James Richard Yandle's answer I assume you are talking about state INCOME tax (not local county property tax, or other type of tax). And, i'm guessing the issue arose from a 1099-C Cancellation of Debt, to the now deceased husband, from the foreclosure, (tax year 2016, based on timing?). Further, I'm guessing you filed a joint return for that year with the decedent.
The likely route to resolve such a matter, at this stage, is seek a competent, professional income tax return preparer, preferably a CPA, and file...
Linda Simmons Campbell's answer When you set up a corporation you have to pay yourself at least the average rate for your job in your area. So no it is likely that everything you make would need to be paid as income.
From what you describe, something does not sound right. In some instances a trust or estate will "pass though" tax liability to the beneficiary but only where that liability is connected to a distribution. For example, if a trust makes a distribution to a beneficiary that consists of income and capital gains earned by the trust, it may pass the tax liability to the beneficiary. This is done because the beneficiary, as a general rule, has a lower tax rate than the trust....
Neil Colman's answer What does your Judgment provide? If they were joint returns and not addressed in the Judgment, you may have to go back to court in an attempt to get clarification. The government is not a party to your divorce. Therefore, both taxpayers are liable if not addressed in the Judgment.
Jon Dowat's answer Your are dealing with about three issues here and it is not that simple. First, income should be reported in the year it was received. Even if you do not cash the check the IRS treats it as if you received it, that is called "constructive receipt," which means we will pretend you received it so we can tax it.
Second, if the proceeds of the sale of the home are paid to you the lender or title company will issue a Form 1099-S to you and they will send a copy to the IRS. Even if the...
Trent Harris' answer Estimates without documentation are not good enough for the IRS. You need to work with a tax accountant or CPA to reconstruct some sort of paper trail for your expenses. Otherwise, your eligibility for a student loan is going to be the least of your problems. If the IRS denies your deductions for your business expenses, you are going to end up owing tax on the entire amount of the income, and you will owe the IRS a ton of money you don’t have. Contact a CPA or tax accountant to help get you...
Reece B. Morrel Jr's answer According to the IRS, you can claim someone as a dependent if you provide for more than half of their support. But, this rule can be modified if there is a divorce decree or some other governing document.
Assuming that you meet the requirements, I should warn you that it gets more complicated the 2018 tax year. We no longer keep track of how many personal exemptions we get for each person (i.e. the taxpayer, spouse, and dependents). This got changed in December 2017.
Reece B. Morrel Jr's answer Congratulations, you have landed on a real "hot-button" topic - especially when Oklahoma is suffering from a budget crisis.
To be honest, I really need more facts to be able to advise you properly.
But let me give you something to consider. The statute-of-limitations starts to run when the tax return is filed. If a return is never filed, the statute-of-limitations never starts. So, if no return has been filed then the state of Oklahoma can assess tax, interest, penalties...
D. Mathew Blackburn's answer Yes, the majority of the provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) took effect 1.1.2018. Some did not, most notably accelerated depreciation took effect 9.27.17 and the ACA penalty is removed 1.1.19.
Christopher Tolley's answer Massachusetts towns assess value annually. They calculate property values based on the market activity as well as certain property-specific attributes such as location, size, construction quality, style, and condition. These include the status of outbuildings. Factors may include the usefulness of the outbuilding with heat as opposed to unheated, whether, as a result of installation of heating, it is usable for residential or commercial purposes, etc. I suggest you call the tax assessor in your...
Answered on Dec 5, 2018
Eric Steven Day's answer You could report this to the IRS if he is not reporting all the income he is making to the IRS for tax purposes. The IRS has a whistleblower program, where you can turn in individuals or businesses for evading taxes and take a percentage of whatever the IRS is going to collect from the taxpayer. However, the IRS usually is looking for the big cases that has potential to collect in the millions of dollars because they have to use a certain amount of resources to prove it. Additionally, you...
Linda Simmons Campbell's answer Not if you are in agreement with the results of your audit. I recommend hiring a good tax attorney unless you are sure you can provide everything the IRS is requesting with ease.
Answered on Dec 4, 2018
Linda Simmons Campbell's answer File an amended return. The IRS does not criminally prosecute for honest mistakes. They are looking for cases of fraud or tax evasion. If you file and amend your return, you can request a one-time penalty abatement if you end up owing. It is a one-time abatement so I would not use it for a small amount. If you wait until you are audited you will get hit with higher penalties and it is more difficult to get the abatement.
Linda Simmons Campbell's answer Your human resources department will be sent a formula to follow to determine what they can take. You are usually left with a small amount. Without more information I cannot tell you what you will be left with after the levy. Frequently a tax attorney can set up an installment agreement that will have a lower monthly payment amount then what you will pay through a levy. We can also advice you as to whether you are eligible for an Offer or some other collection alternative. Stay away from...
Chad Silver's answer A Tax Attorney would be the best professional to guide you through this process. It is very important the matter is handled with someone you have an Attorney Client privilege with. You can contact our office at 855-900-1040.
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