Latest threads in Taxes General Forumshow only best voted threads

Subject Author Posted Replies
 
Is this life estate taxable?
Mister M was a member of the Jehovah Witness Governing Body. He was one of ten in that most senior position. In February, it was announced that he was no longer a member of that group. Was he fired?...
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3520-A page 4 => where on 1040?
Report each item on the proper form or schedule of your tax return. So, what are the proper places to report those numbers? The ones I care most about are the expenses (lines 9 to 14). 10a Foreign...
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IRA's in a Trust
Confirming information from a conversation I had with an estate attorney today. This concerns IRA's that my brother and I (separately of course) want to leave to family members who might be either too...
 
EFTPS F941 Deposit to wrong Quarter
I deposited funds to Q1 which were supposed to be for Q2. I figured this out when filing the F941 for Q2. I did not indicate that there was an over-payment on the Q1 F941 since this additional deposit...
 
Amortization versus depreciation
I was reading through a document that referenced an old FCC ruling with regard to ordering telephone companies to abandon claims of ownership of inside wiring and how the abandoned wire became owned...
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Qualified Business Income Deduction
Business is run through an S-corporation. The owner wants to take the QBI deduction and asks if the salary portion of his compensation is deducted to determine QBI. I haven't been able to find an...
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Out of State Employees
I have a question about a business with out of state employees. The business has no office, assets or other contacts with those other states, either temporarily or permanently. My understanding is...
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Kovel Arrangements to Preserve/Create Attorney Client Privilege
Hi everyone hope all is well. This is a very esoteric question. I'm lead Defense Counsel on an IRS Joint Criminal and Civil investigation. I want to bring in a new CPA to do some forensic work in the...
 
Energy Tax Credits Through Tax Year 2021 and 2023
1. I am married filing jointly. By the time of our 2017 tax return, we claimed cumulative $500 in energy tax credits. In 2021 we replaced our electric heat pumps (2). At the time of my 2021 return, I...
 
Uncooperative Partners
LLC with three members is taxed as a partnershp. After filing its tax return, it was discovered that the 1065 was wrong, and that non-business expenses were incorrectly deducted. One members wants to...
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Tax Planning Expenses
I received an inquiry about the deduction of tax planning (as opposed to financial planning) expenses. I always thought that tax planning expenses were deductible, on Schedule A subject to the 2%...
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Qualified Charitable Distributions and California state income tax
Is a QCD also non-taxable for California state income tax purposes? It sure looks that way from the 2022 forms. Line 13 of form 540 asks for Federal AGI, which does not include the QCD amount. Then on...
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Moore v. United States, appeal to Supreme Court on direct taxation
Moore v. United States is relisted. The Supreme Court hasn't yet granted the appeal. This is of interest as it's about direct taxes. Unapportioned direct taxes are unconstitutional under Article I...
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Canadian Pension Account
The question has come up whether a Canadian RRSP (similar to an IRA or 401(k)) account that holds cryptocurrency, needs to be reported on Form 1040 as a "financial asset." I know they need to be...
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Deduction for Zoning Changes?
A business owner has a 1000 square foot lot he has been using for parking. The Department of Transportation has come out and essentially changed the zoning and eliminated the lot as a place for...
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