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Recent Rules questions

What are the IRS requirements for charitable donees to send

What are the IRS requirements for charitable donees to send acknowledgement letters to donors? Is there some de minimis amount received below which the donee organization does not need to send acknowledgement letters? What is the deadline for sending the acknowledgement letters to the donors?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

18,990 satisfied customers
I formed a texas close corp (not c-corp) in 2004 with no

I formed a texas close corp (not c-corp) in 2004 with no shareholder agreement. In 2009 the corp became an S corp with wife 1% shareholder, husband 99% shareholder.. QUESTION: In your experience does wife qualify for any power in this close corp (not c-corp) or would this couple default to being 50-50 shareholders because texas is a community property state?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Like what?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

18,990 satisfied customers
I'm waiting to draw my social security until I am 70 and I

I'm waiting to draw my social security until I am 70 and I plan to continue working until I am 75 or 76. Will my social security be taxable until I am 72?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

18,990 satisfied customers
My question is, if a disabled person on disability i.e.

Hi, my question is, if a disabled person on disability i.e. social security, can they be included in a trust fund without losing their ss benefits?JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.Customer: OK, like I said, my dependent is mentally disabled and is living on social security. I would like to set up a source of income in the event of my death. I think if he shows any assets from an inheritance he would lose part or all of his Social Security.JA: Is there anything else the Retirement Accountant should be aware of?Customer: no

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Barbara

Enrolled Agent, Paralegal

5,690 satisfied customers
I have a tax question. I have an LLC that is a sub "S." I

I have a tax question. I have an LLC that is a sub "S." I want to form another LLC and want the most simple way to address taxes and ownership of this LLC. It will be owned and managed by the same two members of the existing LLC. Should I just make the New LLC owned by the existing LLC. And if so do I need an EIN for the new LLC if I will be filing taxes through the existing LLC. Thank you

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,654 satisfied customers
I filed a final return for a 1 shareholder S-Corp in 2013.

I filed a final return for a 1 shareholder S-Corp in 2013. It remained registered with the state since. I'd like to restart the company in Jan 2017. I can't find the rules that allow this.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The S status was not terminated and no returns have been filed since. State returns are not required.

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Mark Taylor

Certified Public Accountant

Masters

1,966 satisfied customers
A year old employee wants to enter his employer's 401k plan

A 69 year old employee wants to enter his employer's 401k plan (which they just began) & defer 24,000 per year. He is not an owner in the business. Can he continue deferring after 70.5 years of age?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

18,990 satisfied customers
US citizen has sold a house in Mexico that has been

US citizen has sold a house in Mexico that has been inherited in the amount of $500,000. He is wondering whether he has to report this sale on his taxes or not.If he has to report the sale, how this is reported.Thank you

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,654 satisfied customers
What tax rules should and individual be aware of when he has

What tax rules should and individual be aware of when he has a substantial amount of money invested in the governments thrift savings plan and will be turning 70 years old very soon?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,654 satisfied customers
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