My corporation (1120) was dissolved in May 2016. The IRS
My corporation (1120) was dissolved in May 2016. The IRS just sent a letter demanded for additional tax owe for the year 2014. Do I as an officer of the corporation liable for the tax for 2014JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: no
JD, MBA, CFP, CRPS
I have recently been sent a Inheritance Tax Return analysis
Dear Sir or Madam:I have recently been sent a Inheritance Tax Return analysis from a NJ Tax attorney working on a draft of my Uncle's Estate. I reside outside of New Jersey and listed as a Non-Resident Decedent. My uncle left two small properties, one has a pending signed contract AS_IS ( with liens, mortgage, and back taxes owed) and another property ( liens, mortgage, back taxes owed) to be sold as is with a potential buyer ready to purchase. The amount owed to the state is outrageous especially on two inherited small properties at a rate of 15%. (*The numbers range from tax of $16,650,.$14,250, and a tax of $11,669*)The NJ Attorney says these are the options/ methods available:1) Simplified Tax Computation2)Ratio Tax Using Net Estate3)Ratio Tax Using Gross EstateQuestion:1) Are Non-Resident Inheritance Tax avoidable?2) What questions should I be asking this attorney before committing to any of the above 3 methods/options?3)Do you know of any other other approaches -that come to mind- that can be calculated for this Estate to lessen the cost?(Note, this attorney deals with "high-profile individuals" ...we don't meet this criteria, another story)Thanks for your reply.Al
Sr Financial & Tax Consultant
If Isell home for 75,000 wil it affect my benifits, I am
If Isell home for 75,000 wil it affect my benifitsJA: 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: I am selling to pay bills I AMAJA: Is there anything else important you think the Retirement Accountant should know?Customer: a am a widow
I am a French citizen who came on a J1 visa for 60 days in
Hi thereI am a French citizen who came on a J1 visa for 60 days in the USA for an internship. My taxes were withheld correctly by the company I interned at for my internship salary.However, after my visa ended and I left US soil (having stayed 60 days in total in 2016 in the US), I received asigning bonus from the same company as I accepted a job offer from them.From what I understood, as I am a non-resident alien (I am French, I live in the UK, I stayed only 60 days in the US in 2016 and I have no visa or green card), I should not have to pay taxes on the bonus in the US as they were paid under those non resident alien conditions. (but in the UK instead)However, the bonus (received after I left the US, and outside of my visa) was included in my total wages on my W2 form. I contacted the employer to let them know about the mistake but they said that it is correct which means that I will have to pay taxes in the US on it when I file my tax return.Do I have to pay the taxes on the bonus in the US although I am not a fiscal resident, nor American, nor under any visa? If not, should it be under the total wage line on my W2 form? How to claim tax exemption on it?Thank you
Bachelor's Degree Equivalent
I am currently about to leave my job but have some stock in
I am currently about to leave my job but have some stock in a company that is not public yet. I expect that the market value will go up in the next few months. I was told that I had 90 days from the time I leave to buy the stock. They hold events where the company does a buy back of stock usually towards the end of the year. The question is should I buy my stock now share price is 8 dollars and Market value is $27.00 or should i wait to buy. My concern is the Market value will go up . When I do sell will be taxed on the gain from 8.00 to $27.00 ($19 per share) or would I be taxed on the price on the gain on what I sell it for in the future, for example if it goes up to $35.00 would I be taxed with the gain of $27 a share? I am trying to figure out if I should buy the stock now or wait until my 90 is up but there is a chance the market value will go up in the future.
JD, MBA, CFP, CRPS
My mother put the kids on the deed of the last house she
my mother put the kids on the deed of the last house she owned and had a life estate. She passed in 2013. we sold the house last year. Everything I see indicates to me that we do not have to report the profit on the sale and it was far below any Capital Gains rule. we want o handle this property, but, i think we do not have to report the funds. I want us all to be on the same page and to do the right thing.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I do not think so.
I had dental work done in bulgaria during the 2016 year. any
i had dental work done in bulgaria during the 2016 year. any part of the dental work cost..and travel deductable? i am itemizingJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: traveled to bulgaria,, had dental surgery pulling teeth and crown work.JA: Is there anything else the Accountant should be aware of?Customer: cost of travel w overnight sstays was 3500...dental work about 3200
Immigration tax situation. TP came to the states on an
immigration tax situation. TP came to the states on an immigration visa tyee DV1. My understanding is that this visa converts to a Green card on arrival. For the entire year 2016, he spent 6 days in US to do job interview & immigration stuff and left to return to Israel and take care of personal business and will not return to the US until the spring of 2017. He is married W/2 kids. his wife's immigration status is the same as his - green card. He was not present in the US at any other time during the year. I need to determine his & his wife's filing status(es). On the face of it, they seem to have dual status - non res & res. According to pub 519, they can elect to be treated as res for the entire year. Which path to take? And if the make the election, what works best to eliminate/reduce tax Foreign earned Income (Form 2555) or Foreign tax credit. I would like our discussion to end with a clear answer to filing status and how to handle the tax.
Vocational, Technical or Trade School