Unanswered Tax Questions
CPAs - answer tax questions, and introduce your practice to potential tax clients.
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Just wondering about if I need to tax
Hey I have a question about receiving cash gifts in the mail. I have a huge follower base and I’m asking my fans to help support me getting a new car by receiving cash gifts in the mail and each one is willing to give me $2 and my goal is $9,600 so is that taxable if I’m a teenager making $200 a week from cash gifts or like would I need to file for taxes
Asked Wednesday, August 23, 2023 by Brian C.Sign in to Answer
Business loan from myself to my business?
I understand that I can loan my business(sole proprietorship) from my personal savings using a promissory note to myself? Is this accurate? Can I make it for zero % interest? What needs to be included in the process. Can I then move money back to personal savings if needed? Do I structure them as payments etc?
Asked Wednesday, August 23, 2023 by Ben S.Sign in to Answer
Out of state tax
What are tax liabilities when using an out of state company for construction or retail?
Asked Wednesday, August 23, 2023 by Mike A.Sign in to Answer
Remote work from Florida for company in New York
Hi, I have just accepted a position in New York state (Long Island area precisely) and I live in Florida. I will be permanently remote with no work in NY. I have a friend that works for the same company and lives in Florida and they are taking out NY state taxes. My research indicates I should not have to pay state taxes. Can you verify the accuracy of this?
Asked Wednesday, August 23, 2023 by Teri E.Sign in to Answer
Are lease termination fees for an operating lease accrued for? ASC 842 has not been implemented.
Asked Tuesday, August 22, 2023 by Robert P.Sign in to Answer
My FEDERAL TAX deduction is way too low
I am employed through the temp service Staff Quick Jobs and I have received 3 paychecks that have FEDERAL deductions that do not equal the typical 12%. For instance my gross is $680.00 and only 16.64 was taken out and it should be around $72.00-75.00
Asked Tuesday, August 22, 2023 by Sharon W.Sign in to Answer
Divorce settlement tax responsibility
Received a sum for buyout from marital home and another sum from his IRA to cash to me
Asked Tuesday, August 22, 2023 by Danielle N.Sign in to Answer
Step up in basis
My father and his live-in girlfriend executed a warranty deed/life estate for their jointly owned house. I and the daughter of the girlfriend were the remaindermen. My father died, the girlfriend is still living. The house was sold, the proceeds were split three ways using the appropriate percentages. My question is: since my father was deceased when the house was sold can I use a step up in basis when I report the capital gains on Federal tax forms? Thanks.
Asked Tuesday, August 22, 2023 by Douglas F.Sign in to Answer
Bonus Investment Question
I want to know if I put my bonus into a high yield savings account with Fidelity what would the tax percentage be that the government would take out of my bonus?
Asked Tuesday, August 22, 2023 by Kelly F.Sign in to Answer
What am I responsible for?
What if someone put 92,000 in my bank account and then took it all out? Am I responsible for any of that?
Asked Tuesday, August 22, 2023 by Glenda B.Sign in to Answer