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Recent Income Tax Problem questions

I HAVE BEEN AUDITED FOR STATE TAX FOR 2005 -06-07 AND came

I HAVE BEEN AUDITED FOR STATE TAX FOR 2005 -06-07 AND came out favorable - now I being audited for 2008-09 for the same issue do they follow past state favorable rulings and the decision for 08 -09 secondly I was under the opinion that audits must be complete 3 years after filing please advise

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,142 satisfied customers
how to file an injunction for relief from a ma. dor bank levy

how to file an injunction for relief from a ma. dor bank levy for income tax problem when you think you are not liable

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ShawnA

CEO

Bachelor's Degree

4,726 satisfied customers
hello, i live in nj and just started a new job and am concerned

hello, i live in nj and just started a new job and am concerned about potential income tax problems at the end of 2010. the company i joined pays prevailing wages, an the rate im paid is roughly 60.00/hr. heres the tricky part.... the company pays me hours worked times hourly rate. i pay taxes on those wages, THEN i pay the company 28% of my gross pay back in cash from my net pay in cash. its a bunch of BS, the company claims the cash a kickback... but my problem is making $124,000/year puts me in a higher tax bracket. if i claim single zero i want to be sure that i dont have to pay extra at the end of the year. what do i claim or put for extra withholdings to ensure i dont pay?

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Anne

Master Tax Preparer

3,334 satisfied customers
I have a client who gifted 20% of their shares of an S corp

I have a client who gifted 20% of their shares of an S corp to their daughter, back in 2006. This year the corp had made some money and they would like to make a distribution to her, to pay her income tax. The problem is she did not take any payroll, for she is basically a silent partner, can they still make a distribution.

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jgordosea

Enrolled Agent

Bachelor's Degree

2,802 satisfied customers
I have 2 LLCs and I want to transfer property to one LLC ...

I have 2 LLCs and I want to transfer property to one LLC for liability protection. One LLC is a parent LLC and the other is a subsidiary of the parent LLC. The parent LLC is the sole managing member of the sub LLC. The sub LLC is also a managing member of the parent LLC. The parent LLC has 4 managing members of which I am one. I own a parcel of land in FL and I, as an individual, am the sole owner of the parcel. I would like to transfer all ownership rights to one of the LLCs. > I will not be getting anything in consideration for the transfer > My share of the LLC will not increase by virtue of the transfer > The property will be owned equally by the other member's of the LLC > The property is worth $25K > The parent LLC is being taxed as a partnership > The parent LLC sells games and the sub LLC is set up to handle real estate transactions > I am concerned with income tax, gift tax consequences, and estate tax as a result of the transfer Which LLC should I transfer the parcel to ?

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mckeecpa

Master's Degree

18 satisfied customers
with a non qualified annuity, can the owner be

with a non qualified annuity, can the owner be changed to an irrevocable grantor trust without causing income tax problems?

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Christopher Phelps

Sole Practitioner

Master Degree

1,180 satisfied customers
taxes and marriage

If a woman owns a home and marries a man with income tax problems, is she liable for any of his tax problems, and could they take her home?

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Sandi Hargrove, SkyHawks

Master Tax Pro and Enrolled Agent

Master Degree

666 satisfied customers
L have a question regarding a rental property i want to

l have a question regarding a rental property i want to sellJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I understand that i need to do a 1031 exchange and purchase another investment property to avoid capital gains tax, but I want to know if the buyer can pay off the loans directly without going through an escrow?JA: Is there anything else important you think the Accountant should know?Customer: The reason is the buyer needs time to pay for the complete sales price, and has offered to pay off the loans that i have on the property in order for me to allow the buyer more time to come up with the rest of the funds. The rest of the money would go to an escrow in a 1031 exchange so i can purchase another rental

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,754 satisfied customers
When inheriting money that is being distributed from a grant

When inheriting money that is being distributed from a grant willed by a relative in another country such as Italy what forms are involved in filing with the American IRS and is the inheritance tax free as in over here up to a certain amount? Thank you.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,754 satisfied customers
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