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Taxes General Forum Tax professionals meeting place and answers to queries. (Moderated). This forums is a Web, Mobile and Social Media interface to misc.taxes.moderated.
There are 45176 articles in 9098 discussions. See the most recent and the best rated articles in Taxes General Forum

The most recent discussions

Taxation - Employer pays premiums for individual life insurance


September 19, 2017, 4:35 am

Situation: For an employee benefit, a small business employer pays the premiums for (non-group) term life insurance policies obtained by the employees themselves. The face value of these policies i... Read more »

Change of LLC Ownership


September 16, 2017, 2:12 pm

I have a question - say an LLC is set up as a disregarded entity, so it uses the owner's Social Security number. If someone else buys the LLC, how is the tax ID number dealt with? Thanks. -- ... Read more »

Tax Court Decision on Applicable Period For Filing For Refund


September 1, 2017, 3:53 am

In a case of first impression, the court upheld the IRS denial of a refund even though the tax return was filed within 3 years of the due date. Tax payments for 2012 were deemed to have been made... Read more »

401(k) to which kind of IRA

  [ 2 ]
August 27, 2017, 6:18 pm

My daughter is thinking about consolidating two 401(k)s into an IRA. Can she do it to a Roth with no tax concerns or is traditional the only route. She doesn't think she has the cash to pay taxes... Read more »

check not received for amended return


August 22, 2017, 12:23 am

Taxpayer has received a notice accepting as accurate the amended return, and stating a check is on the way in two to there weeks. No check has been received after two months. Any advice how to ... Read more »

Message to Taxed and Spent


August 21, 2017, 6:45 pm

You continue to try to post a message that has a link that does not work, and seems to have no other context. You do not use a valid email in your posts, so we could not communicate with you. I... Read more »

Closing Out "In Trust For" Savings Account ? (Sr. Citizen Questio...


August 20, 2017, 2:24 pm

Hello, In my 80's now, so please bear with me a bit. Many, many, years ago we opened up a savings bank account labeled In Trust For my son. Simple CD, which we've been renewing, automatically, ov... Read more »

Is a prescription drug fullfilled by a Canadian Pharmacy Tax deductible?


August 19, 2017, 12:47 pm

I have a prescription for a drug from my doctor that I fulfill using a Canadian pharmacy because it is a lot cheaper. Is the expense of the medication paid to the Canadian pharmacy U.S. tax deductib... Read more »

gift tax consequences of Coverdell ESA transfer to 529 plan


August 19, 2017, 3:02 am

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 »

How to Report Class Action Payments for Stocks


August 9, 2017, 12:34 am

About once a month I receive an invitation to participate in a class action suit over some investment I own or had owned in the past. Because it's so easy nowadays to do an online search of past ... Read more »

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The best rated discussions

Tax treatment of NDSEG fellowship

rating: 5

Recipients of National Defense Science and Engineering Graduate Fellows receive the memo posted at: . The line As stated in the NDSEG Terms and Conditions, you are considered an independent contracto... Read more »

capital loss carry over discrepancy between Federal and State (CA)

rating: 5

I did my taxes last year using Turbo Tax. While going through a copy of my returns, I realized that there is discrepancy of about $500 between the capital loss carryover in the worksheets between Fe... Read more »

Tax consequences of embezzlement and subsequent refund

rating: 5

A neighbor was just indicted for embezzlement. Here are the facts assumed from newspaper articles: 2004: embezzle $145,000 but does not declare it on the tax return 2005: embezzle another $245,000, ... Read more »

Renting building owned by LLC to LLC member

rating: 5

The situation is I have a small business that I run through a single member LLC. I purchased a building under my personal name. Can I rent the building to the LLC? The income generated would be pa... Read more »

Re: Acceptable form of NDA for CPA

rating: 5

That's ironic, because I wouldn't hire anyone-- tax preparer or otherwise-- who'd give pause about signing a NDA if asked. And if someone who declined tried to feed me a line like that about having t... Read more »

Re: 1031 exchange question. Is this illegal?

rating: 5

Re: 1031 exchange question. Is this illegal? *********************************************** We would like to sell a rental home and do a 1031 exchange. We are under a lease with the tenant till e... Read more »

Single-Member LLC and 83(b) Election

rating: 5

I recently established an LLC in New York State with me as the only Member (Single-Member LLC). Is there any reason for me to file an 83 (b) election or would that not apply in my situation? Thanks... Read more »

foreign tax home & US abode redux

rating: 5

This topic comes up quite a bit in this forum. My question pertains in particular to a scenario very similar to the following Misc.Taxes.Moderated thread from 2008, which I provide a link to here ... Read more »

Deemed Premium and Basis Adjustments?

rating: 5

One of my brokerage account 1099s has listed under Supplemental Information, Fees and Payments Received amounts for Deemed Premium and Basis Adjustments I'm guessing that the Basis Adjustments w... Read more »

Is this taxable income?

rating: 5

My daughter worked over this past year as a research intern through a REU (research experience for undergrads) program. She received a $5,000 stipend for her work. Is this taxable income? Can she... Read more »

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