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Recent Department of Taxation questions
I filed the NY State Tax on time. The online refund status
Hello,I filed the NY State Tax on time. The online refund status tool still shows no information. When I called the phone number provided, there is no option to speak with anyone at all. How do I follow-up with the State Authorities?
I used TuboTax Deluxe 1913 federal and Virginia income
I used TuboTax Deluxe for our 1913 federal and Virginia income tax returns. We received a letter from Virginia Department of Taxation dated April 7, 2016 stating they are disallowing the code 52 Long-Term Capital Gain subtraction. They also referred to Code 58.1-339.4. I have all the forms from my TuboTax. How did this happen?
I know in general partners in an LLC should not be paid via
I know in general partners in an LLC should not be paid via W2 income (rather, they should be taking partner draws/distributions). But I was told that a partner acting as a "managing member" could also draw a W2 income for hours worked (if all partners agree to it) - so one of my bosses chose to do this. How do I account for his W2 income at the end of the year? Do the income and taxes paid on his W2 just simply get removed from the payroll expenses so they are not deducted on the Form 1065 - and then the full amount is treated as a distribution to him as well as a skewed breakdown of the income/expenses for him compared to the other partners who did not take the W2 income? In addition, when completing his personal taxes, do I treat his W2 as a normal W2 since the taxes were already paid for him or must I fill out a special form to account for these taxes being paid (federal and Ohio)? Please let me know if additional information is needed. Thank you
Tax advisor and Enrolled Agent
My father passed away on May 5, 2014. On May 7, 2014 I gotView more tax questions
My father passed away on May 5, 2014. On May 7, 2014 I got a letter from the state of Ohio Department of Taxation, Personal & School District Income Tax Division, stating that they were reviewing my father's medical expenses for 2011 and 2012. I supplied all of the information in late May, 2014 and have heard nothing since. We are ready to close out his estate but do not know if we have to wait for some formal reply from the State of Ohio. How long after death can they still come back to the estate for a tax dispute?
JD, MBA, CFP, CRPS