Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
How does it work?
which state sales tax i will be charging my customers if I (Non US resident) have LLC in Wyoming and virtual office in California?
i want to know how do i charge my customers sales tax and when to file tax report
Asked Thursday, November 30, 2023 by Akshay K.Sign in to Answer
MAGI And Roth conversion
Does a roth conversion count in your MAGI, i know it contributes to the AGI but how about to the MAGI? This would impact how your income is viewed for healthcare subsidies and other programs.
Asked Wednesday, November 29, 2023 by james a.Sign in to Answer
Tax Liability
I do not know how to what to do. I starting working on starting a nonprofit about a year ago. We obtained a fiscal sponsor to allow us to accept a grant to produce a video and start a website. The fiscal sponsor told us to pay the contractors directly. So I would send the fiscal sponsor an invoice, receive the money, then paid the contractors (including myself). The problem is the fiscal sponsor's accountant says they should have paid the contractors directly, not me. Now I'm worried. Will I have to pay taxes on the pass through funds? Also, since I "paid myself" using the pass through funds account, will I have to pay taxes twice for money paid to myself?
Asked Wednesday, November 29, 2023 by Elizabeth M.Sign in to Answer
Is there tax on the sell of a home?
I have lived at the same residence for 21 years (purchase date 3/3/2002) and just sold the home. I was told I might get taxed on the profit come income tax time. Just wanted to make sure before I invest the money.
Asked Tuesday, November 28, 2023 by HEATHER W.Sign in to Answer
Gifts fto family members lifetime limit
I want to verify that this is true for gifting more than $17,000 in 2023... For 2023, the lifetime gift tax limit is $12.92 million' So, each year that you exceed the annual gift tax exclusion for any recipient, the excess amount is reported on Form 709 for that year. However, you don't have to pay gift tax unless and until the total amount reported on all your 709 forms over the course of your life exceeds the lifetime gift tax limit for that year.
Asked Tuesday, November 28, 2023 by Thomas B.Sign in to Answer
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