regarding 433b-----during the period that the IRS is looking at---my business sales has increased significantly -but my business expense----marketing has increased also---dollar for dollar. The 433b is being used as part of a oic or possibly payment plan. Will the irs have an issue if in view of... Read more »
Above ? Is on real estate I purchased recently. Do I need to let assessor come into my home to inspect? All my years in buying and selling I never encountered this infringement on my privacy before or been threatened to be charged money if I don’t comply with the asssessor request.
Under the plain language of the law itself, they do have the authority to charge a $50 penalty if you do not provide them the information required for them to assess the residential property: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter59/Section38D
If the divorce agreement we split the tax exemption on the 2 kids. By getting full custody and the visitation up to me for the ex. Does that allow me to claim both kids on taxes for the exemption? I'm from mass and she pays no child support
You will either need to have a Modification Agreement on that issue which can be filed with the Court as an uncontested proceeding. otherwise you will need to have a Modification on that issue and also should have an appropriate Motion before the Court if this custodial change happened in 2017, to...Read more »
If you do not have taxes withheld or pay estimated taxes you may be charged an underwithholding penalty. If you owe less than $1,000 then you will not be charged the penalty. If you make some payments but not all then you must have paid at least 90% of the tax for the current year or 100% of the...Read more »
You should register it in MA as you are a MA resident. There is no tax advantage in being a DE LLC if you are the sole member of the LLC and reside in MA. Moreover, if you have a dispute and want to engage the MA courts, you will have to register the DE LLC in MA to do so and the cost will wind-up...Read more »
If I understand correctly, the 1065 is an informational filing for the partnership. I receive a K-1 from this to use on my individual return to report my income, losses etc. Is my ex-spouse entitled to see the partnership's 1065 informational filing or is it even relevant to my return? He is... Read more »
That depends. If you filed a return the IRS normally has three years to audit the return. If there is a substantial understatement of tax (25% or more) the IRS has six years. If any fraud is involved there is no time limit.
If the bank has not sent the money to the IRS then you can call the IRS and ask to be marked Currently Not Collectible based on your unemployment status. If they agree they will release all or part of the levy. You can also contact your local Taxpayer Advocate for assistance or a Low Income...Read more »
Massachusetts demands a boat excise tax and several fee's for using their waterways. Regardless the boat owner is not a citizen or legal resident of the state. This also means one cannot vote in the state because the person is not a citizen or legal resident. Examples Here: Boat excise tax; a... Read more »
In the same way you have to pay a highway toll when you're driving on the state roads, you'd have to pay boat taxes and fees for using the state's waters, regardless of residency/ citizenship. The state government is, proverbially, king of its castle. This is the basis of sovereign...Read more »
My 2011 tax return was completed but the originals to be mailed were accidentally filed with the copies. The taxes were eventually mailed in November 2016. When the IRS was contacted recently they stated that since the tax return was filed beyond the 3 year limit (which I was unaware of the... Read more »
It wasn't clear what you meant by the return was accidentally filed with the copies. It sounded like you sent the return to the IRS. In any event, the short answer is probably "no". If you could somehow prove that you properly sent the returns to the IRS on time, and that the IRS...Read more »
It's best to contact a CPA or tax lawyer directly about this question so they can review your related documents. The best first step is an Initial Consultation with an Attorney. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any...Read more »
Property transferred by gift usually require the recipient to use the Donor's income tax basis. That carryover basis results in the preservation of built in capital gains. Had your father devised the property to you and your sister at death, you likely would have received a basis reflecting...Read more »
It can be exceedingly stressful to manage these things yourself but the IRS has some helpful videos and pamphlets about the process that you may want to review before selecting a professional or trying to work this out on your own. Here is a link to the IRS videos that may be on point:...Read more »
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