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
Sr Financial & Tax Consultant
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?
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.
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 ?
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?
What is your fee for an inherited ira tax question? what is
what is your fee for an inherited ira tax question?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: what is your fee for an inherited ira tax question?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: I have an inherited IRA since 2011. I have taken the mrd 4 years now. I transferred the ira to an account with a 5yr guaranteed return but have to pay 7.9% penalty for early withdrawl plus take a loss as the ira was re valued. Ok, yes, I was hornswaggled by a Scwab consultant. Now, is the 7.9% early withdrawal fee deductible and/ if i take the total account balance out (the early w/d for the total amount works out to ~$1700) is that amount deductible? I know I will take a tax hit but if the account is re valued each year I do the minimum withdrawal I think I will more money.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: it is an inherited ira worth ~$26K and I am 61 years old.