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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

8,936 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

3,138 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
Can you do a partial 1031? take some money out, pay the tax

Can you do a partial 1031? take some money out, pay the tax and put some toward an exchange?

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
For a 1031 exchange, once you identify a property/enter into

For a 1031 exchange, once you identify a property/enter into a contract, can you change properties?

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Mark Taylor

Certified Public Accountant

Masters

880 satisfied customers
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