Personal Taxes
The most frequently asked tax questions related to Personal Taxes
In relation to trade marks , what is a service mark ?
Asked Monday, November 06, 2000 by an anonymous userCPA Answer:
A service mark is the same as a trademark except that it identifies and distinguishes a service rather than a tangible product. Usually, a trademark for goods appears on the product itself or on its packaging and a service mark appears in advertising for the services. The terms trademark or mark are used commonly to refer to both trademarks and service marks.
How long does it take to get a trademark registered and how much will it cost ?
Asked Monday, November 06, 2000 by an anonymous userCPA Answer:
Securing a federally registered trademark usually takes several months. It can be done without an attorney, but you should strongly thin about speaking with one. Generally, the Patent and Trademark Office charges between $100 and $400 per class of goods or services. You may also want to speak with your local CPA about your trademark requirements.
What is a REMIC?
Asked Friday, November 03, 2000 by an anonymous userCPA Answer:
A REMIC is an abbreviation for a Real Estate Mortgage Investment Company. Generally it holds a fixed pool of mortgages.
A REMIC is not a taxable entity for federal income tax purposes. Generally, a REMIC is treated as partnership and the partners considered residual interest holders. Net income from the REMIC is passed through to the partners.
The partners pass through income issued to the partner on Form 1066, Schedule Q and is reportable on IRS Schedule E, page 2.
A REMIC is not a taxable entity for federal income tax purposes. Generally, a REMIC is treated as partnership and the partners considered residual interest holders. Net income from the REMIC is passed through to the partners.
The partners pass through income issued to the partner on Form 1066, Schedule Q and is reportable on IRS Schedule E, page 2.
Injury - On the job
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
The employer's payment you received for permanent loss of use to a limb is tax free if the payment is based solely on the nature of the injury.
Meal money
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
The overtime meal money you receive for occasional overtime is not taxable to you. Additionally, any train or cab fare home you receive while working the occasional overtime is not taxable.
Are the taxi fares I receive for working in an unsafe area, taxable to me ?
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
If you are not considered a highly compensated employee or officer, corporate director or owner of 1% or more of the company and your employer pays for your taxi because you are working in a "unsafe" area, then only $1.50 for each one way trip is taxable to you. Speak to your local CPA about the "unsafe" definition and the taxi payments deductibility.
As a Minister , is the rental allowance I receive taxable to me ?
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
The rental allowance is tax free if the entire amount is used to pay rent and utilities. The church must officially designate the minster's compensation as rental allowance for it to be considered tax free. Retired ministers also qualify if the allowance is furnished in recognition of past services.
As a Rabbi , is the rental allowance I receive taxable to me ?
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
The rental allowance is tax free if the entire amount is used to pay rent and utilities. The synagogue must officially designate the rabbi's compensation as rental allowance for it to be considered tax free. Retired rabbis also qualify if the allowance is furnished in recognition of past services.
Can I exchange U.S. real estate for real estate in a foreign country tax free?
Asked Monday, October 30, 2000 by an anonymous userCPA Answer:
No. You cannot exchange U.S. real estate for real estate in a foreign country tax free. A person will not have to pay taxes on gains realized on "like kind" exchanges of investment or business property.