Unanswered Tax Questions

Nonresident Tax Issues

Out of state tax

What are tax liabilities when using an out of state company for construction or retail?

Nonresident Tax Issues

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?

Bookkeeping & Write-up

Are lease termination fees for an operating lease accrued for? ASC 842 has not been implemented.

Tax Law Changes

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

Family Issues

Divorce settlement tax responsibility

Received a sum for buyout from marital home and another sum from his IRA to cash to me

Personal Taxes

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.

Investment and Finance

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?

Miscellaneous

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?

Payments and Penalties

Estimated tax requirements to avoid penalties and interest

I have a question about tax penalties and interest Suppose my total tax due was 30,000 last year, and all of that was due to employment. Suppose this year I expect to have about the same 30,000 taxes due from employment, and an additional 50,000 taxes due to long term capital gains for positions sold this year. If I give pay 33,000 in taxes during this year, through a combination of payroll directions and estimated tax payments, then I will owe 47,000 when I file next year (approximately, of course) True or False — since I paid 33,000 in taxes this year (110% of last years 30,000 total taxes due) then the 47,000 I owe and I pay when I file next year will NOT incur a penalty nor interest?

Miscellaneous

Sending money abroad and receiving it

I am looking for tax information if I send some money to my parents in India as a temporary loan and they repay the money back to me in some time. I am trying to understand what are the implications Thanks ,