Unanswered Tax Questions
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Opening LLC from TÜRKİYE
Hello, i want to open a limited company at DE but i have a concern about the state taxes etc. I need an accountant for reminding me what must i do. I definetly don't want to miss any payment or issue. I appreciate it if you can help me :) Have a nice work HAKAN CITAKOGLU
Asked Tuesday, September 19, 2023 by HAKAN C.Sign in to Answer
Deceased Father Back Taxes
I am looking for a CPA in Utah to do my deceased father-in-law taxes. He passed in January 2023. He did not keep very good records. My FIL received a K-1 (Form 1041) from his sister's estate in 2019 and from what I can tell NEVER filed taxes. Being that my husband and others in the family also received the K-1 form and had to file and pay taxes, I are assuming he should have too. Any help or advice would be greatly appreciated.
Asked Tuesday, September 19, 2023 by Elizabeth C.Sign in to Answer
Colorado EV Tax Credit
I'm attempting to finance a new EV vehicle and want to determine if I qualify for the full Federal and State tax credits. I was a full-time student from 8/22 to 8/23, so I am confused about how the credit would be applied in my situation. I would appreciate clarification on when and how the credit would be applied to my tax bill. Thank you, Ryan
Asked Tuesday, September 19, 2023 by Ryan S.Sign in to Answer
about 720 form
hello do I need to form 720 form for my business ?
Asked Tuesday, September 19, 2023 by palwasha p.Sign in to Answer
How does VA Chapter 35 Benefits affect my calculations for qualified education expenses when withdrawing from 529 plan?
VA chapter 35 benefits are deposited directly into my son's checking account. I'm trying to determine if my son with get taxed 10% on the earnings portion of his 529 if I withdrawal money to cover room & board. If I understand correctly the 10% penalty is waived in this instance. His tuition & fees are paid by directly to his college by another veterans program with the state of Virginia. I know I can not withdrawal the amount for tuition & fees from his 529.
Asked Tuesday, September 19, 2023 by Monica Y.Sign in to Answer
How to handle an anonymous donation
How should a tax exempt organization handle anonymous donations? Background: I belong to a tax exempt organization through church (but separate) called Ladies Aid. We fundraise throughout the year then donate to local organizations such as summer backpack programs, Montgomery Co. K-9, etc. We elect officers, record meeting minutes, and read the treasurer’s report. The problem: At a recent meeting, the president blew up because the treasurer recorded a donation as “anonymous”. The president said she felt offended and that the officers should know the donor’s name. The treasurer stated that this is how she has recorded such donations for the past 16 years. I don’t think emotions or past practice should dictate how we record such donations. Questions: Is there accepted practice as to how a tax exempt organization should record anonymous donations? Should the officers be told the name, verbally? Should the name be recorded in the meeting minutes or the treasurer’s report? Does the amount matter? This involves a $50 donation.
Asked Tuesday, September 19, 2023 by laura b.Sign in to Answer
Does an unplanned 4th quarter 2023 extra income require additional Colorado Estimated tax payment?
We have to cash an I-Bond on Oct. 2, 2023, resulting in a large increase in our taxable income. Our new Colorado taxable income will result in about $1,100 to $1,200 MORE than we have already paid out in 2023 through estimated Colorado tax payments for CY2023. We paid 100% of the previous year's tax liability in a timely manner and always file jointly. COLORADO DEPARTMENT OF REVENUE states: "The estimated tax penalty will not be assessed if the Colorado tax liability is less than $5,000." IS THIS TRUE? OR, do we need to file an ADDITIONAL Estimated tax payment before the end of CY2023; if so when is the deadline? Our total Colorado 2023 tax liability will be LESS than $5,000. Please verify. Thank you.
Asked Monday, September 18, 2023 by Ronald O.Sign in to Answer
Property Settlement After Divorce
Hello, My house was foreclosed several years ago while I was still married. Since then, there has been a class action suit and which was settled with the county. They issued a check for the settlement in the name of my ex wife and I, with my SS# on the check, it was reported to the IRS. How will The taxes work, will I have to pay all Of them or will she lay her portion?
Asked Monday, September 18, 2023 by Walter M.Sign in to Answer
5 year rule for 403b to Roth IRA rollover
If I rollover $ from a 403b to a Roth IRA each of a few years, do they each have a separate 5 year waiting period for withdraws or can all be withdrawn 5 years after the initial rollover?
Asked Monday, September 18, 2023 by J M.Sign in to Answer
401k rollover and employment
Left a company 6 months ago for early retirement and moved my 401k to another account which I will withdraw from yearly. The company I left now wants me to come back part time. I was told that this could possibly flag the IRS and I could get penalized for moving my money, them thinking I did it so I could get my hands on my 401k. Can I go back to the company parttime or am I better off not doing so.
Asked Monday, September 18, 2023 by S C.Sign in to Answer