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Recent Individual Tax questions
More than 10 years ago I established an irrevocable trust
More than 10 years ago I established an irrevocable trust for the purpose of providing incidental support to my handicapped sister. The trust was not required to distribute income and paid tax on the income every year. My sister recently passed away. The terms of the trust call for the balance in the trust to be evenly paid to my siblings and me. Is this money considered taxable income to the recipients?
JD, MBA, CFP, CRPS
Regarding capital gain taxes: me and my business partner own
Regarding capital gain taxes: me and my business partner own a property in NYC . We would like to sell it. The capital gain is about 1.6MM dollars. I heard that the taxable capital gain is less than that. How much is the tax break ? Thanks
Trust sold home for $100K cash. 5 checks were distributed to
Trust sold home for $100K cash. 5 checks were distributed to 5 beneficiaries of a trust, say $20k each. No money is left in the trust. Each beneficiary received a form 1099-S for their $20K. Straightforward so far...There is concern one of the beneficiaries will not pay their capital gains tax on their share of the proceeds. Could the trust or the other four beneficiaries be liable for unpaid tax?Further, the 1099-S to the person of concern (daughter-in-law) was issued under her deceased husband's social security number. We have an active estate ID for the husband. I imagine the 1099 should go to the latter. Concur?
I formed an S Corp in 2014 so I self-prepared my tax return
Hello,I formed an S Corp in 2014 so I self-prepared my tax return for the first time on my S Corp in 2015. I just realized that I under-reported income from an 1099-K from my Square credit card account. I am the owner and the only officer of my S Corp so the taxes were passed through to my W2. From what I can gather, I need to complete an amended 1120S, my K1, Form 8453. Now am I to file a corrected W2 (I'm my own employee)? If so, how does my corporation prepare a W2-C? Also, do I correct four 941 forms for each quarter in 2015? Am I to fill out forms to arrange for payment or can I pay electronically?Basically, I am trying to find out what ALL I need to amend/correct and file? Please assist. Thank you.
A client of mine owns an LLC. The owner of the LLC is a
A client of mine owns an LLC. The owner of the LLC is a trust. So should we make the tax return a part of the client's individual tax return or should it be filed as a form 1065 as it is owned by a Trust and then pass the K-1 on to the trust?Also since it is a single member owned trust and the trustee is the owner of the trust, can we just take the K-1 and file it in the Trustee/Owner's personal tax return?Thank you
JD, MBA, CFP, CRPS
I have 2 cp171 letters, they are business, but my new tax
I have 2 cp171 letters, they are for our business, but my new tax guy said businesses get paid thru individual tax returns? Either way I just want to pay them now, they are due today the 16th. The irs website doesnt have an option for cp171, just cp healthcare. They are not open 24/7 so i cant speak to anyone but i am afraid they will put a lien on my bank account. Can you explain the correct way to pay online? Thank you.
My wife owns transferred cash to a partnership (LLP) inView more tax questions
Hi! My wife owns transferred cash to a partnership (LLP) in India and became a partner of 33%What are our filing requirements? She is a resident and does not have any US income. The partnership is a Limited Liability Partnership and all the partners have limited liability.Which forms do we need to submit?
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