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Is a Florida unincorporated association (formed in 1982) and

Is a Florida unincorporated association (formed in 1982) and tax exempt under 501(c)(3) as a public charity required to file an annual report similar to corporations?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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We received the Bank of America mortgages settlement

We received the Bank of America mortgages settlement amounting to $72000.00. We reported it as income on our tax return for 2015. As a result, our tax liability has gone up by $18000.00. We thought that Bank of America had set funds aside to help with the tax liability. We need your advice on this issue.

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Mark Taylor

Certified Public Accountant

Masters

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If a business was transferred into my name in 2015 but the

If a business was transferred into my name in 2015 but the payments were still going into the old checking account am I ok to open a new account now & pay taxes on the earnings from 10/15 when the business was put in my name?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Will you be replying back today? Thx!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have filed a partnership return (Form 1065 ). I realized

I have filed a partnership return (Form 1065 for LLC) for 2014. I realized that one property the partners contributed in 2014 is not included as capital contribution on their K-1.Should I add the amount paid for this property as contribution by the partner and adjust their ownership based on the contributions and file the amendment ?I see the capital contribution does not impact anywhere on taxes but the balance sheet. I am new tax preparer and need any and all help you can lend.

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Mark Taylor

Certified Public Accountant

Masters

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A taxpayer files an 83b election in 2015. He is supposed to

A taxpayer files an 83b election in 2015. He is supposed to attach the 83b to his 2015 tax return but inadvertently efiles his return. As a 1040x should not be filed since there is no change in the numbers on his Form 1040, how does he resolve this oversight?

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Mark Taylor

Certified Public Accountant

Masters

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Scenario: I'm in the 31% tax bracket and the commercial

Scenario: I'm in the 31% tax bracket and the commercial building that I hold in a single person LLC is now providing significant income pass through via form 1065 to my personal return. I have bought a new single family rental property as an individual since I couldn't get a lender to finance it in the LLC. The new property will have a loss and I would like it to cancel some of the LLC properties gain.Sidenote: I feel that the LLC is not serving me well (I have very good insurance coverage on the building, I personally guarantee the commercial building loan any way, alot of extra hassle). My commercial lender is in the process of re-financing the LLC's building so now would be a good time to get their approval to transfer back to me personally. Both properties and the LLC are in Washington State, so it is only a federal tax issue.My Belief (may or not be true): I assume the loss on the residential rental property(closing costs, maintenance, minimal rent income) will not reduce my personal tax burden for 2016? I'm under the impression that gains after depreciation, taxes, interest, etc on rental real estate are taxable as additional income but losses will not reduce my adjusted gross income.Question: Am I correct? If so, then it seems I need both properties in the LLC or both out of the LLC to accomplish my goal. Is the transferring the commercial bldg. from the LLC back to me personally a taxable event? Anything special I must do to make sure it is not. Any other thoughts, advice?

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
I always do taxes son and daughter-in-law. She has a trust

I always do taxes for my son and daughter-in-law. She has a trust fund at Comerica and the statement they sent this year does not have labeled boxes as in the past. I do not know what has to be entered on her taxes. I am assuming that they filed the trust 1041.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,802 satisfied customers
I always do taxes son and daughter-in-law. She has a trust

I always do taxes for my son and daughter-in-law. She has a trust fund at Comerica and the statement they sent this year does not have labeled boxes as in the past. I do not know what has to be entered on her taxes. I am assuming that they filed the trust 1041.

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Dr. Fiona Chen

President

Ph.D.

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I need some assistance in tax question. I have a business

hi I need some assistance in tax question.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I have a business registered in texas which became a partnership in 2005. The IRS is stating i need to file 1065 tax forms for 10 years.I thought in texas it was a disregarded entity so i didn't need to file but the iRS is stating otherwise. Is this correct?JA: Is there anything else the Accountant should be aware of?Customer: no just that question

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
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