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Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Am I eligible for the stimulus checks even though I just got my green card?
Hi! I recently adjusted my visa status from F-1 to permanent resident (my green card was approved July 2021) - could I still be eligible for the stimulus checks that were given out previously? I have been living in the States as a student since 2017. The only year I worked was 2019 (a one off job at my school) and I submitted a tax return for that, the other years I had no employment.
Asked Sunday, July 25, 2021 by Emily M.Sign in to Answer
Avoid gift tax
Inherited $100,000 from sister and want to give to her grandson, tax free. Is wire transfer the way to go?
Asked Saturday, July 24, 2021 by Mia K.Sign in to Answer
Is Turbo Tax for multiple businesses?
How do you use Turbo Tax to file federal and state taxes for a Delaware LLC with the S Corp designation and personal income for you foreign registration requirement when you reside outside of Delaware?
Asked Saturday, July 24, 2021 by Mark C.Sign in to Answer
Gift Tax - Student Loans
My dad wants to pay off my student loans of $22,xxx. Would he or I have to claim it as a gift and pay the gift tax of the left over 7,000? Would it be more beneficial for him to pay a portion this year and a portion in January? What would the benefits be if he were to become a cosigner of this loan and make the payments? He's looking for the most tax advantageous strategy.
Asked Saturday, July 24, 2021 by Zach I.Sign in to Answer
New LLC direction
What is the optimal structure, and filing requirements for a new Wyoming LLC whose single member owner resides in CT?
Asked Saturday, July 24, 2021 by Mark C.Sign in to Answer
Notary Business
I own a HR consulting business (S-Corp) and have become a notary for my state. I would like to include as an available service if possible. Should I create a LLC for the notary business or can I offer it as a service under my existing HR consulting business?
Asked Friday, July 23, 2021 by Debbie A.Sign in to Answer
Child tax credit
Hello, I am reaching out, because I am a bit confused and the IRS is no help. I am a single mother of 3, head of house hold, and on unemployment. I was assuming I was getting the CTC, but when I went on the portal it says I will not be receiving them, although I meet all the criteria to receive them. I’m not sure if you can help in anyway or happen to have any answers. Thank you!
Asked Friday, July 23, 2021 by Anne D.Sign in to Answer
Stock Gift
Hi! I have a lot of stocks that I wanted to gift to my mom. She is retired and makes under $40,000 a year. What are the tax implications for me and her?
Asked Thursday, July 22, 2021 by Nithin M.Sign in to Answer
Taxes on Roth IRA unqualified early withdrawal
In 2018 I withdrew $18,200 from a Roth IRA. I mistakenly didn't include info about this on my taxes. I recently received a bill for about $5,100 for taxes and interest. This is based on the entire $18,200 being taxable as income. However, my understanding that you can withdraw your Roth IRA "contributions" at anytime and owe no taxes. But you are taxed on the "earnings". I calculated that of the $18,200 that I withdrew, only about $3,200 of it was "earnings". So, am I correct that I should only owe taxes on the "earnings" portion of the amount that I withdrew?
Asked Thursday, July 22, 2021 by Hedrick E.Sign in to Answer