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The most recent discussions

S-Corp owns SMLLC


June 17, 2018, 10:04 pm

Have a situation where there is a long standing S-Corp owned 100% by an individual. New business opportunity has arisen, so individual wants to use new LLC with a different name for this activity. *... Read more »

What makes the check taxable?


June 17, 2018, 9:42 pm

If my employer offers me a paycheck but I refuse to accept the check because the tax withholding on it is quite clearly incorrect, is the gross amount of that check taxable to me (because I *could ha... Read more »

How to handle ATT purchase of Time Warner


June 16, 2018, 11:06 pm

I had some very appreciated TW stock, which converted to about 60% cash and 40% ATT stock. How do I figure my TW capital gains and my ATT basis? -- Read more »

Tax compliances for U.S. trust with Canadian beneficiaries


June 15, 2018, 9:52 pm

I am planning to set up an irrevocable trust with both U.S. and Canadian beneficiaries. My current intention is that, upon my death, specified funds for the U.S. beneficiaries would be disbursed to ... Read more »

penalty for late filing if no income


June 15, 2018, 2:29 pm

Is there a penalty for late filing if I have no taxable income? I searched the web and am confusing. On TurboTax's web site, some said there is a minimum fine of $135 for late filing. Some said i... Read more »

IRS Notice 54


June 9, 2018, 12:35 am

I filed taxes earlier in the year, owing around $60, which I paid with the filing. Then I got a Notice 54 with a check for $14, stating I would be receiving a notice in a few days that explains why ... Read more »

Taxes on a publicly traded partnership fund (DBC), as a Non Resident of US?


June 8, 2018, 4:17 am

I hold units in Powershares DB Commodity Index fund (DBC), and so I've received a K-1 from them detailing their income during the year. I was a US Non-Resident Alien / foreign investor during the tax... Read more »

find out whether tax has been filed


June 7, 2018, 9:50 pm

Anyway to find out whether I have filed tax for 2015? My TurboTax 2015 folder has a file with a .tax2015 extension. How do I know if that one has been filed? I don't owe any tax. So, I don't have... Read more »

NYS 2016 Amended Return Problem


June 3, 2018, 4:42 pm

A dividend was reclassified as return of capital. My NY tax goes down $35. I have done all the paperwork and am ready to efile. The problem is, the IT201X ignores the $326 penalty I paid, and want... Read more »

did not get refund for 2013


May 17, 2018, 1:06 am

I know this is weird but I did not get the tax refund for 2013. If I file it again, can I get it back? The refund was more than $1,000. -- Read more »

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The best rated discussions

What do I do with a ***Substitute Form*** 480.6C?!

rating: 5

I just received a form 480.6C from the Gobierno de Puerto Rico telling me I received $244.16 in dividends, with $24.40 withheld. Apparently an investment account hold some stock in Oriental Finl Gro... Read more »

NYC 1127

rating: 5

I am preparing my first NYC 1127 for a nonresident employee of NY City. Taxpayer retired last summer so he was only a nonresident employee of NYC for part of the year. In looking at the instructio... Read more »

deduct conference expenses for graduate student

rating: 5

I am a PhD student and have accepted a position to be a faculty member this coming fall. I am filing itemized deductions. This past year, I attended several academic conferences related to my field... Read more »

Inherited installment obligation.

rating: 5

In pub 537 it says that if you inherit an installment obligation it is taxed the same as it was for the seller. However; when you inherit property, the basis of the inherited property is the FMV on ... Read more »

Liability of Incorporator for unpaid Franchise taxes

rating: 5

How does an incorporator of a never activiated C corp avoid personal liability for the years that entity did not file tax returns or make payments of the minimum California frachise tax? Gary -- Read more »

Gain on Brokered CD Purchased at Discount- Is Gain Taxable at Maturity?

rating: 5

In my brokerage account, I had two CD's that matured in 2009. Both were purchased at a discount below face value and generated a gain (long term) of over $1000 at maturity. I would have thought a 109... Read more »

Form 6251- Line 4 of Home Mortgage Interest Adjustment Worksheet, accounti...

rating: 5

My understanding is that Mortgage Interest must have its uses separated in order to do this calculation properly, because if the interest is for anything else other than home related (building, remod... Read more »

gift tax consequences of Coverdell ESA transfer to 529 plan

rating: 5

I have a Coverdell ESA with my child as a beneficiary. The Coverdell custodian recently announced to me that they're dropping support for the account, so I need to liquidate the account. I'd like t... Read more »

Estimated Tax Issue (Hypothetical)

rating: 5

Taxpayer has $100,000 short-term capital loss carryforward, and $100,000 long-term capital loss carryforward. In the first quarter, he gets $200,000 in short-term capital gains. How much estimated ... Read more »

Claimed & received EIC already, but got Notice CP09 anyway

rating: 5

I filed a client's 1040 about three weeks ago, claiming the Earned Income Credit. The client has already received a refund of the amount expected. Today the client got a Notice CP09 from the IRS, ... Read more »

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