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Recent Internal Revenue Code questions

My chapter 13 bankruptcy just got dismissed about a weeks

My chapter 13 bankruptcy just got dismissed about a weeks ago because trustee blocked confirmation. I had 60k of IRS tax debt.Can IRS swipe my bank account without notice? I heard if they think you are insolvent or if they think you are going to flee country that can do this without collection notices

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Lev

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I take care of my Grandson and receive IHSS payments, he

I take care of my Grandson and receive IHSS payments, he does live with me. I have read the information but am concerned about the "may qualify". He is on the EPDST program through medi-cal. He receives nursing through this program paid by CCS- California Children Services.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No,I don't think so

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Lev

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I am filing a U.S. Tax court petition regarding a notice of

Hi. I am filing a U.S. Tax court petition regarding a notice of determination concerning collection action under section 6320and or 6330 of the internal revenue code. I am wondering how to state qualifying reasons asked on the petition application? This is regarding a business and payroll tax from one quarter of 2010.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Yes, there are several quarters due but the IRS is billing quarter by quarter and of course this determination was the result of an appeal and hearing.

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Charles Markham

Principal

Masters Science Taxation

650 satisfied customers
I am a French citizen who came on a J1 visa for 60 days in

Hi thereI am a French citizen who came on a J1 visa for 60 days in the USA for an internship. My taxes were withheld correctly by the company I interned at for my internship salary.However, after my visa ended and I left US soil (having stayed 60 days in total in 2016 in the US), I received asigning bonus from the same company as I accepted a job offer from them.From what I understood, as I am a non-resident alien (I am French, I live in the UK, I stayed only 60 days in the US in 2016 and I have no visa or green card), I should not have to pay taxes on the bonus in the US as they were paid under those non resident alien conditions. (but in the UK instead)However, the bonus (received after I left the US, and outside of my visa) was included in my total wages on my W2 form. I contacted the employer to let them know about the mistake but they said that it is correct which means that I will have to pay taxes in the US on it when I file my tax return.Do I have to pay the taxes on the bonus in the US although I am not a fiscal resident, nor American, nor under any visa? If not, should it be under the total wage line on my W2 form? How to claim tax exemption on it?Thank you

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
I am currently about to leave my job but have some stock in

I am currently about to leave my job but have some stock in a company that is not public yet. I expect that the market value will go up in the next few months. I was told that I had 90 days from the time I leave to buy the stock. They hold events where the company does a buy back of stock usually towards the end of the year. The question is should I buy my stock now share price is 8 dollars and Market value is $27.00 or should i wait to buy. My concern is the Market value will go up . When I do sell will be taxed on the gain from 8.00 to $27.00 ($19 per share) or would I be taxed on the price on the gain on what I sell it for in the future, for example if it goes up to $35.00 would I be taxed with the gain of $27 a share? I am trying to figure out if I should buy the stock now or wait until my 90 is up but there is a chance the market value will go up in the future.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
I'm selling land in PA that is in the name of the church. It

I'm selling land in PA that is in the name of the church. It is incorporated as a non-profit. I'm in the process of acquiring a Exempt Organization Affirmation Letter from the IRS. The closing costs the title company listed was $2350 in Tax/Deed Stamps. The seller an buyer split the 2% tax.Would as a church I be exempt from that 1% tax as well as capital gains tax?This link was given to me. Maybe it will help. http://www.pacode.com/secure/data/061/chapter91/s91.193.html

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Lev

Retired

Bachelor's Degree Equivalent

24,434 satisfied customers
Wow. this is great. I did a short sale on my house in 2016.

wow. this is great. I did a short sale on my house in 2016. I called my second mortgage company today to find out where my 1099-c is. They said there was not one. I am worried about filing my taxes this year since I do not have one (or a copy of one).JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: i think that is it. my trust level with the second mortgage company is low to say the least. i just don't believe that they won't be sending me one eventually and could use some advice. thank you!

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taxmanrog

Master's Degree

1,148 satisfied customers
I have an insurance agency located in a city (Hudson, MI)

I have an insurance agency located in a city (Hudson, MI) that charges local income tax. I have a remote employee who works exclusively out of her home in another city. Do I have to withhold, and does that employee have to pay the local income tax?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Not that I can think of.

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Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
Well it looks like I'm going to owe taxes again this year in

Hi, well it looks like I'm going to owe taxes again this year in spite of my mortgage interest and student loan interest. My filing status is single and I don't have dependents. I was thinking of opening a Roth IRA to elicit a credit and put more aside for retirement. My question is I see the long term benefit of doing so, any growth from it up until age 59 is tax free and I would have already paid taxes on my initial investment, but how much of a benefit is It to me now with the taxes that it looks like I'll owe? Fed 1900. State 400JA: The Accountant's require payment for their services. It's way less expensive on JustAnswer than face-to-face would cost. The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I think that's it for now.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
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