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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

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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

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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

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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

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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

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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

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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

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We are a wife and husband owned company with only ourselves

Hello, We are a wife and husband owned company with only ourselves as employees. We live and do business in the state of Florida. The FL state audited our S-Corp and reclassified a good portion of our distributions ($46,631.80) as salary. Please view questions:1. I am about to send in the 941x and 940x to the IRS. I saw mention of a 941-B does that apply to us?2. I believe I also have to revise W-2s? Do I need to revise W-3?3. Do I need to or should I amend the 1120s and 1040?? If I amend these will we pay less on those to counter balance the additional amount that we will now owe?4. Since we were audited by State and not Federal does this help us any in requesting any late fees/penalties to be waived??5. At this time when I submit the forms we can not pay all that we will owe. If I make a partial payment will the IRS then bill us?6. Finally someone mentioned that just because State reclassified and we owed them zero that we do not have to revise Federal until they would audit.. that seems incorrect? Am I correct?We are in-between accountants right now.. however I do know how to amend all forms and file all taxes.Thank you for your assistance!! Michelle

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Mark Taylor

Certified Public Accountant

Masters

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My mother has a policy with Met Life which is going to be

My mother has a policy with Met Life which is going to be usedJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: for her funeral expenses. The funeral home is not familiar with 1035 formJA: Is there anything else important you think the Accountant should know?Customer: in order that her life insurance policy can be transferred to another type of life insurance allowing the State of Illinois funding.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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