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I owe $80k to the irs taxes. I red an attorney to help me,

I owe $80k to the irs for back taxes. I hired an attorney to help me, and because of my financial situation the irs agreed to and put me in the "currently uncollectible" status!My question is, what are the odds that they would now agree to an offer in compromise? Say I was able to borrow about 13k to totally call it even and close my case? And, if they DID agree to that, would they immediately take off the liens against me?

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
OK, This is 1116 and. T/P sold real property non business at

OK, This is 1116 and amt.T/P sold real property non business at a lT gain of 946,309 in South Korea. She lives here in the US. She paid a foreign tax on it of 405,319. She does have 9600 in wages. That is it. No other income. standard deduciton. no dependents. I am putting this as passive ordinary income on the 1116. Correct? Do I put this on the line for qualified dividends and capital gains from Country? I feel like I am going in circles. This is also triggering AMT.

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Dr. Fiona Chen

President

Ph.D.

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52 satisfied customers
LIVED IN ARIZONA IN 2013, MOVED TO CALIFORNIA IN 2014 FILED

LIVED IN ARIZONA IN 2013, MOVED TO CALIFORNIA IN 2014 FILED TAXES FOR 2013 FOR ARIZONA IN CALIFORNIA. WE HAVE RECEIVED MAIL FROM IRS SAID WE DID NOT FILE FOR 2013. WE HAVE SENT COPIES 2 TIMES AND THEY KEEP SAYING WE HAVE NOT FILED. WHAT CAN WE DO. WE CANT GET ANY NUMBERS TO CALL THEM.

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
Q-FORM 8962 TAXPAYER REPORTIN AS A SELF-EMPLOYED INDIVIDUAL

Q-FORM 8962 TAXPAYER REPORTIN AS A SELF-EMPLOYED INDIVIDUAL TAX PAYER.HAD SET UP MONTHLY PREMIUES F-109A. TAX PAYERS HAD A CAPITAL GAIN SALE MID-YEAR. WOULD THIS EFFECT THE ADVANCED PREMIUME TAX CREDIT.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,724 satisfied customers
What should I do if I overestimated my taxes about the

Richard,What should I do if I overestimated my taxes about the number of miles driven for work? I received a letter from pa dept of revenue, but not the IRS. Will I need to notify the IRS too? I'm really nervous.

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Barbara

Enrolled Agent, Paralegal

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4,846 satisfied customers
Followup to previous question re defined benefit plan

Followup to previous question re defined benefit plan for sole proprietor business: If taxpayer is over 70.5 years age, I assume that the minimum required distribution will be required each year (just as it is for a profit sharing sole proprietor 401-K plan), even while still making contributions to the plan? If not in the first year and thereafter, when would MRD's begin?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,742 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.

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52 satisfied customers
I just amended a clients returns, 14 and 15. I would like to

I just amended a clients returns for 2013, 14 and 15. I would like to work out the interest they owe for each year so they can make an accurate payment. I find it confusing, as IRS wiill give a percentage to add to another rate. I do not find a table anywhere. For that matter, I would accept a workable rule of thumb that would get me close to the correct answer, if that was available. I run into variants of this problem routinely in trying to work out penalties. My computer- Intuit Pro Series--calculates pretty much everything else. What is the solution?

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Dr. Fiona Chen

President

Ph.D.

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52 satisfied customers
Well, before I do, how much will this cost? I did not

Well, before I do, how much will this cost? I did not realize this was an interactive site when I clicked the link.JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to. The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Ok. I have an approximate $15,000 unpaid tax obligation from 2010, when I was married to (but separated from) a former spouse. We divorced in 2014. I married my current spouse in 2014. We lived in California through June of 2015 and New Jersey the remainder of 2015. Well over half of our 2015 income came from my wife's NJ job.JA: Is there anything else important you think the Accountant should know?Customer: Yes. I wasn't through, but accidentally hit the button. So, I filed an injured spouse form with our 2015 return. We filed jointly/married. I provided a breakdown of the earnings and expenses between NJ and CA. However, we got a notice from the IRS a couple of weeks ago that said they were keeping the entire refund (over $9,300) and that they were "unable to process" the injured spouse form because we resided in CA. It mentioned nothing about also residing in NJ or the different incomes generated from the two states. So I'm just curious whether I should pursue the matter or not.

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Mark Taylor

Certified Public Accountant

Masters

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324 satisfied customers
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