Unanswered Tax Questions
Questions Asked by Users That Have Not Recieved a CPA Response.
View All Tax QuestionsGifting money to adult children
Asked onTuesday, April 25, 2023 by TracyIf you take money out of an IRA can you use the distribution given to yourself to gift cash to your children? If so, who is responsible for the taxes?
Question about W4
Asked onTuesday, April 25, 2023 by DavidI’m getting ready to fill out a new W4. I want the least amount of taxes taken out without owing at the end of the year. Step 2. Which do I choose. My wife and I both work so 2 jobs. I make $180,000 a year, she makes $40,000. I read somewhere where since our salaries are far apart it could affect how much taxes is deducted each paycheck of mine. So how do I need to fill out the W4 so I have the bare minimum of taxes taken out without owing any or much at the end of the year?
Divorce settlement amount
Asked onTuesday, April 25, 2023 by OsamaDivorce settlement amount paid to ex spouse from your community money impact on your tax returns ? This amount is in my personal account.
FATCA
Asked onTuesday, April 25, 2023 by NicoletteHello, I am planning to register my business in the USA to accept credit card payments as that is not an option here in the Caribbean. I am a non-resident and I am not a US citizen. I have no issue paying business taxes because the business is registered there, would setting up a limited liability company in the US result in me as an individual having to pay taxes in the US? also would I have to comply with FATCA legislation on the sharing of personal financial information? If these are not requirements then I will proceed with registering. I look forward to hearing from you soon. Best regards, Nicolette
Nonprofit will not reimburse me
Asked onTuesday, April 25, 2023 by AnaisHello, I work for a nonprofit, a school, and recently went on an international trip on their behalf. I had to pay some things cash, such as taxi rides and food at fruit stands. I don't have any receipts for these items, but can provide written documentation for their records. They are refusing this and saying if I have no actual receipts, it's not reimbursable. This was purely a business trip and I couldn't get receipts from the taxi drivers. How do I handle this?
EIN Question
Asked onMonday, April 24, 2023 by NickI had a Sole Proprietor EIN. I recently made an LLC, do I need to make a new EIN?
what constitutes gross income
Asked onMonday, April 24, 2023 by AnnIs a monthly withdrawal from a money market account to supplement Social Security considered gross income when calculating gross income for taxation purposes?
California Disater Relief for 1031 Real Estate Exchange
Asked onMonday, April 24, 2023 by VanessaI live in TN and I am in escrow on a investment property in Orange county CA. I am doing a 1031 Exchange and am trying to figure out if I qualify for one of the extension from the IRS due to the floods. I know the county is listed in a disaster county just do not know if I qualify, not sure if the rental is consider a business if I am considered a affect or non affected person.
How can nonprofit organization give IRS access to tax preparer
Asked onMonday, April 24, 2023 by AmyPrevious 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?
Tax return for business with no activity
Asked onMonday, April 24, 2023 by SpencerHi 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