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I live abroad in the UAE and haven't filed in 4 years now.

Hello there, I live abroad in the UAE and haven't filed for taxes in 4 years now. Do I need to pay tax if I earn less than $30k? Are there any penalties that I should be worried about? I can obtain most of my pay stubs to document my earnings.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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In 2014, three credit cards, sent us a 1099-C of Debt.

In 2014, three credit cards, sent us a 1099-C for Cancellation of Debt. (Total of 20K) After liquidating all of our personal assets over the past 2 years, we will be filing for bankruptcy before the end of this year. When I file our 2014 tax return, do I have to show this 1099-C as income, if we are filing it in the bankruptcy?

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Mark Taylor

Certified Public Accountant

Masters

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404 satisfied customers
I just amended a clients returns, 14 and 15. I would like to

I just amended a clients returns for 2013, 14 and 15. I would like to work out the interest they owe for each year so they can make an accurate payment. I find it confusing, as IRS wiill give a percentage to add to another rate. I do not find a table anywhere. For that matter, I would accept a workable rule of thumb that would get me close to the correct answer, if that was available. I run into variants of this problem routinely in trying to work out penalties. My computer- Intuit Pro Series--calculates pretty much everything else. What is the solution?

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Dr. Fiona Chen

President

Ph.D.

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82 satisfied customers
How does it typically take to get documents requested by a

How long does it typically take to get documents requested by a Form 4506? I made a request two months ago and have received nothing. Is there some IRS number I can call to find out if the request was received or what the status of the request is currently?

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Dr. Fiona Chen

President

Ph.D.

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82 satisfied customers
My question is pertaining to the sale of my business. I

My question is pertaining to the sale of my business. I operate a retail store structured as a single member LLC in Pennsylvania. For federal tax purposes it is a sole proprietorship, but in PA it is considered a corporation. We are about to execute a purchase agreement with the buyer, and need advice as to the most beneficial way to allocate the exchange of assets. Aside from the physical inventory, the purchase price constitutes store fixtures, display cases and computer equipment, as well as the business name, or good-will.All fixtures and other physical assets have been fully depreciated. The good-will does not appear on the books at all, so I assume the basis there would be zero.Does it make any difference how the proceeds of the sale are allocated (fixtures versus good-will) in terms of how it will be taxed? If so, how should the allocation go?There will be a non-compete clause, which if I am correct, is a key factor.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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I am filing taxes on my rental property and I was wondering

I am filing taxes on my rental property and I was wondering if I could file depr. on it this year although I had not file depr. in previous yearsJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I begin renting in 2008. I have never filed depreciation on the property. I am not trying to recoup depr. for prior years. I would like to start this yearJA: 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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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
I am required to maintain emergency application apps on my

I am required to maintain emergency application apps on my personal cell phone and required to test periodically. I am not reimbursed for any expenses to keep my cell phone paid or in good working condition. What percentage can I deduct on my taxes?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I can think of.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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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,750 satisfied customers
The Carryover of Unallowed Expenses is from form

The Carryover of Unallowed Expenses is from form 8829....from line 42 operating expenses. Also on line 43 of same form is another amount of excess casulty losses and depreciation... Does this also go to the current tax year? Or just line 42 that is carried over to line 21 as a negative # ***** current year forms?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
I need help converting a C-Corp to a S-Corp. C-Corp was

I need help converting a C-Corp to a S-Corp. C-Corp was incorporated 1995. Now, it only holds rental property. Book value of Assets - bank account $ 5,000; real estate after depreciation $ 730,000. Liabilities are two note payables totaling $ 466,800. Stock is $ 150 and retained earnings $ 268,050.So, I am not sure how to calculate the BIG.Thanks, Jeannette

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,926 satisfied customers
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