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Recent Tax Policy 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

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Tax question Do wash loss rules apply when the stock is sold

Tax questionDo wash loss rules apply when the stock is sold outside of a retirement account and rebought in a retirement account? Please cite irs code with example computation if applicable

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Lane

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I was wondering when a estate is being inflated. do you just

Hi. I was wondering when a estate is being inflated. do you just take half of the value of the property? Like if joint bank account has 200,000 do you just inflate the net estate by 100,,000 & then do you have to minus it again? Thank you

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Lane

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A company (C corp.) currently offers employees a 401(k)

A company (C corp.) currently offers employees a 401(k) plan. The company also plans to offer only key man a defined benefit plans (pension plan) as well as a 401(k) plan1. Can the company offer employees a 401(k) plan and also key man a defined benefit plans (pension plan)?2. Can the company deduct both employer 401(k) contributions and employer a defined benefit plans (pension plan) ?

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Lane

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We had to replace a retaining wall in front of our house, is

We had to replace a retaining wall in front of our house, is this considered under a tax deduction?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The wall is about 15 feet from the front of our house, it was starting to buckle and we were afraid it was going to cave in. THe wall is about 6 feet high at the highest point and gradually goes down to about 3 feet, it is approx 100 feet longJA: Is there anything else the Accountant should be aware of?Customer: THe wall holds back our front yard, and probably the house from falling into the street

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Stephen G.

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I run a publicly supported 501c3 and am in ill health. Let's

I run a publicly supported 501c3 and am in ill health. Let's say we don't want to have it continued at the cost of $5,000 per year in comptroller costs but just to close the IRS organization and deposit the money in a bank account undertaking our own expenditures responsibility in the charitable use of remaining funds but not claiming an IRS and not soliciting new funds. Just using up what had been charitably raised for charitable purposes. Would IRS mind this?

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Lane

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I have a Texas LLC and rent a house that I allow one of my

I have a Texas LLC and rent a house that I allow one of my employees to occupy as a fringe benefit of his employment. I have been doing this since January, but have not "accounted" for it, other than paying the rent and having that recorded as a company expense. I know such a fringe benefit is taxable to the employee, but I haven't included the monthly amount of rent as part of his weekly pay. Is that what I should have been doing? If so, how do I now straighten this out? It just doesn't seem "right" that if the employee is receiving the benefit "in kind," and not in "cash" (as part of a payroll check) that he would be receiving a check with the amount of the rent included, because I am paying the rent, not the employee. Anyway, this is pretty damn confusing. I just need to know how to do the accounting in this situation. Since the amount of the provided housing IS taxable, I assume it also requires payroll tax withholding (social security and medicare) and I'm lost as to how that is supposed to work. Any help would be appreciated. Thank you.

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Lane

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I'm trying to determine the "value" that would be used

I'm trying to determine the "value" that would be used for the calculation for a sales tax return for the "Use" tax on Distilled liquors in regards ***** ***** that are given out to customers in the tasting room or other tasting venues. It seems that the actual cost of the product would be used, and not the fair market value of the product. This particular business has a mixed use sales tax license - is both a wholesaler and a retailer - they distill the spirits and resell to other licensed wholesalers as well as providing wholesalers with samples, and they also have a tasting room onsite in which they allow customers to sample product and then sell as a retailer to customers in the Tasting Room.

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Lane

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I am a trailing spouse on a G-4 visa. My husband works at an

I am a trailing spouse on a G-4 visa. My husband works at an international organization, and is tax exempt. I work at a production company. As such, I am obliged to file and pay US taxes.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: HOWEVER, I am told that I cannot deduct mortgage interest. This seems to be aggressively unfair, as the result is that I am effectively taxed at a higher rate.

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Lane

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