Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
current portion of long-term debt
Hi and thanks for being available. I'm an accountant at a mid-sized company. We have a 5-year loan. Let's say the monthly installments are $10,000 each month. The loan just begun, so we state the Current Portion as $120,000. This was for the March financial stmts. However, mgmt decided to make a larger payment on 4/5 of $25,000. Since we know this while preparing the March financials, should we up the Current Portion to $135,000?
Asked Tuesday, May 16, 2023 by Greg T.Sign in to Answer
10 yr. Old tax debt payment change after agreement make w/ irs.
Made arrangements, been paying on time, irs changed. Now saying they won't expect payments already made, until older tax debt is reinstated & paid in full 1st (2013), won't say where other money is going. 6 payments made already. Send default letters/ levy - lean info. What can I do
Asked Tuesday, May 16, 2023 by Sandra W.Sign in to Answer
Subsistence claiming for income tax
I was in work release facility in 2022. Im filing my income taxes and need to know if I can claim subsistence taken out of my check ( facility charged 55%of income)
Asked Tuesday, May 16, 2023 by Damean N.Sign in to Answer
Calculating base cost of home when selling in regards to capital gains tax
Can I add the cost of a new well and shop/barn to my base cost (my original purchase price) regardless of who paid for those two improvements?
Asked Tuesday, May 16, 2023 by Renae S.Sign in to Answer
selling Ford at a loss or breakeven for taxes?
I bought Ford at $34, shares were replaced with $12 shares in the Value Enhanced Plan. If I sell at $12, is that a loss or break-even for tax purposes?
Asked Tuesday, May 16, 2023 by Denise W.Sign in to Answer
Gift money
Do I pay tax on a onetime. I live in southern California.Beneficiary gift from my mothers death? I am retired
Asked Tuesday, May 16, 2023 by Jeffrey D.Sign in to Answer
Gift money
Do I pay tax on a onetime. Beneficiary gift from my mothers death? I am retired
Asked Tuesday, May 16, 2023 by Jeffrey D.Sign in to Answer
Getting codes 571 and 971
I got codes 571 and 971 on my tax transcript and I didn't get nothing in the mail I did my taxes in February and I got my state taxes back it was less then the amount I was supposed to get but I'm still waiting for my federal... Will I still get my federal return? Or am I just gonna get the state return?
Asked Tuesday, May 16, 2023 by Natosha L.Sign in to Answer
Tax question for selling Mom's house for her
GM All, We had to move our Mom to an assisted living in Edgewater, because she has dementia, now we need to sell her house. The house is in a Trust, and we opened a trust checking account. When we sell the house, we plan on putting all the money in the checking account, to pay for the assisted living facility, because of that, do we still have to pay for taxes on the sale? Looking forward to hearing back from you. Thank you.
Asked Tuesday, May 16, 2023 by Jeff B.Sign in to Answer
W4
I am a single person with a child. I typically fill out my w4 wrong and end up peeing at the end of the year. Exactly what do I put on my w4 for my new job. I live in NJ and work in NYC (Bronx)
Asked Monday, May 15, 2023 by Cassandra E.Sign in to Answer