Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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EIN
Hi, I am trying to transfer my sole proprietor single member LLC to my father. Currently I own it and operate it alone but would like to transfer the ownership 100% to my father for $0. Currently the company has an EIN my question is how do I advise the IRS that I am no longer the responsible party does he need to apply for a new EIN? What paper/forms do i need to make this transfer
Asked Monday, August 28, 2023 by Pierre G.Sign in to Answer
taxing a small business LLC
I'm looking to start a small business for contractors. I've being seeing something about taxing a LLC as a S Corp or being taxed as an individual if I'm understanding correctly. I would like to know the proper way to set up taxes in regards to my future LLC before jumpiing into it.
Asked Monday, August 28, 2023 by Raymond D.Sign in to Answer
Inheritance question
I am the executor of my fathers will. Everything is straight forward, other than he has a stipulation that any body under 21 doesn’t get their portion until they turn 21. What is the best way to go about doing this as it will take 1-6 years for the younger ones to get their inheritance. And we don’t want it just sitting in some bank account making .5% APR when we can throw it in a cd and have of make 4-5%. Thanks!
Asked Monday, August 28, 2023 by Aaron G.Sign in to Answer
W4 form
I need help filling out W4 form with multiple jobs
Asked Sunday, August 27, 2023 by Melissa C.Sign in to Answer
Tax filing
How can I get help filing my 2022 tax return?
Asked Saturday, August 26, 2023 by Susan S.Sign in to Answer
Is a lump sum payment for a promissory note subject to being taxed?
I was offered $90k to sell a promissory note. I would like to take that offer. Once I get that lump sum, am I going to be expected to pay taxes on it? Thank you, Mark Chang 202.491.0307
Asked Saturday, August 26, 2023 by Mark C.Sign in to Answer
Capital Loss Offset & Carryover
I lost 1 million from real estate development investment. If I gained 300K from stock investment, would I be able to offset the capital loss? Also, If I gained another 700K next year, would I be able to offset the rest of the capital loss?
Asked Friday, August 25, 2023 by RICHARD C.Sign in to Answer
EV Tax Credit As Self Employed
I’m self employed and have been looking into purchasing a new 2023 tesla model 3. I qualify for the $7,500 federal tax return, and want to double check that the “self employment tax” that I pay is categorized as federal, so I can take full advantage of this credit rebate. Thanks.
Asked Friday, August 25, 2023 by Carter N.Sign in to Answer
Changing filing satus
Hello, I have been claiming Head of Household for the past three years but will file as single this year. Will this trigger an audit from the IRS?
Asked Friday, August 25, 2023 by Larry S.Sign in to Answer
Rental income
I need help with taxes related to rental property. My wife and her 4 siblings have a quick claim deed for a house. The house has been rented to my son for the last few years and at below market value. I run all the rental income thru my taxes. Is that ok? Next, I have forgotten in the past to put how many days the property is used for personal use. Because of son living there. But I have put down that it was rented below market value. When I change the return to show that personal use was at 365 days last year it does not change any amount due. Can you help answer these questions?
Asked Thursday, August 24, 2023 by Sam S.Sign in to Answer