Can I write this off next year on my Federal and State Tax?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: there is no more to tell. If I had paid the tax as required this would have come out of my federal and state taxes as non taxable income. Retroactively can I do this?JA: Is there anything else important you think the Accountant should know?Customer: no