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The IRS is auditing my business (Employment Tax) and they

The IRS is auditing my business (Employment Tax) and they want me to sign an extention till the end of 2017. The auditor told me if I don't sign the extension by August 2nd, i will not have the right to appeal. Is this true? If so can I ask him for more time to think about it, since he explained this to me two weeks ago?

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Dr. Fiona Chen

President

Ph.D.

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84 satisfied customers
I was recently off and signed a separation agreement in

I was recently laid off and signed a separation agreement in exchange for a lump sum severance of 658.00 (one week of pay). this is to be a separate check. How much will they take out in taxes in Florida?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: This was not included in my last paycheck. It is a separate payment.

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PDtax

Owner

Master's Degree

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6,784 satisfied customers
Thanks! I work NY company-- remotely from my home in PA.

Thanks! I work for a NY company-- remotely from my home in PA. They are taking NY state taxes out of my check although I do not have an office in their NY location. Is this correct?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: They only have one office, in Long Island. I am a remote sales rep from PA. They are not taking PA taxes, just NY state taxes. I've worked for companies like this before and they do not take their state tax, but my PA tax because that is where my office is located.JA: Is there anything else important you think the Accountant should know?Customer: I do not have a desk at the home office and maybe go into the office once a month for meetings. I am completely based in PA, both live and work here.

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
I am filing a federal 941 tax form. three, I must enter

I am filing a federal 941 tax form. For line three, I must enter federal tax withheld. Does this include social security and medicare tax withheld?

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
Greetings, In relation to my son filling out w 4 form...on

Greetings,In relation to my son filling out w 4 form...on page 2, does he have to itemize anything? Line 1 estimate of itemizations;he is renting, does not give to charity, we pay his medical expenses, state and local taxes?? what does that mean??..as he does not own a home. ....He is single with an income of 15 to 20 K annually. The only thing he is paying is interest on student loans.Given these circumstances, does he need to put anything on line #1 under Deductions and Adjustments worksheet? thanks much... Dee

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
I've been a 1099 employee months, and I haven't had any

I've been a 1099 employee for 3 months, and I haven't had any taxes withheld. I'm trying to figure out how much money I should be withholding from my paychecks going forward so that I don't owe money at the end of the yearJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: My salary is 35000

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
If a person wins a large sum of money, does the IRS take the

if a person wins a large sum of money, does the IRS take the tax out immediately or do they wait until April or do they make arrangements for payments monthly? this is a hypothetical question. I am in a contest where the winner will win a great deal of money to be paid out weekly for their lifetime and then their beneficiary will continue when the orignal person passes on. I have not won, but I am hopeful like a million other people. I am just curious.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

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952 satisfied customers
I just had a question regarding my son who we have both

I just had a question regarding my son who we have both determined he will claim himself since he is no longer a full time student... What would happen if he put zero. I know the correct way is to put 1 (himself) but he asked what would happen if he put zero. thanks again Dee.

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
I recently sold my rental property after 25 years. After

I recently sold my rental property after 25 years. After adding back in my depreciation and subtracting capital investments (and closing costs) I had a Long Term gain of $157,000. My wife is currently working at a salary of $52K and I am not working at this time. I have two questions: What is my Federal and State tax liability (I live in MA) for this transaction and two, Do I need to make an estimated payment by Sep 15 2016 or can I wait until Apr 15 2017?Thanks for any insight!

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
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