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Recent Omnibus Budget Reconciliation questions

An employer offers to pay an employees medical for 3 months

An employer offers to pay an employee's medical for 3 months as part of her severance package. Is this taxable compensation to her?

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Robin D.

Vocational, Technical or Trade School

20,894 satisfied customers
Have a client who owned a hotel....they ended up having to

Have a client who owned a hotel....they ended up having to let the hotel go to auction, where another hotel ended up buying the note and forcing them into forclosure...the other hotel ended up taking all the assets of the hotel with them. My question is, I need to get the note off my clients books and the assets off the books....What are my steps.

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PDtax

Owner

Master's Degree

6,844 satisfied customers
My fiances mother, 93, just went into assisted living , lives

My fiance's mother, 93, just went into assisted living , lives in calif, half the house is in trust from her fathers death in 1987. Can they have her buy the half of the house with her remaining dollars, pretty much all her cash,so they can pay for her assisted living. She is totally with it. Her doctor asked her to spell world and then asked her to spell it backwards and she did it faster than me and I went to medical school.what are the tax and gift issues.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
Here is the senario, I started a new job after being laid

Here is the senario, I started a new job after being laid off, I got a new job and my current employer does not off health insurance but he offered to pay my COBRA premiums for me, his accountant at the time told him that as long as he paid the premiums and I did not have unrestricted access to the money that it would be tax-free payment for him since its healthcare, since then he has a new accountant and he states that the premium payments would be taxable. So we are a little confused as to what the status of these payments would be?

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Anne_C

Attorney

Doctoral Degree

1,496 satisfied customers
i have an employee on LT disability who is terminating his

i have an employee on LT disability who is terminating his employment due to illness. The firm would like to continue to pay his health insurance. Is this taxable to him? How is it reported?

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JKCPA

Certified Public Accountant (CPA)

Bachelor's Degree

4,664 satisfied customers
I was gifted my fathers house for $1.00 in May 2005 and it ...

I was gifted my fathers house for $1.00 in May 2005 and it has a life estate clause in it. My father was put into the nursing home in May 2007 and was approved for Medicaid in 2007. I need to sell the house now as I cannot afford the expenses and taxes. Can I do this with out the Nursing Home getting anything. I have always lived in the house and am my fathers care taker and Power of Attorney. My father is now under medicaid and hospice care.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
If the IRS has notified the treasury department to sell your

If the IRS has notified the treasury department to sell your property can it be stopped with a Chapter 13 bankruptcy?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

3,954 satisfied customers
If I grant to a communications company an easement on my

If I grant to a communications company an easement on my property for a fee of $10,000, is some kind of income tax owed on that payment.

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
For our 2015 Federal Income Tax return, the IRS has reduced

For our 2015 Federal Income Tax return, the IRS has reduced our TurboTax calculated refund by $500, the exact amount that Fidelity, following our instructions, withheld from my wife's annual withdrawal from her IRA. Fidelity reported this amount to the IRS on a Form 1099-R All of the Fidelity data for our three Fidelity accounts was entered electronically into Turbo Tax by internet download. In entering data into Turbo Tax I also entered this withdrawal amount under "other withholdings". I'm assuming that this constituted a double entry of the withheld amount and was, therefore, the reason the IRS reduced our refund by an equivalent amount. Am I correct in thinking that if a financial institution files a 1099-R covering tax withheld from an IRA distribution and if that financial institution's data is subsequently downloaded into Turbo Tax, then I, the filer, should not also enter the amount withheld under "other withholdings".

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
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