Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Can a loan using the IRS Applicable Federal Rates be structured as a construction loan?
We will be constructing an Accessory Dwelling Unit (ADU), and financing it through a family connection. We would like to be able to draw from the loan monthly as construction advances, rather than take out the entire sum of the loan up front. I know that any term loan has to conform to the IRS applicable federal rates, but I don't know if it's possible to structure the loan to take money out of the loan monthly like a typical construction loan.
Asked Tuesday, November 28, 2023 by Chris M.Sign in to Answer
Church income question
How much can a church make before paying taxes? We are not a 501c3. Does missions/charitable deductions get taken off the total income that comes into the church?
Asked Tuesday, November 28, 2023 by Elizabeth C.Sign in to Answer
Refund settlement
I received money from the double down casino lawsuit. My lifetime spending was over 59,000 and I received $28,000 do I have to pay taxes on that seeing as how it was money that I had already spent. And already paid taxes on once.
Asked Tuesday, November 28, 2023 by Sue J.Sign in to Answer
Form 1120s for 2021
Trying to find this form to print and file and can not find it anywhere online for 2021
Asked Monday, November 27, 2023 by Melinda C.Sign in to Answer
Series E $25 65 year old bond
I have a $25 series E savings bond from 1957 that has just been located. What are the tax implications if I try to cash the bond. I know you are supposed to pay intrest when it matures at the 30 year mark, but I did not even know it existed till now.
Asked Monday, November 27, 2023 by Stephen M.Sign in to Answer
Irs criminal investigation letter
I received irs criminal investigation letter, calling me as a witness, and to bring 5 years of taxes. What do I do and what is this?
Asked Monday, November 27, 2023 by Jon C.Sign in to Answer
Analyze Choices
I a Director of a daycare that receives funding to feed children. The owner would like to see a breakdown showing the most profitable way to use these funds. What program will best capture data and show him clearly how to apply our funding.,
Asked Monday, November 27, 2023 by CAROL B.Sign in to Answer
Relocation
My husband’s job is moving is relocating in March 2024 60 miles further away from our residence. I understand that the moving expense deduction has been suspended until 2025. If we move, can we deduct the expenses for the 2025 filing?
Asked Sunday, November 26, 2023 by Shannon T.Sign in to Answer
Section 179 deduction
If I buy a car for my wife to solely DoorDash with, can I claim the section 179 deduction
Asked Sunday, November 26, 2023 by Donavon M.Sign in to Answer
Submit taxes
My health insurance is trough my husband job, can I submit my taxes separate
Asked Sunday, November 26, 2023 by Emilia V.Sign in to Answer