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Recent Tax questions

If I have a negative balance in my S Corp basis, do I need

HiIf I have a negative balance in my S Corp basis, do I need to recognize capital gains in the same year or can I carry the negative balance to next year?Moreover, I have a zero balance in my loan account.

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
Because my tax documents were stolen and because I didn't

Because my tax documents were stolen and because I didn't think I needed to file, I didn't file my 2007 taxes until 2016. However, the IRS has been deducting $347 a month from my social security check since 2011. I received a 21B saying I overpaid $18,000 and would receive a refind. Will I receive any of that due to the 2 year rule

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I had a call today from someone representing themselves as

Hi, I had a call today from someone representing themselves as the IRS. He told me to take down a case number: FA781C53. What is this all about? Usually, tax issues with the IRS are communicated in writing.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I just want to find out what this is all about.

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
A company I represent as an independent contractor (1099

A company I represent as an independent contractor (1099 status) is asking to see a copy of the last two years of my tax return Schedule C for years 2014 & 2015, because they claim the state labor board is reviewing their business practices. In my opinion, this is my personal tax information. If the labor board wants it, shouldn't they be contacting me directly?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
SUre..... I lived in THailand for 10 years. I never filed a

SUre.....JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I lived in THailand for 10 years. I never filed a tax return. Now I am wanting to bring my wife here and need 2 of those years done. However, I don't have any tax records for my income. I did freelance software development and private tutoring.JA: Is there anything else the Accountant should be aware of?Customer: I like pizza.

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I'm married and I am self-employed. My wife makes around

Hi, I'm married and I am self-employed. My wife makes around $17k per year. No kids. We pay a mortgage of around $525 per month.I'm looking at buying a new car, but I want to make sure it's in my budget, so I'm trying to determine two things...1. My self-employment tax2. My federal income tax rate.I'd like to ballpark how much I need to be paying EACH month roughly to cover both #1 and #2 above.I'd guess I make around $2400 a month after business expenses.Is there a way to determine this?I find it very hard to understand and to figure out how to figure them separately.Thank youDayne

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I use quickbooks online for our small business. We switched

Hi, I use quickbooks online for our small business. We switched over a few months ago. Some jobs that we do, we don't get paid until months later (we get state rebates and sometimes it takes a while). As I am going over each job, I am not sure what to do....a job that was completed in Dec 2015...partial payment was deposited in dec. The balance and some expenses associated with this job were paid in 2016. How do I record this? Is any money collected this year counts as this year's? when I run a report for some reason it is showing no revenues for this year for this job even though I have payments made this year. Basically I am just not sure which year to count sales/revenues for jobs that were done late 2015 but paid either partially or fully in 2016.Thank you

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
I have a partnership that had an transfer of interest of

I have a partnership that had an transfer of interest of over 50% as of 12/31. Do we still need to file 2 period return?

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52 satisfied customers
What is the 'ruling' by IRS..regarding withdrawal amounts of

What is the 'ruling' by IRS..regarding withdrawal amounts of personal checking accounts without violations of 'normal banking procedures?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My bank said...any withdrawal in large sums must be reported to the IRS for review?JA: Is there anything else the Accountant should be aware of?Customer: no

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Mark Taylor

Certified Public Accountant

Masters

826 satisfied customers
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