Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

I run a non-profit that lost its status due to not filing

990. We are still...
I run a non-profit that lost its status due to not filing 990. We are still in business. Can I sell the business since it is not technically a non-profit now and the new owner operate under a new non-profit that she establishes?
Thanks
Show More
Show Less
Ask Your Own Tax Question
Answered in 26 minutes by:
10/25/2017
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,928
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Based on what I have been reading, and the past activities of the former non-profit, I don't think you are able to sell the business to someone else and then they apply for 501(c)(3) status. The sale of the business might be looked at as an excess benefit or self-dealing. SEE BELOW:

---------------------------------------

Excess Benefit Restrictions

Simply put, an excess benefit is present when the property sale provides an economic benefit to a "disqualified person" greater than the value of the goods and services the organization receives in return. A "disqualified person" includes shareholders and managers of the exempt organization, contributors, and certain family members of these people. A disqualified person can be an individual or an organization, and the benefit may be provided directly or indirectly.

Self-dealing Restrictions

Self-dealing occurs when a property sale is between the organization and a shareholder or other disqualified person, regardless of whether an excess benefit is present. In fact, in many cases the IRS even considers a gift of property a "sale" if the 501(c)(3) organization assumes a mortgage or lien on the property it receives. As with excess benefit restrictions, the IRS requires that all restricted self-dealing sales, once discovered, be reversed within a specified time.

Consequences of a Sale of Property Creating an Excess Benefit

The IRS requires that all restricted excess-benefit sales be reversed. Further, sanctions may be imposed against the organization and its managers. For the worst offenses, the organization may lose its tax-exempt status. The disqualified person who received the benefit may also be taxed 25 percent of the benefit received. If he does not promptly return the benefit, he may then be taxed 200 percent of the benefit. In addition, any organization manager who participated in the sale may be taxed 10 percent of the benefit if he was aware of the benefit. One way to avoid such consequences is to ensure that all corporate actions are properly documented via corporate minutes and appropriate resolutions for the sale of property. Legal document services can assist with the proper preparation of these forms.

Consequences of a Sale of Property Involving Self-Dealing

If an IRS examiner determines that a sale of property involved self-dealing, as with excess benefits, the IRS will require that the sale be reversed and may impose a variety of sanctions. Again, it is possible in dire cases for the organization to lose its tax-exempt status. The examiner may also determine the "amount involved" -- the monetary amount at issue -- and then tax the disqualified person involved in the sale, for 10 percent of that amount, or 200 percent if he does not promptly undo the transaction. In addition, any organization manager who participated in the sale may be taxed 5 percent of that benefit if he was aware of the self-dealing. In cases of delay or failure to comply, that tax may increase to 50 percent. Again, one way to help avoid such consequences is to use online legal document services to document transactions properly in the corporate minutes and to make appropriate resolutions for the sale of property.

REFERENCE SOURCE:

http://info.legalzoom.com/501c3-restrictions-sale-property-26096.html

If you do not require further assistance with this matter, I ask that you please take the time to scroll to the top of the page, or the left or right of the page, depending upon what kind of device you are using, and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is greatly appreciated.

Ask Your Own Tax Question
Customer reply replied 1 month ago
But technically we are no longer a non-profit since we involuntarily lost our non-profit status in 2016.
If we lost our non- profit status, what are we then if not just a regular company now?
Customer reply replied 1 month ago
Are you an attorney? I was under the impression my questions would be answers by an attorney who had experience in this specific legal area

Hello again.

No, I am not an attorney. Your question was routed to the tax category. I will opt out and put the question back into the question queue for an attorney to pick it up and try to assist. Have a good evening.

Ask Your Own Tax Question
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,145
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Different expert here - my name is ***** ***** I will be happy to assist you.

You still have a non-profit organization. What you lost is your tax exempt status.

Nonprofit status refers to incorporation status under state law; tax-exempt status refers to federal income tax exemption under the Internal Revenue Code.

A nonprofit corporation cannot be sold. If a nonprofit corporation were to “close down”, or dissolve, the board of directors of the nonprofit must distribute all of the nonprofit’s assets to another nonprofit corporation after all debts have been settled.

My points of reference are:

https://www.venable.com/the-difference-between-nonprofit-and-tax-exempt-status-10-02-1999/

http://smallbusiness.chron.com/can-nonprofit-corporation-sell-its-assets-20459.html

You can apply for reinstatement from the IRS of your exempt status.

https://www.irs.gov/charities-non-profits/reinstatement-of-tax-exempt-status-after-automatic-revocation

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thank you for your response. Since we have lost our status, Can we switch from a non-profit to a for-profit and sell after we are a for-profit? The new owner could then decide to stay for-profit or apply for non-profit...

You can switch from a non-profit to a for profit organization, but there are certain steps that have to be followed.

The following link contains the guidelines for doing so: http://smallbusiness.chron.com/convert-nonprofit-profit-4161.html

Ask Your Own Tax Question
Ask Your Own Tax Question
Customer reply replied 1 month ago
Then I can sell it without any trouble and the new owner could apply for non-profit status??? Can she apply using the same name for the business that I used or would she have to rename the business?
Thanks so much.

When a nonprofit organization dissolves, the assets must be distributed to another nonprofit organization. The articles of incorporation may specify which nonprofit organization or agency will receive the assets. If not, it will be up to the board of directors to choose a recipient. Nonprofit assets may not be distributed to any individual or for-profit entity.

Ask Your Own Tax Question

You can switch from nonprofit to for profit IF YOU PLAN TO STAY IN BUSINESS.

Otherwise, you must follow the nonprofit dissolution procedure.

Ask Your Own Tax Question
Customer reply replied 1 month ago
I can switch from non-profit to for-profit and continue my business with the assets staying with my for-profit business and not donated to another non-profit????
Customer reply replied 1 month ago
But “I” have to own and run it??? I cannot EVER sell it after it becomes a for profit???

Your state regulates how you convert – whether you just need to amend articles of incorporation or dissolve and start over. Your state attorney general has the authority to approve your conversion request from non profit to for profit.

If your conversion is approved, the IRS will need to be notified via a statement of nonprofit conversion that includes your plan and asset value and disposition. Tax returns will also need to be filed. IRS Publication 4779 provides guidance on the steps and forms required.

https://www.irs.gov/pub/irs-pdf/p4779.pdf

In your instance, you will definitely need the advice of a local attorney as well as that of a local CPA or Enrolled Agent to accomplish what you want to do. Your question came through in the tax category, but in addition to the tax implications/requirements I mentioned, there are also the legal considerations.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thank you. That is why I asked the first responder to put my question back in for an attorney to answer. If this can be done, I would appreciate it.

Not a problem. I'll opt out so an attorney who is also familiar with the tax implications can assist you.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,973
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986. … If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

Ask Your Own Tax Question

once you lose your tax exemp status, IRS sees hiu as a for profit entity, and expects your irganization to file tax returns based on your underlying state entity type.

If you were organized as a corporation, for example, youll file a form 1120,

Can you tell me how you were organized at

the state level? AND what state you’re in?

Then we can go from there.

Lane

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thank you. The only reason I really care is because I set up this nonprofit and everything in it was funded by me. My health is bad and I need to get out. When I look us up on the federal and state (IL) sites we are listed as unvoluntarily dissolved. We failed to file taxes for 3 years (I know that is bad but my health has kept me from running things the way they should be). What does that mean for us?

1. It means that your nonprofit is no longer exempt from federal income tax and may have to pay corporate income tax on annual revenue. Your nonprofit may be required to file one of the following federal income tax returns and pay any applicable income taxes: Form 1120, U.S. Corporation Income Tax Return, due by the 15th day of the 3rd month after the end of your organization’s tax year, or Form 1041, U.S. Income Tax Return for Estates and Trusts, due by the 15th day of the 4th month after the end of your organization’s tax year. 2. It may mean that any state tax exemption your nonprofit received that is dependent on federal tax-exempt status is also now revoked. 3. It means that your nonprofit will not be listed in on the IRS list of organizations eligible to receive tax-deductible charitable contributions. 4. It means that private foundations are unlikely to give a grant directly to your nonprofit that has lost its tax-exempt status, because federal tax law imposes an excise tax on grants made to organizations that are not tax-exempt. 5. If you have a fiscally sponsored project with another organization, and that organization has had its tax-exempt status revoked, you may need to find a new fiscal sponsor. What are we called now? If we lost tax-exempt status, are we still a nonprofit corporation? Many nonprofits are organized and operated as both nonprofit corporations and tax-exempt entities. “Nonprofit corporate” status and “tax-exempt” status are two different things. Nonprofit status refers to incorporation status under state law. Tax-exempt status refers to federal income tax exemption under the Internal Revenue Code. You may have lost tax-exempt status with the IRS, but you may still be a nonprofit corporation in good standing with your state. Check with your state’s Secretary of State. If your group hasn’t filed the proper forms with the IRS, you may have also missed the required filings due to the Secretary of State. Learn more about the difference between a “nonprofit corporation” and a “tax-exempt entity” here. What should you do now? If your nonprofit organization has had its tax-exempt status automatically revoked, and wants to be reinstated, you must file a new exemption application and pay the appropriate fees. 501(c)(3) entities will file IRS Form 1023. Most other exempt organizations will file IRS Form 1024.

Ask Your Own Tax Question

sorry that formatting did not transfer well.

...

Bot***** *****ne.?

...

You can file a new 1023 and ask for exemption again ... or start filing as a for profit.

...

What I would do is call Illinois and ask what needs to be done to dissolve

...

This will stop any corporate filing fees that are accruing at the state level

...

Atbthr federal level, IRS expects a FIR profit return to be filed for the years that you gad a underlying corporation - If you had no income, that may be a very quick exercise.

...

Youll need to do so until the year that IL says you are dissolved

...

If you like, I cam make an offer for a phone consult, and after speaking I can contact IL for next steps

Ask Your Own Tax Question

If you don't want the phone consult (I've made a offer for the smallest amount possible, $5) then please let me know what questions you have from here.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thanks. ***** am still a non-profit and cannot sell the business?? All I want is to sell the business if I can bc I have someone interested. If not I will just have to close it. When I look us up on the state (and federal too) website it says involuntarily dissolved. So Can I assume we are just a for-profit now?

You ARE a for profit now.

Ask Your Own Tax Question
Customer reply replied 1 month ago
I can sell????

If want to be reinstated, you must file a new exemption application and pay the appropriate fees. Your organization must use the same forms as all other applicants. 501(c)(3) entities will file IRS Form 1023.

...

To facilitate processing, write “automatically revoked” at the top of the application form and on the envelope. This will ensure that your application goes to a specialist trained to handle these applications.

...

But you CANNOT sell the asset left over from your non-profit before filing the taxes you should have filed as a FOR profit so that you can see what the tax implications are of trying to sell.

...

Ask Your Own Tax Question

Do you understand that non-profits are not owned by individuals. They are owned by the public, and when they cease operations they should donate any assets left over to another non-profit.

...

Were tax deductions taken while you were operating as a non-profit?

...

Have you had any revenue?

...

Are there assets still under the non-profit's title?

...

ALL of these (and more) must be answered.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thanks. We were dissolved in 2016 so I need to file the taxes for 2016 then?
Can she just buy from me after taxes are filed and then set up her own non profit
Customer reply replied 1 month ago
Or could she “buy” by making a donation that I take as a bonus or is that pushing it??
Customer reply replied 1 month ago
I know I really don’t own it- it’s just that it’s all my money in it. No donations or anything and we don’t do grants etc. we are just set up as a small private school

You CANNOT take a donation if you are involuntarily dissolved.

...

But yes, if you bring yourself into compliance as a for-profit, you can then sell the entity or it's assets.

...

I would be very sure that IRS and IL tell you that your for profit entity is tax compliant.

...

You COULD take a donation as a simple gift, but should point out that this is not tax deductible

Ask Your Own Tax Question
Customer reply replied 1 month ago
how can there be assets under the nonprofit name when there isn’t a nonprofit anymore since it was summer involuntary dissolved

Depends on the asset. Cars for example or Land - you simply look at the the title, the deed.

Ask Your Own Tax Question
Customer reply replied 1 month ago
No nothing like that. Just small equipment and supplies. I didn’t see your message for a phone offer until just now. How does that work bc I want to get this taken care of.

Just accept the offer and we'll get an encrypted link to share contact info confidentially.

...

The problem that you have now is that you are in Limbo. The state wants you to pay-up and then they'll let you ACTUALLY dissolve. IRS want you to pay taxes on any revenue you've had (you, of course, will get to deduct the expenses and may not OWE anything if you've been operating at a loss)

...

From the state's perspective, they'l ask for a plan of dissolution

...

The critical task of the disposition of assets must meet the standards of the Internal Revenue Service Code and any applicable state laws. In general, a nonprofit’s assets may not be distributed to a board of directors, staff, or other organizational insiders. Most states require that an organization’s assets be distributed to other charitable organizations or governmental bodies. These laws ensure that assets amassed for charitable or other nonprofit activities continue to be used for similar purposes.

Ask Your Own Tax Question

One way to go here is to distribute the assets to a new non-profit (once attaining that status via form 1023 and a new IL non-profit corporation).

Ask Your Own Tax Question
Customer reply replied 1 month ago
But I don’t understand that since we are no longer a nonprofit. She is going to set up her own nonprofit and continue operating a school. I can “give” her everything so mr nonprofit does the right thing but is there anyway I can charge her for anything or let her make the donation to us under the for profit?

Remember that administrative dissolution just means that you are out of compliance with the state. You aren't actually dissolved yet, you just can't operate AS a non-profit until you either (1) bring yourself current with the state and (2) ask for reinstatement by filing the 1023 with IRS in the manner I described above

...

OR

...

Go through the process of a plan of dissolution with the state (and file and pay any taxes owed in the mean time)

...

But you, personally, have nothing to sell. THe NON-PROFIT if reinstate could always sell its assets to another entity OR to raise funds for it's tax exempt purpose

Ask Your Own Tax Question
Customer reply replied 1 month ago
I can distribute the assets to her but how would I get paid still? Under the for-profit??

Not if SHE is not a non-profit. ... (better said, an employee of or other representative of, a non-profit)

Ask Your Own Tax Question

Right now you are operating as a for profit entity and the revenues that the school receives (tuition) are gross receipts on an income tax return (profit and loss statement) and your salary is one of the business's expenses

Ask Your Own Tax Question
Customer reply replied 1 month ago
1) So- I just don’t understand why I can’t sell then- if I am operating as a for-profit.
2) or can she make the donation to the for-profit and I take it as salary??? Walk away and she set up her nonprofit

1)Becasue you have to go through a plan of liquidation with the state.

2) You don't have non-profit status. She can GIVE the money to the school or you, but it is not tax deductible

Ask Your Own Tax Question

This is serious business and must be handled property or you could be looking at penalties for what is called excess benefit transactions (or private enurement) - you might want to google those phrases.

...

Again, becasue you originally organized as a non-profit, you must go through a process with the state or the fees will continue to accrue.

...

And becasue there is money coming in and our (presumably) you are taxed by the income tax code (26 US code) and your state's tax code.

...

But the body of law that's hanging you up here is the state's non-profit law

Ask Your Own Tax Question

Are you associated with a Church per chance?

Ask Your Own Tax Question

Most of the schools in the American Association of Christian Schools ("AACS"), for example, operate under the umbrella of a local church ministry. Under current federal law, churches are considered to be tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code, without the necessity of applying to the Internal Revenue Service ("IRS") for tax-exempt status. Schools that operate under the umbrella of a church ministry enjoy the same tax-exempt status as their sponsoring churches.

...

Going through a plan of distribution and then distributing assets to a church willing to operate the school may be an option.

...

In this situation, all gifts to the school must go through the church.

...

Again, we can talk ... and there's MUCH to talk about. But you need some help

Ask Your Own Tax Question
Customer reply replied 1 month ago
No we are not.

Most of the schools in the American Association of Christian Schools ("AACS"), for example, operate under the umbrella of a local church ministry. Under current federal law, churches are considered to be tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code, without the necessity of applying to the Internal Revenue Service ("IRS") for tax-exempt status. Schools that operate under the umbrella of a church ministry enjoy the same tax-exempt status as their sponsoring churches.

...

Going through a plan of distribution and then distributing assets to a church willing to operate the school may be an option.

...

In this situation, all gifts to the school must go through the church.

...

Again, we can talk ... and there's MUCH to talk about. But you need some help

Ask Your Own Tax Question

So - you're taking in tuitiion and paying yourself?

Ask Your Own Tax Question
Customer reply replied 1 month ago
paying my other teachers.

The what you have is a business, that should be filing it's tax returns - but the fact that you organized as a non-profit means that unless you go through a plan of distribution with the state, you are restricted (by both IRS and state non-profit law) with what you do with any assets. You can't simply sell until you go through that plan of liquidation with the state.

Ask Your Own Tax Question
Customer reply replied 1 month ago
if I “give” her the assets for her nonprofit , is there anything I can “charge” her for under the guise of the for-profit?
Customer reply replied 1 month ago
I just want out of this mess

ONce you get your non-profit status back your non-profit could sell the assets to the other non-profit ... But you're missing a key point you HAVE to do the distribution plan meaning that the assets must be distributed for free, donated to another non profit ... OR ... bring filings current and have the non-profit sell the assets to another non-profit OR let her contributed as a tax deductible donation at that time.

Ask Your Own Tax Question
Customer reply replied 1 month ago
I have tried to accept the fee for a phone consult but I don’t think it went through - I haven’t received confirmation yet. I will check on it again.So -
1) file 2016 taxes as a FOR-PROFIT to be in compliance with state and federal
2) she makes a donation that is not a tax write off to the FOR-PROFIT that I can then take as “payment”
3) dissolve the nonprofit and distribute assets to her nonprofit OR request my nonprofit reinstated for her with the assets remaining in it???

You have it! (on all three counts)

Ask Your Own Tax Question

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

The stars are located at the top of the page, but if you are on a mobile device (like a tablet or a phone), you may have to scroll left or right to see them and click on them to leave a positive rating. Thank you!

...

But if you need more on this, please let me know. ( and I'll accept the call if I see it come up... so far nothing)

Lane

Ask Your Own Tax Question
Customer reply replied 1 month ago
In one of your answers you state you can “sell” the assets to another nonprofit. How can that be? I thought it had to be distributed- if you sell it to another nonprofit, who gets the money from the sale? Where does the money from those proceeds go???
Customer reply replied 1 month ago
Last question (I think). Please just explain to me why we are not just considered a for profit now if our non-profit has already been taken away from us. I just don’t understand - either we are a nonprofit right now or we aren’t. We can’t be both and we had our nonprofit revoked. I’m having a hard time wrapping my head around why I have to dissolve or ask to be changed to a for-profit when our nonprofit has already been revoked. Again, in my mind either we are a nonprofit or we aren’t.

You can only do that (sell assets) AS a non-profit. Non-profits can sell assets as long as the proceeds go toward the tax exempt purpose.

...

You are not a non-profit until and unless you bring yourself current with IL and get re-approved by IRS

...

The IL non-profit law requires that you either (1) reinstate part of that being getting IRA approved status or (do a plan of liquidation)

...

You're, as I said above, in Limbo right now ... you can't just decide NOt to be a Non profit without going through the legal process(es)

...

Under the income tax code (26 USC - referred to colloquially as the Internal revenue Code) and under Illinois' tax code ... becasue you have lost non-profit status you have to pay TAXES as a for profit.

...

But under Illinois corporate code (non-profit section) you MUST take certain actions before you have any authority to dispose of assets

Ask Your Own Tax Question

... would appreciate a positive rating using those stars or I am working for no compensation at all here.

...

Don't mind continuing, but right now I've spent a lot of time here (been talking to you since 8:22 this morning - eastern time here) and would like some assurance that I'm not working for no compensation.

...

The question will stay open for 7 days

Ask Your Own Tax Question

Still with me Jacki?

Ask Your Own Tax Question

OK, have clients coming at 12:00 to sign paperwork, and I see heads in my lobby. I'll be checking back in this afternoon.

...

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,973
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Sorry. I had someone in my office.
So I am going to file a 2016 for-profit tax return; ask her to make a donation to the for-profit (which is not tax deductible); have her establish a nonprofit to which I donate my stuff; and request that my nonprofit be dissolved-right????
I still just can’t understand why I can’t just sell since my nonprofit has been revoked. I am not a nonprofit now so I just don’t understand why I can’t proceed as a for-profit would. I do appreciate all of your time

The problem with simply walking away and not doing the actual voluntary dissolution is that the corporation may continue to accrue further fees. You really need to follow the dissolution procedures and requirements under the Illinois General Not For Profit Corporation Act of 1986.

...

Moreover, this approach delays the timing for the ultimate winding-up process for the organization, including taking advantage of the provisions barring claims of creditors not confirmed within specified periods after receiving notice of dissolution.

...

Such delay runs the risk that appropriate winding up will not be done – since everyone involved in the organization may have “moved on.” Any remaining “loose threads,” especially involving unpaid debts or other obligations, could come back to haunt former directors or executives involved in the dissolution decision.

...

And simply trying to sell when you haven't followed the IL non-profit law on winding up, such a transfer would likely be voidable as a fraudulent transfer under the Illinois Uniform Fraudulent Transfer Act.

...

Ask Your Own Tax Question
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,973
12,973 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,336 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,906 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I am considering filing as an Non-Profit for the tax
i am considering filing as an Non-Profit for the tax advantage but do not know that it would work for me. I am just using this as a tax shelter as I will be owing lots more money in taxes as a single … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,906 satisfied customers
Regarding Federal tax income Form 4952, should I expect my
Regarding Federal tax income Form 4952, should I expect my client to provide me a form to help me fill out line 1 for "investment interest expense paid"? And if so what is the form number?… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
3,928 satisfied customers
Dose mean can not deduct state income taxes only or dose it
dose mean can not deduct state income taxes only or dose it includes property taxes too … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,973 satisfied customers
How to handle a deduction for a charitable contribution for
How to handle a deduction for a charitable contribution for art given by the artist or creator of that piece of artwork? This refers to the "materials only" or cost of materials only caveat to the ded… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Two questions on federal tax deductibility: 1. We personally
Two questions on federal tax deductibility: 1. We personally paid legal fees for our manufacturer C Corp. The fees were for assistance in preparing a Research & Development tax credit application. Can… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,973 satisfied customers
Is a tax return less likely to be audited if it's prepared
Is a tax return less likely to be audited if it's prepared by a CPA or simply a tax person? Secondly, our Rotary Club is a 401 C for we have a 401 c 3 Foundation the question is can individual members… read more
socrateaser
socrateaser
1,031 satisfied customers
REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES
REGARDING THE FEDERAL TAX LAW INTHE US. IF ONE RECEIVES ALIMONY PAYMENTS, WHAT CAN QUALIFY AS TO ***** REDUCE THE TAX ON THE ALIMONY RECEIVED ? CAN BUSINESS LOSES BE CARRIED OVER TO REDUCE THE TAX ON … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,906 satisfied customers
A Form 1041 is filed for a Credit Shelter Trust & shows a
A Form 1041 is filed for a Credit Shelter Trust & shows a loss on the Taxable Income line (Page 1, line 22). Is this loss carried forward?… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
3,928 satisfied customers
I recently filed amended federal tax returns (1040x) for
I recently filed amended federal tax returns (1040x) for 2013 and 2014. I have received a refund for 2014 and am answering some additional questions for 2013. Do I need to file amended tax returns for… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,973 satisfied customers
Can house maintenance and property taxes be deducted on form
Hello. Can house maintenance and property taxes be deducted on form 1041 for a house owned by decedent prior to the Executors selling it? … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,973 satisfied customers
I am preparing a corporate tax return. The company is a
I am preparing a corporate tax return. The company is a payroll company based in NJ but almost all of the clients are in NYC. Is the income generated from NY clients require a NY S corporate tax retur… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,973 satisfied customers
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2 FROM HER EMPLOYER WITH A TYPO IN THE SOCIAL SECURITY NUMBER. TO DATE THE EMPLOYER HAS NOT PROVIDED A "CORRECTED" FORM W-2. IS THERE AN IRS "… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,251 satisfied customers
How do I remove a federal tax lien. I no longer own the
How do I remove a federal tax lien. I no longer own the property. Transferred to spouse in divorce… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,973 satisfied customers
US FEDERAL INCOME TAX. QUESTION: A SINGLE WOMAN OWNS A
US FEDERAL INCOME TAX. QUESTION: A SINGLE WOMAN OWNS A HOUSE, HER PRINCIPAL RESIDENCE, AND LIVES IN IT FOR 4 YEARS. IN 2017 SHE MARRIES A MAN WHO WILL ALSO USE IT AS HIS PRINCIPAL RESIDENCE BUT NOT HA… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,251 satisfied customers
Can franking credit on an Australian income tax return be
Can franking credit on an Australian income tax return be used on Form 1116 as tax paid on the franked distributions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,906 satisfied customers
I have a federal tax lien,filed with,levy,just got divorced,
I have a federal tax lien,filed with,levy,just got divorced, do i have to pay alimony payments. … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,973 satisfied customers
Is a 1040 US Individual Income Tax Return federal income
Hi Is a 1040 US Individual Income Tax Return federal income taxes owed to the US government? Or is it FICA? I received a letter owing some back taxes and since I'm a priest with a weird set of tax exc… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
Can lost profit be used as a deduction for federal income
Can lost profit be used as a deduction for federal income tax? … read more
Rick Martin
Rick Martin
MBA
92 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x