Latest threads in Taxes General Forumshow only best voted threads
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Estate tax on rollover over IRA to non-spousal beneficiaries
The pension protection act of 2006 now allows non-spouse beneficiaries to roll over assets inherited from a qualified retirement plan into an IRA. What are the estate tax implication if this IRA is...
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17 years ago
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form to declare interest earned on a trust
My mom passed away earlier this year. Her assets were in a trust. They were distributed to 5 heirs after about 9 months. I believe there is a tax form that each person must fill out declaring their...
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17 years ago
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CCH TAX NEWS for December 21, 2006
CCH TAX NEWS for December 21, 2006 FEDERAL NEWS President Bush Signs Tax Extenders Measure Tax Briefing and CCH's Explanation of the Tax Relief and Health Care Act of 2006 Now Available NEWS Rhode...
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17 years ago
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Splitting Property
The situation is... My partner and I bought a residential property in the year 1990 for an amount of $120,000 + The down payment of the house was for 20%---My partner put down 90%, and I for 10% of...
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17 years ago
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Home office: Depreciate or expense improvements
Sole proprietor (SP) maintains office in home, files Sched C and Form 8829 (among others). On the 8829 he uses 15% as the business use percentage for indirect expenses. During '06 improvements to home...
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17 years ago
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CCH TAX NEWS for December 20, 2006
CCH TAX NEWS for December 20, 2006 FEDERAL NEWS IRS Finalizes Regs on Prohibited Allocations of S Corp Stock Held by ESOPs (TDNR HP-207; T.D. 9302) NEWS California --Corporate Income Tax: FTB May...
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17 years ago
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Dumping Worthless Options For 2006 Tax Loss?
I have some worthless options (for most of 2006) that don't expire until 1/17/2007. Broker is trying to sell them for a penny but so far no takers. Is there any way that I can write them off as a 2006...
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17 years ago
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CCH TAX NEWS for December 19, 2006
CCH TAX NEWS for December 19, 2006 FEDERAL NEWS Exercise of Nonqualified Stock Options Was Taxable Event; Stock Purchases Financed by Margin Debt Was Not Grant of Option; Blackout Period Was Not Lapse...
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17 years ago
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urgent help - FIRPTA Withholding Tax
I am a US resident and bought a house in July. Yesterday I received a letter from IRS which imposed $17,800 penalty and $2,437 interest. After spending the whole morning on the phone and spoke to 10+...
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17 years ago
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roth IRA conversion yes or no?
I plan to retire at the end of January 2007. I will have $157,000 in a 457 plan and $97,000 as a partial distribution from a retirement plan that I plan to roll into a traditional IRAs upon...
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17 years ago
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Phone/internet expense deducibility question
I have a business phone line at my home and business class DSL service. My family uses the phone and Internet connection for their personal needs. I have a business phone line and DSL account because...
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17 years ago
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Opinions desired on becoming a tax professional
I recently learned that I screwed up my S Corp's 2003-'05 taxes due to ignorance of procedure (I tried to do it all on my own rather than rely on a CPA) and the IRS called to get me to get it...
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17 years ago
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C corp sale of depreciated assets to related S corp
I have nagging concern on this issue. Client is the sole shareholder of an existing C corp with a variety of equipment assets, most of which are pretty fully depreciated. In order to pursue a...
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17 years ago
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401k Contributions as a single owner of a S-Corp - How to Divide?
My wife and I own our own S-Corp and have a single 401k setup through theonline 401k. What I'm struggling with is how much I should have our corporation contribute to the 401k as opposed to use...
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17 years ago
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Legal Expenses on a previous business
The previous business's assets were sold 5 years ago. The lease still is legally in my name (as an individual, not as a corporation), but the new tenants refused to pay. Currently there is a lawsuit...
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17 years ago
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