Join the 9 million people who found a smarter way to get Expert help

Recent tax questions

My home is syracuse, NY. I just took up a consulting job

Hello, My home is syracuse, NY. I just took up a consulting job though a staff agency to support their client based in NYC. This is a one year contact assignment. They agreed to pay be an hourly rate of $95 per hour all inclusive. I am asking the staffing agency to pay part of this $95 as per diem to cover my temporary home in NYC and also travel.My tax home is still Syracuse NY. Two questions:1. The staffing company is saying that this is illegal. But as per IRS rules that I understand if it is an temporary job assignement for a year of less, I can take a per diem. So in my opinion splitting the $95 they owe me as salary and per diem is legal please advise.2. IRS website states that the per Diem for NYC is 270 per day. Is it business day or calendar day. I will be paying monthly rent for temporary place in NYC

Read more

Megan C

Master's Degree

 
29,940 satisfied customers
Are there exceptions to the 2/5 rule when selling a rental

Are there exceptions to the 2/5 rule when selling a rental home? SPecifically, I divorced then home purchase then loss of career right as escrow went through.... with unemployment lastiong for 9 months and only finding work far from home purchased so it's been rented out since 2012 but I'd like to sell it. I did not live in it for 2 out of the last 5 years required in state of CA. I only lived there 9 months. My job is still far from that house and I do not want to rent it anymore but sell it. I understand there are some exceptions and would like to know if I would fit that category. Most likely sale will not exceed capital gains of 250,000 (single person allowed). However, if I sell it and I have not lived there for 2 out of 5 years I will have to pay a tax and that is the tax I want to know if I can get a hardship exemption from IRS

Read more

emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

 
3,534 satisfied customers
Prior to 2006, I accumulated contributed both pre-tax and

Prior to 2006, I accumulated contributed both pre-tax and after-tax funds to a 401k. At the time I stopped making contributions to this plan when I left that employer, I had contributed $20,000 after-tax.In 2006, I rolled over this 401k to an IRA. I have a statement from the 401k administrator that shows that, on the day of the transfer, the plan contained $20,000 in “tax-free” funds.Today, I still have that roll-over IRA plus a second 401k plan into which I can roll-over new funds even though I am no longer employed by the company that sponsors that fund. I have made no contributions into the roll-over fund. I have no other IRA except one that I inherited from my father. This second 401k plan also contains about $25,000 in after-tax contributions made between 2000 and 2015My goal is to move all the tax-free fund in the IRA and the 401k to a Roth IRA and the taxable funds to a traditional IRA.My plan is1. Roll-over the taxable funds from the IRA to the second 401k using a trustee-to-trustee transfer.2. Roll-over the tax-free funds from the IRA ($20,000) to a Roth IRA.3. After transaction (1) clears, roll-over taxable funds in the second 401k to a traditional IRA and the tax-free funds to a Roth IRA.Questions:It is my understanding that transaction #1 is tax-free only if because the destination is a “qualifier retirement plan”, i.e., the second 401k.; in other words that moving the taxable funds to the 401k is required to avoid any taxes I might otherwise incur with transaction #2. Is this correct or is there an easier way to accomplish my goal?It is my understanding that while certain types of roll-overs between IRAs are limited to one per year, this limit does not apply to trustee-to-trustee transactions or to transactions between an IRA and a 401k. Is this correct or do I need to wait twelve months between transaction #1 and transaction #3?

Read more

 
37,564 satisfied customers
Darren here. I have some $1300 stuck in a dependent care FSA

Hi Pearl, Darren here. I have some $1300 stuck in a dependent care FSA because I contributed not knowing the cut off age for dependent care expenses was age 13. My daughter is 14 now. Anything I can do to recover the funds?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I think that's it.JA: OK got it. Last thing - Accountants generally expect a deposit of about $38 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I'm working with a corporation that incorrectly recorded

I'm working with a corporation that incorrectly recorded installment sales on cars they sold for many years. They've been providing financing to customers and were booking sales based on cash received (per the installment loan agreement with the customer) - rather than based on the sales price of the car.This was an error based on a misunderstanding of the revenue recognition rules for car sales. My question is... Would fixing this error require a reporting a change of accounting method or the IRS? Or simply filing amended returns.

Read more

PDtax

Owner

Master's Degree

 
6,668 satisfied customers
I bought all of the limited partnership interests (99% of

I bought all of the limited partnership interests (99% of the company) in a Texas limited partnership on September 4, 2015. An LLC that I own 100% of the interests in bought all of the general partnership interests (1% of the company) in the same Texas limited partnership. We kept the EIN number of the previous owners. Do I file a short-year tax return? Can I be held liable if the partnership is ever audited for something that occurred when the prior owners owned the partnership? Thanks.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
To DanielleCPA ONLY. If a Sub-S took an expense on last

To DanielleCPA ONLY.If a Sub-S took an expense on last year's tax return that had a significant impact in reducing net profits on accrual basis filing, and one of the following occurs this year, what would be the impact on net taxes under each of the three scenarios below:1. Sub-S pays of the expense this year (expense carried over to 2016).2. Creditor settles the debt with the Sub-S for a lot less than original claim taken as expense on 2015 taxes. Does Sub-S need to take the difference (unpaid "forgiven" portion) back into 2016 income with it figuring in net profits. If so, am I correct that this will flow down to the K-1s?3. Sub-S takes Chapter 7. In this case, would the accrual expense deducted on the 2015 taxes be taken back into income and flow down to the K-1s?

Read more

DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
936 satisfied customers
In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I have taxes 13 14 15 that all need to be done, We dont owe

I have taxes for 2012 13 14 15 that all need to be done, We dont owe any money, we have so much write off every year we get back every dime my husband pays in. We have had 5 moves, New Jersy, florida, Nevada, Utah, back to Florida, back to nevada.. we Support a Non profit, my Husband has tons of travel expenses, home office epenses, supporting his Mother and father financially, theft of, storage unit, wave runner and trailor in Florida, Motorcycle trailer and golf cart in florida, lost over 80,000 dollars on a house purchace in New Jersey, Damages to our home in Florida, supporting our oldest grandaughter who lived with us 3 yrs. Loss of lots of tax documents from storage theft in Florida, Moving fees, storage fees, work related expenses etc.. Can we get ny money back for 2012 because of these circomstances? I know I can still file for 2013, 14 and 15. But we really need to get our 2012 refund as well, It's way over 28,000 dollars alone.

Read more

Robin D.

Vocational, Technical or Trade School

 
20,266 satisfied customers
View more tax questions

How JustAnswer Works

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Pay nothing to your Expert if you're not satisfied.

In The News