Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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How can nonprofit organization give IRS access to tax preparer
Previous credentials for IRS.gov are no longer accepted. I need to file my client's 990, and also to access previous 990s for state reporting purposes. How can I regain access to my client's data?
Asked Monday, April 24, 2023 by Amy R.Sign in to Answer
Tax return for business with no activity
Hi there, I created a LLC a few years ago for a business I was planning to start, but my plan fell through. The LLC never engaged in any business activity whatsoever. It never had any income or expenses. It would've been treated as a partnership for tax filing purposes (form 1065). I want to officially close/dissolve the LLC. Do I need to file a tax return(s)? I still need to file a return for two other businesses I own but want to be certain about what's needed for this particular situation. Thanks, Spencer
Asked Monday, April 24, 2023 by Spencer L.Sign in to Answer
Group Renting
Hi, I was living with a group of individuals in 2022, and the property manager only wanted to receive one payment. So I payed everyone's rent, and then received etransfers from each of them for their portions. I provided them rent receipts so they could claim it on their taxes. In my case, what should I put on my return? Do I claim all of the funds, and then the other individuals portions as income? Or just the part that I paid? Thanks, Eric
Asked Monday, April 24, 2023 by Eric S.Sign in to Answer
Amended Taxes
In 2020 I was notified by the IRS that I owed additional taxes due to a 401 k withdrawal which I paid in 2020. Can this amount be included in my 2021 taxes? If so where and how?
Asked Monday, April 24, 2023 by Keely C.Sign in to Answer
Non residence NC state income tax
I work for a company in North Carolina but I reside in Texas. My company has not been taking out state income tax on my check. Am I required to file a North Carolina state tax return.
Asked Sunday, April 23, 2023 by Dennis g.Sign in to Answer
How to avoid taxes in sale of primary residency using installments
We are considering selling our primary residence on an installment plan - so effectively financing a loan for the buyer. I've seen about reporting using an installment plan, but we would like to avoid paying taxes as if the home was an investment. We are concerned that the loan will extend past the 5 year test for residency to avoid paying taxes (loan is for 6 years). Is there a way to avoid taxes in this situation the same way as if the home had been sold for a lump sum?
Asked Saturday, April 22, 2023 by Brantley R.Sign in to Answer
1099-R and 8915F-T
I need assistance with 8915F-T, please
Asked Saturday, April 22, 2023 by James B.Sign in to Answer
Dormant s-corp
Hello, I have a dormant corporation but i never filed my form 2553. I just did a dissolution with my state. Is there anything i have to do with the irs?
Asked Saturday, April 22, 2023 by Aldwin V.Sign in to Answer
Taxable or not
I am withdrawing from an annuity to reinvest in prescious metals. Do I need to pay tax on the withdrawal?
Asked Friday, April 21, 2023 by Jacquelyn K.Sign in to Answer
US social security payments
My wife does not pay tax on her US social security income. When filling out my canadian income tax return, do I need to declare that money as her income? This would be when claiming her as a deduction and possibly splitting part of my pension with her.
Asked Friday, April 21, 2023 by Ken G.Sign in to Answer