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I have IRS and State tax debt and property liens that I'm working through. I found $5000 in unclaimed property funds with the State of NJ. I followed the process, and they sent the check, but it was intercepted by "SOIL", and kept due to the back taxes owed.
I have 5+... View More 
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answered on Dec 21, 2024
In New Jersey, the state can intercept unclaimed property checks if the claimant has outstanding tax debts. Since you are a member of the LLC, especially if you are the sole member, your personal tax liabilities might be linked to the business funds, increasing the chance of interception.... View More
The people who rent them out. Order all the products and they ship out all the orders. I host the website and every 4 years I pay for the hosting fee. I do not do any work on the sites. They stay the same.
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answered on Oct 14, 2024
Yes, the income you receive from renting out your e-commerce stores is generally considered unearned passive income. Since you’re not actively involved in the daily operations, managing orders, or shipping products, your role is limited to owning the assets and handling minimal tasks like hosting... View More
Hello,
I have an active 403(b) retirement account to which I am still contributing. All new contributions are ROTH. Previously I had tax deferred (non ROTH) contribution to this account.
Let us say, total tax deferred contribution over several years in the past is $25,000.00 and... View More
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answered on Oct 7, 2024
When you convert your tax-deferred portion of the 403(b) to a Roth in New Jersey, the growth of $15,000 will generally be considered taxable income for NJ in the year of conversion. This is because, while you have already paid NJ taxes on your contributions, you haven’t paid tax on the growth,... View More
I'm developing a battle royale game similar to PUBG or Fortnite with Free-to-Play and Pay-to-Play tournament modes. In the Pay-to-Play mode, players pay a $50 registration fee, creating a $5,000 prize pool. Prizes include $1,000 for the winner, and $25 per kill and $30 per headshot, awarded... View More
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answered on Sep 25, 2024
In the U.S., you are generally required to issue a 1099-MISC form to players who earn $600 or more in a calendar year from your tournament. While you can include a disclaimer in your terms making players responsible for reporting and paying their taxes, the burden of reporting still falls on you... View More
On the residential cost approach section of our property card their is a half story and unfinished half story listed however we only have an attic. We also noticed their is a fireplace listed which we also don't have. Our story height is listed as 1.5 story however the building description is... View More
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answered on Aug 13, 2024
It sounds like your property card has some discrepancies that could be affecting your tax assessment. If your property card incorrectly lists a second story, unfinished half-story, and a fireplace that you don't have, you should address this with your local tax assessor's office. These... View More
I own a nonprofit and a friend of mine will be donating 4 paintings he made that are worth over 50k, and he's choosing not to deduct them. I know to put this under schedule M of the 990, but because he's choosing not to deduct them, I'm not sure if I should go get them appraised or... View More
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answered on May 5, 2024
Even if the donor chooses not to claim a tax deduction for the donated artwork, it's still a good practice for your nonprofit to properly document and record the donation. Here's what you should consider:
1. Acknowledgment: Provide the donor with a written acknowledgment of the... View More
I own a nonprofit and a friend of mine will be donating 4 paintings he made that are worth over 50k, and he's choosing not to deduct them. I know to put this under schedule M of the 990, but because he's choosing not to deduct them, I'm not sure if I should go get them appraised or... View More
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answered on May 5, 2024
For nonprofits receiving high-value non-cash (in-kind) donations, there are some special considerations and procedures to follow:
1. Acknowledgment: The nonprofit should provide a written acknowledgment to the donor, describing the donated property and specifying whether any goods or... View More
I am F-1 student in the US since 2022. I have been working full time on my CPT. While filing my returns, what occupation should I put? Please guide in this regards. Thank you!
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answered on Apr 13, 2024
As an F-1 student working on Curricular Practical Training (CPT), your occupation for tax purposes should reflect the nature of your work rather than your student status. Here's what you should consider:
1. Occupation: Choose the occupation that best describes the work you performed... View More
As the end date is getting closer, I am wondering that what option should I select in my marital status? I have been to US since 2022 as an international student and working on CPT. I am married but my spouse never been to US. She is in home country. In this context, should I select... View More
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answered on Mar 29, 2024
When it comes to filing your tax returns in the United States on an F-1 visa, your marital status plays a crucial role in determining how you should file. Since you're married, but your spouse has never been to the U.S. and presumably doesn't have income subject to U.S. tax laws, you face... View More
I have 2 last names as I recently added my husband’s last name to mine . So now my last name is composed of 2 last nabes without hyphen. Can I continue to use my maiden name first last name at work and hence on W-2? What’s the way to retain maiden name professionally?
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answered on Mar 25, 2024
If your name has legally changed and is updated on your passport and with the Social Security Administration (SSA), it is generally recommended to update your name at work to ensure consistency across all official documents and systems. This includes having your new name reflected on your W-2 form,... View More
Is this possible in NJ? And if so, what are the initial steps that I should be considering?
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answered on Mar 1, 2024
Here are the key things to consider when changing a private school in New Jersey from an LLC to a 501(c)(3) nonprofit:
- It is possible to make this change in NJ. You would need to dissolve the LLC and then incorporate as a new nonprofit entity.
- To qualify as a 501(c)(3), the... View More
The 1099c was sent to an old Address from 13 years ago and in my maiden name. How can I be penalized for information I never recieved?
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answered on Feb 28, 2024
When you receive a letter from the IRS stating that you didn't report income from a 1099-C, it's important to address the issue promptly, even if the information was sent to an outdated address and in a name you no longer use. The IRS assesses taxes based on income information reported to... View More
My grandfather has past away leaving my grandmother as sole owner of the land with the main house being registered and current with property taxes. There are three siblings my mother, a middle brother (who sadly also past), and a younger brother. The younger brother convinced my grandfather when he... View More
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answered on Feb 28, 2024
In Puerto Rico, property taxes are assessed by the Municipal Revenue Collections Center (CRIM). When a house on a piece of land isn't registered with CRIM, it can indeed lead to complications, including the potential for back taxes once the property is properly reported. Given that your... View More
Looking to pay advisor fees with pre tax money if OK and gain interest over the year by avoiding est taxes for fed and state.
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answered on Feb 25, 2024
Yes, it is possible to pay financial advisor fees from an IRA account in order to reduce taxable required minimum distributions (RMDs). This can allow the fees to be paid using pre-tax funds and can minimize taxes owed. Here are some key points:
- For a joint brokerage account, when the... View More
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answered on Nov 9, 2023
The reference to "12 UFC 531" seems to be incorrect or a typographical error. In the context of U.S. law, "UFC" typically does not pertain to legal statutes. It's possible you're referring to a section of the U.S. Code (U.S.C.), which is a compilation of federal... View More
Transcripts sent for the years required
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answered on Sep 14, 2023
If you've submitted all the necessary documents and have not received a response from the New Jersey state tax authorities, I recommend taking the following steps:
1. Contact the New Jersey Division of Taxation: Reach out to their customer service or taxpayer assistance line to inquire... View More
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answered on Jun 1, 2023
There are two set of rules here. First, the rules of the business entity (operating agreement, bylaws, partnership agreement, etc.), and the Florida Laws. The interest in the business entity sometimes has a transfer on-death provision. If the interest in the business passes to a certain beneficiary... View More
answered on Mar 21, 2023
This is a very fact sensitive situation. If the modifications result in loud noise that disturbs other reidents, the Landlord can and should demand that you remove the modification. This is pursuant to the lease provision of quiet enjoyment which imposes a duty on the landlord.
why is the annuity taxed if it’s not being withdrawn?
answered on Mar 10, 2023
Politely, you need to sit down with an experienced divorce lawyer since it appears that "someone" is doing some fast talking and you have no idea whether the claim is true or not - which means you need someone to represent you who knows how to call B...shit when such claims are made.... View More
I’m on permanent disability; I would like SSA to use my tax info from 2020 or 2022 as 2021 I only had high amount of taxable withdrawals from my dads Inherited IRA; used to purchase a low income affordable condo & pay taxes & additional money taken out in order to pay taxes etc. I... View More
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answered on Mar 4, 2023
To prepare for an SSA IRMAA appeal administrative hearing, you may want to consider seeking legal assistance from an attorney who specializes in Social Security law. They can help you present your case in the best way possible, and help you navigate the appeals process.
In addition, it may... View More
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