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Recent tax questions

Getting a second opinion on this question, as I have

Getting a second opinion on this question, as I have received conflicting information.I have a federal tax lien, and I am about to set up payment arrangements with the IRS. The tax lien is keeping me from getting additional capital for my business, so in order to run my business, if I do not get the lien released, it will cause me some difficulty obviously. Am I better to set up thepayment arrangements myself first, then file to get the lien released, or request the lien be released while I negotiate the payment terms at the same time. The amount of the lien is $17,000from tax year 2014. I would like the payments to be monthly, set for 72 months to keep the payment low, but I can pay double payments. Thanks for your response

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
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I am a distributor in NY. How much sales tax should I

I am a distributor in NY. How much sales tax should I collect if I am selling to other states?

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37,576 satisfied customers
Would a cash-equivalent investment (not a money market

Would a cash-equivalent investment (not a money market mutual fund nor Stable Value alternative) that is constructed exclusively of FDIC-Insured bank demand accounts (not securities) and offered to participant-directed Defined Contribution retirement plans be considered a security by the SEC (and thus subject to ICA 1940 rules)?These types of interest-bearing FDIC-Insured accounts have been utilized successfully in the institutional cash management world for many years (see sweep accounts), but never packaged in a manner to make them available to qualified plan participants. We are exploring that opportunity.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
Have business use items never depreciated with 3 or 4 years

Have business use items never depreciated with 3 or 4 years prior business use. Can I start to depreciate them now, entering in correct date of start of service and prior years depreciation as if taken and either amend up to prior 3 years or just not amend and lose prior deductions? Or is adding previously not depreciated items considered a change of accounting method and requires form 3115?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
TAX QUESTION: I have received conflicting answers from

TAX QUESTION: I have received conflicting answers from experts on this question:A creditor, not in the business of loaning money, has a valid security interest in a note it is having a hard time collecting. It is going to cancel the debt and/or reduce the note in exchange for garnishment. Is a 1099c issued from that creditor?The loans are from LLC's, corps and trusts, all with some family ties.

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Barbara

Enrolled Agent, Paralegal

 
4,702 satisfied customers
I received a CP2000 notice tax year of 2014

Hello, I received a CP2000 notice for the tax year of 2014 from the IRS saying i did not report interest. As i looked further into the report I noticed that it was reported a 1099C from a debt cancellation. A 1099C that I did not receive and also from debt that I incurred in 1996, did not pay and had not heard from these collectors in several years. I am trying to dispute the 1099C to the IRS and am wondering how to handle thisThank you

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I'm a single member LLC who filed form 8832 so I'm

I'm a single member LLC who filed form 8832 so I'm classified as a c-corp. In filling out form 1120 Schedule L, line 22 asks me to enter amounts for preferred stock (22a) and common stock (22b). If I don't issue stocks for sale to the public, do I just enter zeros or does common stock and preferred stock refer to something else?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,336 satisfied customers
I recently married a woman from England who has a large inheritance

I recently married a woman from England who has a large inheritance in a bank in the UK. When we transfer the monJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: When we transfer the money into the US what taxes will we owe.JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: how do I pay?JA: When we are ready I'll take you to the appropriate web page.Customer: Ok what else do you need?JA: Is there anything else important you think the Accountant should know?Customer: Her Dad left her the money in a bank account she just took possession of this year. He passed away several years ago.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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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Did not attach my 83b form with 2012 taxes, is that a problem? JA:

did not attach my 83b form with 2012 taxes, is that a problem?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: filed 83b on time with the IRS and that year filed taxes electronically where there was no method of attaching the 83b.JA: Is there anything else important you think the Accountant should know?Customer: noJA: 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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Tax-Scholar

Manager

Bachelor's Degree

 
124 satisfied customers
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