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Recent tax questions

It is a business tax liability, We were audited years (2011,

Hi, it is a business tax liabilityJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We were audited for 3 years (2011, 2012, 2013). We appealed, everything denied. We incurred about $35000 in interest and penalties.JA: Is there anything else important you think the Accountant should know?Customer: Well we failed to file tax returns for the above mentioned years because our accountant dragged it and dragged itJA: 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

 
16,278 satisfied customers
I'm an engineering consultant and own a small storage

I'm an engineering consultant and own a small storage business. I consult in another state from where my storage business is located. I travel home every weekend to manage my storage business. Can I deduct the air travel back home, to manage my storage business?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I have a question regarding IRS tax form 8846-- Credit

Hello!I have a question regarding IRS tax form 8846-- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Does this form need to be completed by the employer alone? If so, why is it included within the personal tax forms for those who have worked in the restaurant industry? I appreciate any clarification you can provide.Thank you for your help!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
Are legal fees myself as owner of my medical business tax

Are legal fees for defending myself as owner of my medical business tax deductible. My legal fees to defend as erroneous charge was over 30,000

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Christopher B, Esq.

Attorney

Juris Doctor

 
4,782 satisfied customers
I have a small business of which I am looking to sell half.

I have a small business of which I am looking to sell half. The agreed upon price is $400,000, $130,000 of which is in equipment. I need a general idea on how I need to structure the agreement so as to pay the lease amount in taxes and how much(ballpark figure) on how much the taxes will be.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
My employees receive tips directly from customers. Tips are

my employees receive tips directly from customers. Tips are reported correctly via my payroll service provider. On my business tax return, if i enter the gross salaries, wages, & tips, it appears that I am expensing tips paid by others. Am I required to lower the gross number on my tax return to what I actually paid??? Or do I keep it with the gross that contains the tips paid by my customers?Not a restaurant or beverage/bar.LLCemployees are paid service wages.

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
I was wondering if Richard could answer a question about

I was wondering if you could answer a question about filing my business taxesI spoke with a tax consultant for a second opinion about my semi truck purchase being included as an expense/deduction at the end of the year, and I'm confused!She said absolutely "not allowed" as far as claiming the trucks cost or any of its depreciation, but the interest on the loan payment is allowed. Sounds crazy because I'm facing trading it in on something newer with less miles, but who can afford to spend 75,000 on a vehicle if it's not considered a business expense. !! Is any of that true because it sounds iffy. Thanks

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Angie

Bookkeeper

 
460 satisfied customers
I received a credit of 32 bc a penalty was abated but they

I received a credit of 32 bc a penalty was abated but they applied my credit to my fathers business taxes he owed. I contacted the irs and they explained that i have to write the irs an explain to them that i am not affilated with him or his business i was just his pwer of attorney when he got sick but not responsible for any of his taxes. Also i did carry him this year on my taxes. should this be worded any type of way when i send correspondence.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
An S Corporation want to issue stock to a new employee. The

An S Corporation want to issue stock to a new employee. The value of the shares are 15,000.Does the 15,000 have to be recorded as additional compensation subject to payrolI taxes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,278 satisfied customers
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