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  1. Question: Inherited goodwill

    by MLSNC
    Answers
    4
    Views
    865

    I would answer the question with a question. If...

    I would answer the question with a question. If you had to prepare an estate return would you include that value as an asset? The estate instructions say you have to account for goodwill in the...
  2. Answers
    3
    Views
    531

    The "Questions and Answers" has the answer to...

    The "Questions and Answers" has the answer to your question. See Number 14:

    14. If my employer withholds Additional Medicare Tax from my wages in excess of $200,000, but I won't owe the tax...
  3. Answers
    6
    Views
    500

    The most depreciation you can claim on a sedan...

    The most depreciation you can claim on a sedan for 2014 is $3,160. You can find that in Revenue Procedure 2014-21. This assumes Congress does not bring back the bonus depreciation that expired at...
  4. Answers
    6
    Views
    623

    As noted, you should get professional help with...

    As noted, you should get professional help with this situation. Corporate liquidations can have tax effects you may not have not planned on. For instance, if you have deducted losses on your...
  5. Answers
    7
    Views
    1,631

    I think you would have to report it. Since the...

    I think you would have to report it. Since the income is in the MIL's account it has been distributed. Assuming the estate has no other deductions, the income would pass-through to the beneficiary...
  6. Answers
    7
    Views
    1,631

    As a practical matter, I would just put the...

    As a practical matter, I would just put the income on the return. In these cases I normally will keep a copy of Schedule B even if it is not required to be completed. Should the IRS send a letter...
  7. Answers
    7
    Views
    839

    This penalty can be waived. Follow the...

    This penalty can be waived. Follow the instructions to Form 5329 and attach a statement as to what happened. Attach the form and statement to your return. You have to pay it, but if approved the...
  8. Answers
    2
    Views
    535

    I think if you have used cost in prior years the...

    I think if you have used cost in prior years the change to LCM would be a change in accounting methods which would require filing Form 3115. Some changes are automatic and some require approval and...
  9. Answers
    24
    Views
    2,662

    ATE, I still think you are basically correct in...

    ATE, I still think you are basically correct in that you do not use notes in the calculation of basis except that the IRS has to refer to it that way with regards to exchanges. It is a simpler to...
  10. Answers
    5
    Views
    769

    In NC an ex can not file as single until the...

    In NC an ex can not file as single until the court has taken some action. Generally, this is when the divorce is final. If a separate maintenance agreement has been approved by the courts, not the...
  11. Answers
    4
    Views
    819

    Accounting for car dealerships can be very...

    Accounting for car dealerships can be very complicated. As noted it is difficult to answer questions as you have a lot going on. You noted you had losses related to inventory, but inventory is not...
  12. Answers
    6
    Views
    790

    There was not a completed gift in 1987. It was...

    There was not a completed gift in 1987. It was only a gift of a partial interest. I believe the full value of the house would be reportable in an estate return if one was required. Therefore, the...
  13. Answers
    4
    Views
    1,048

    I will be the devil's advocate on this and I may...

    I will be the devil's advocate on this and I may not completely understand what is happening.

    If the horse track is paying for the parent's to work, the horse track is going to deduct these...
  14. Answers
    4
    Views
    637

    I think I am a little confused like the others,...

    I think I am a little confused like the others, but I will offer a couple of comments.

    If the sheep had been bought for resale then they could have been treated as inventory which has the effect...
  15. Answers
    3
    Views
    695

    If you do not amend a North Carolina return...

    If you do not amend a North Carolina return within 6 months of the change, there is a 5% per month penalty up to 25% of the tax. By the time NC bills you, you would owe the tax, interest, and...
  16. You do not have to report the child's investment...

    You do not have to report the child's investment income on your return. The child can file a return and pay the taxes due, but part of the income may be taxed at the parent's rate (known as the...
  17. Answers
    11
    Views
    7,091

    I agree with ebaines that the gain to be reported...

    I agree with ebaines that the gain to be reported would still be Alabama income. However, if you are earning interest on the debt, I do not believe that would not be considered Alabama income.
  18. Answers
    3
    Views
    709

    No, individuals do not file the Form 8300. Only...

    No, individuals do not file the Form 8300. Only businesses are responsible for this.

    Any business that receives $10,000 or more in cash in a transaction is responsible for reporting that...
  19. Answers
    3
    Views
    709

    No, you are not responsible for filing Form 8300....

    No, you are not responsible for filing Form 8300. However, if you paid in cash the auto dealer is responsible for reporting the transaction to the IRS.

    The IRS reviews these and should they look...
  20. Answers
    4
    Views
    597

    Are you using the same address that was used on...

    Are you using the same address that was used on last year'r return? If so, you may have to call on Monday to get the transcript.
  21. Answers
    4
    Views
    597

    Need a Copy of Your Tax Return Information?...

    Need a Copy of Your Tax Return Information?

    Or you can use Form 4506 and pay the fee. That will give you an exact copy of the return, but the transcripts should work and they are free.

    This...
  22. Answers
    15
    Views
    6,064

    You sent me into the books, IRS Pub 15: ...

    You sent me into the books, IRS Pub 15:

    Nonaccountable plan. Payments to your employee for travel and other necessary expenses of your business under a nonaccountable plan are wages and are...
  23. Answers
    15
    Views
    6,064

    I know of no IRS rule that says you can not...

    I know of no IRS rule that says you can not receive a W-2 and a 1099. However, the employer will have a high hurdle to clear to show how one person can be an employee and a contractor. I could see...
  24. Answers
    11
    Views
    991

    I believe you can qualify as a real estate...

    I believe you can qualify as a real estate professional if you are a general contractor and meet the hour rules. But then you have to meet the material participation rules for the properties and...
  25. Answers
    4
    Views
    464

    Could someone point me to the literature that...

    Could someone point me to the literature that allows a charitable deduction between fair market value of the rent and the below-market rent actually paid. It looks to me that this is a donation of a...
  26. Question: Averaging income

    by MLSNC
    Answers
    7
    Views
    491

    Income averaging has been gone for some time...

    Income averaging has been gone for some time except for an averaging convention for farmers/fishermen and the 10 year averaging on lump-sum distributions. You should review Form 4972 and the...
  27. Answers
    3
    Views
    407

    If you are subject to the 25% penalty (two-year...

    If you are subject to the 25% penalty (two-year rule) rather than the 10% penalty, then the $10,000 would be correct for the penalty, and you still have to pay the income tax. So if you are in a 15%...
  28. Answers
    12
    Views
    2,808

    I don't think Social Security Adm can provide...

    I don't think Social Security Adm can provide dates of employment. I do not know of any form submitted to SSA by employers that provides that information. The W-2 only has totals for the year. The...
  29. Answers
    9
    Views
    771

    The code states "Gross income shall not include...

    The code states "Gross income shall not include gain from the sale or exchange of property if, during the 5-year period ending on the date of the sale or exchange, such property has been owned and...
  30. Answers
    4
    Views
    1,157

    I'll go out on a limb here: It seems that you...

    I'll go out on a limb here:

    It seems that you have to determine how many shares of SUN were sold. So if you take the 98 and divide by .5284 you would get 186.84 shares of SUN stock converted to...
  31. Answers
    7
    Views
    925

    It could possibly fall in the investment interest...

    It could possibly fall in the investment interest category, but that is not mentioned either.
  32. I may be a little confused on this question, but...

    I may be a little confused on this question, but if you receive money out of your father's 401(k) I believe it will be subject to federal income tax. If you have not taken any action, that is the...
  33. Atlanta is right you need to amend 2010 and...

    Atlanta is right you need to amend 2010 and compute your NOL.

    It is important to note that any NOL carryforward will not reduce your self-employment tax in 2011. I suggest you get professional...
  34. Just a note: If your disability income is from...

    Just a note: If your disability income is from Social Security and you file separate, the odds are you are going to owe taxes on it (depending on the $ amount). If that is true, I do not believe...
  35. Also, you need to look at IRS Pub 915 and review...

    Also, you need to look at IRS Pub 915 and review the lump-sum election which will let you refigure the taxes based on prior year(s) returns if any part of the settlement related to prior years. It...
  36. I am not familiar with Florida corporate taxation...

    I am not familiar with Florida corporate taxation so understand that upfront. Since you have used the word “investment” I get the feeling that you may feel the partnership income is not currently...
  37. You need to account for your business miles to...

    You need to account for your business miles to the corporation. You need a mileage log to do this properly. The corporation can then reimburse you based on the mileage rate. You could ask for...
  38. Who owns the truck, that is how is it titled?

    Who owns the truck, that is how is it titled?
  39. I agree with Atlanta - once you make an...

    I agree with Atlanta - once you make an affirmative action to become a resident of Florida you will not be a resident of NC. You will be a part-year resident and if you do not meet the filing...
  40. Off the top of my head I do not know of a...

    Off the top of my head I do not know of a "franchise" return that has to be filed with the IRS. There is the Form 990 and other various forms. Are you trying to file this with a state?

    The IRS...
  41. Answers
    4
    Views
    1,145

    A single-member LLC is going to be taxed just...

    A single-member LLC is going to be taxed just like a sole proprietor unless you elect to be taxed as a corporation. And yes the LLC would be subject to the 1099 reporting requirement.
  42. Answers
    13
    Views
    1,049

    I do not believe there is a statute of...

    I do not believe there is a statute of limitations if you do not file. Therefore, four years down the road if California finds out you owe them money, you will get to pay them, and you are probably...
  43. Generally the IRS will try to collect taxes for...

    Generally the IRS will try to collect taxes for ten years from the date the tax was assessed. However, taxes can be cleared in bankruptcy if some specific rules are met. One of those rules is that...
  44. Question: 501(c)(3) records

    by MLSNC
    Answers
    2
    Views
    638

    Yes, the exempt application (Form 1023) including...

    Yes, the exempt application (Form 1023) including supporting documents and the annual income tax return (Form 990 of Form 990-EZ and supporting schedules) have to be made available for public...
  45. Answers
    1
    Views
    1,261

    If the ownership interest is in the name of the...

    If the ownership interest is in the name of the IRA so that it falls under the IRA umbrella, then the K-1 income would not be reported on your personal income tax return (and neither would a loss). ...
  46. Answers
    2
    Views
    1,135

    Virginia Department of Taxation 3600 W. Broad...

    Virginia Department of Taxation
    3600 W. Broad Street
    Richmond, Virginia 23230

    That was the address for sending the 2010 returns. Don't know if it has changed for this year.
  47. Answers
    1
    Views
    588

    The state income taxes are deducted on the Taxes...

    The state income taxes are deducted on the Taxes and Licenses line which is Line 17. If you are cash basis deduct the amount you have paid. If you are accrual basis you will deduct the taxes for...
  48. Box 2a does not have to agree with Box 1. Box 2a...

    Box 2a does not have to agree with Box 1. Box 2a is the taxable amount, if known. If not known, box 2b may be checked. The distribution code of G indicates the distribution was rolled over from...
  49. Answers
    4
    Views
    485

    An employer that reimburses travel under a...

    An employer that reimburses travel under a nonaccountable plan is supposed to add those reimbursements to income and withhold the appropriate taxes. If your employer gets caught by the IRS handling...
  50. Answers
    2
    Views
    1,734

    You will find that most people on this Board do...

    You will find that most people on this Board do not feel that the loss on the sale of an inherited principal residence is deductible. The IRS position from the Chief Counsel's office (CSCA 1998-012)...
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