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I have/had a non-qualified annuity. This annuity is

Hello. I have/had a non-qualified annuity. This annuity is collateral for a loan. In 2013, we filed Chapter 7 bankruptcy. Since then, the bank has been taking money out of the annuity to make the payments on the loan. This has caused us a substantial tax event every year since then. The IRS has a tax lien against us because of this. Our CPA says we should just do an Offer-in-Compromise and offer the IRS 20 cents on the dollar to settle. We are not willing to do this because we bankrupted and the annuity should belong to the bank now. He told us to hire a tax attorney, which is ridiculous because the answer seems like it should be simple...we bankrupted on a loan that the bank had collateral for...we should be done with both the loan and the annuity...in my opinion. How can we stop the tax events? Shouldn't the annuity be out of our name? Please help! Thank you, ***** *****JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Not that I know of. The first year this happened (2013) this event more than doubled our income!!! By the way, we had to file bankruptcy because our financial advisor stole all of our money.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,290 satisfied customers
IRS and state Taxes: Maryland, New York, Colorado I need to

IRS and state Taxes: Maryland, New York, Colorado I need to go to the IRS first thing in the morning.The IRS just leaned me and took 20% of my social Security check. I need to find out what forms I need to file to let them know that I do not have any money or assets. I do not own a home and am presently renting but can not even pay my rent because they took the cash from my social security payment.Where is the nearest IRS office in Tucson, Arizona near my zipcode of 85749 or 85750.Next since they say I owe $31,000 what Fresh Start Program can I apply for and what forms and instructions do I complete?What financial statement do I take to them to show them my financial status so I can present to them my expenses and how they just wiped me out?I am not working and do not have anything except my social security at this time and with the liens and the fact that I was not able to report to them when I lived in Maryland they reversed my previous return and hurridedly closed an audit with no meetings with me and has caused extreme hardship.I have creditors constantly calling me, and liens and as I have undergone surgeries of my eyes, Retinal Surgery first and in 2015 2 catarac surgeries in my right and left eyes.When they called me in for the audit I was recovering from knee replacement surgery and physical surgery and could not walk or drive.I asked the agent to leave the audit open until I could gather receipts from 2008, 2009 and 2010 the years that they reversed my expenses from my schedule C.I have lost everything and have notices from states as well as interest that is getting to be higher than the amount that they say I owe.I am 64 years old and devistated.I was not able to file for 2013, 2014 and 2015 as I could not see and am still recovering. I need an answer as soon as possible as the very complex statements can be filed for 2013, 2014 and 2015 tomorrow, and then I can go back to do a 1040X for the years that they erased my expenses,I do not have money for an accountant or attorney so please do not reply asking me to pay you to answer these questions as I do not have the money.I just need to know where is the nearest IRS office and what is the office and forms and how do I file an offer in compromise and what forms and instructions do I use and what can I do for me owing over $30,000.The lien was filed in New York City borough of queens but I worked and lived in Silver Spring Maryland at the time and Maryland has liened me and put me in collections.Please expert only in federal and state taxes for Maryland , New York City and now live in Arizona although I have not worked in Arizona at all and just moved here as I could not afford to live elsewhere. I have not worked since I had my last eye surgeries in July and August of 2015.My 2008 tax boxes were inadverdtantly tossed by the maintenance workers assisting my physical therapist so that I would not hurt myself as my home was my office.

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PDtax

Owner

Master's Degree

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I am retiring and will be living with my daughter in her

I am retiring and will be living with my daughter in her home in AR. I wil not be her dependent at this time though eventually she may become my caregiver. I want to pay half of the household expenses. Should we open a household account and both contribute to that account? Does it need to be specified - named a household account and both of us be signers? Will the amount that I contribute be income for her? She will still claim taxes & interest on her mortgage.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: She just this month paid home insurances for the coming year. I want to reimburse her for my half.

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Barbara

Enrolled Agent, Paralegal

5,014 satisfied customers
I own a home in California. My property taxes are in escrow

I own a home in California. My property taxes are in escrow and included in my monthly mortgage premium. Because of financial hardship in 2015, I did not pay many of my mortgage payments, (which of course includes my property tax payments). I am now in modification with my lender and expect to save the house and continue living in the property. Can I still deduct my total property tax bill for 2015 on my 2015 income taxes?

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Dr. Fiona Chen

President

Ph.D.

300 satisfied customers
My Wife and I file Separate on our income tax, and we are

My Wife and I file Separate on our income tax, and we are going to purchase a house. We want to put the house in her name only on the mortgage and deed. I will be investing in real estate and will be putting them in my name only. We want to keep them all separate. We do not have joint bank accounts nor credit/charge cards. Please let me know the legal aspects of all of this.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,290 satisfied customers
If a C-Corp rents a building from the sole shareholder but

If a C-Corp rents a building from the sole shareholder but can't pay the rent, is there an issue with recognizing the full amount of the rent per the lease as an expense on the C-Corp (and rental income to the shareholder) offset by a shareholder loan for the unpaid rent?

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PDtax

Owner

Master's Degree

6,868 satisfied customers
I would like to know how to import wholesale sales in texas.

Hey there, I would like to know how to import wholesale sales in texas. I have sales tax permit and account and i was informing my retails sales every month however we start doing whole sale as well a year ago so i start informing like $40000 total sales and 15000 dollars is retails sale so i pay only that part. However, now we even don't do retail sales and i am still informing sales tax permit (web file) people by saying $40000 and $0 taxable sales. Am i doing right?

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Dr. Fiona Chen

President

Ph.D.

300 satisfied customers
I have a registered LLC in Delaware. In 2016 I have so far

I have a registered LLC in Delaware.In 2016 I have so far lived in NYC, HI, and now looking at moving to either CA, or FL.What state would my tax return be done in?I'm looking at moving to FL in October for the remainder of the year, hoping that would give me the tax benefits from that state.I have a NY drivers licence, and a HI state ID card just for some extra info...Last years tax i filed in HI, even though I didn't move here until February 2016.Really unsure of what I should be doing as I move around so much.Thanks

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Dr. Fiona Chen

President

Ph.D.

300 satisfied customers
Three siblings received the same disbursement amount into

three siblings received the same disbursement amount into their safe trust accounts from a business that the trusts own equally. The tax profession paid the taxs based on the trust account rate, in other words the funds where not disbursed to their personal accounts but held at year end in the trust. one sibling lives in nj, another in nyc, the last in nys,suffolk county. Are there 3 different tax rates base on where they live or it based on where the trust is domiciled?

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Mark Taylor

Certified Public Accountant

Masters

956 satisfied customers
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