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Recent Taxing Authorities questions

I received a letter from an auditor with the state of

I received a letter from an auditor with the state of Montana asking for documentation of $15,709 I claimed for Medical Expenses in 2015. I did my taxes with TurboTax and it looks like I didn't subtract what was paid for by my insurance. I paid a $5,000 deductible and 20% of $10,709. What am I obligated to do?JA: Has anything been filed or reported?Customer: I filed the 2015 taxes in January 2016JA: Anything else you want the lawyer to know before I connect you?Customer: I talked to the auditor on the phone last week and he asked me if I needed more time. This morning I sent him an email asking for 30 more days from the deadline of 1-28-17

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
Ing to recover some investment money. There has been growth

ing to recover some investment money. There has been growth in the funds and the company is telling me I need to pay the tax on the earnings to them before they can release the funds to me. I thought they would withhold some of the funds and pay the taxes directly. Is this proper?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,768 satisfied customers
I A 70 RECEIVING SOCIAL SECURITY BENEFITS (US$540) only

I A 70 RECEIVING SOCIAL SECURITY BENEFITS (US$540) only since I lived outside the us and did not declare income for many years.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: Now I am told that the income I declare to the IRS can be used for the years where i had 0 income on my recordJA: Is there anything else important you think the Retirement Accountant should know?Customer: Just I had many years on my ss record of 0 income and I heard that the income I am making noe can be used to turn some of this 0 years into income years

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It is about an S Corp that was improperly dissolved (i.e.

JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: It is about an S Corp that was improperly dissolved (i.e. final return filed but paperwork not submitted to the Secretary of State). The Franchise Tax Board is asking for their minimum tax ($800) plus penalties and interests. I would like to know what could happen if those taxes are not paid.JA: When we are ready I'll take you to the appropriate web page.Customer: I assume there is a cost to answer my questions, what range are we talking about?JA: Is there anything else important you think the Accountant should know?Customer: There are no assets of the dissolved corporation or its previous shareholders in California.

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Mark D

Master's Degree

992 satisfied customers
I moved from Hawaii to California. Do I need to see Social

I moved from Hawaii to California. Do I need to see Social security to report my change in residence?JA: Has anything been filed or reported?Customer: Yes I have been receiving social security benefits in Hawaii for 10 years.JA: Anything else you want the lawyer to know before I connect you?Customer: Must my social security checks be deposited in California? Why can't I keep he checks going into my Hawaii checking account. I have a Hawaii Tax that I have to pay in the amount of 30,000. Can Hawaii put a lien on this account?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
If my 3 month old business(gift shop) (managed by someone

If my 3 month old business(gift shop) (managed by someone else) has been charging 10% sales tax when the rate should have been 7% and we now have $100,000 in gross sales, can I be in legal trouble as the owner of this business?JA: The accountant will know how to help. Is there anything else the accountant should be aware of?Customer: I don't think so. it is in Ohio and it is an LLC.

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
I would like to know more about CRS reporting I leave in

HelloI would like to know more about CRS reportingI leave in Croatia and have account in Mauritius to receive salary, worry of My privacyMy account balance is about 50000 euros and could You tell Me :1. will be it reported to My tax office in Croatia, or there is same threshold witch will be reported2. What will be reported & automatic exchanged between tax offices in Mauritius and Tax offices in Croatia3. If they exchange information, what ? just balance end of year or all income pay ( salary ) transaction4. There is some change for account so will not be reported and exchangedMany thanksRegards Milorad

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

4,116 satisfied customers
If a US citizen by naturalisation is getting pension from

If a US citizen by naturalisation is getting pension from previous job in former home country but is wilfully not reporting in his income tax return for more than ten years in US,can he be fined by tax authorities or can he be criminally prosecuted for withholding this information?

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
My mother just passed away and I am one of three

My mother just passed away and I am one of three beneficiarys to her IRAs and annuities. Will I have to pay taxes on this money if I just close out the accounts. I am 63 and am collecting my social security and working part time making the min required. Will this effect my social security income.

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Dr. Fiona Chen

President

Ph.D.

816 satisfied customers
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