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We had a S corp small business. Foreclosed on in 2012. We now get a 1099-c for the corp and I do not know what to do with it.
I have checked the IRS web site, not sure where to look for closed business information.
One of the sites mentioned section 108 of the tax code, that... View More 
answered on Jan 18, 2016
For handling the canceled debt in an S corporation, have your accountant potentially review (Sec. 108(d)(7)(A)) and Gitlitz, 531 U.S. 206 (2001), in case. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting... View More
answered on Jan 3, 2016
Generally, a tax credit may reduce all type of taxes, including your SE taxes. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. For specific advice, please consult a tax attorney in person. Good luck.... View More
Recently I was made aware that we should amend our tax returns to add self employment income I made for which I was paid cash..which was about 2k per year..
Those work were random and not consistent so I don't have any license etc. for that...for example 1. I helped my friend to fix... View More
answered on Dec 5, 2014
Use your best estimate with respect to income and expenses to amend your tax returns and the schedule C. Put down “Service/Sales” and “Miscellaneous” for classification. The important thing is that you file the accurate tax returns and pay the accurate tax amount. Good luck. Zaher... View More
IS NOT LISTED AS AN OWNER ON MY MORTGAGE. SHE OWES MONEY TO THE IRS. IF SHE MOVES INTO MY HOME AND SHE BECOMES DELINQUENT ON THE AMOUNT SHE OWES TO THE IRS OR IS UNABLE TO PAY AT ALL,CAN THE IRS COME AFTER ME OR MY SISTER OR MY PROPERTY? THANK YOU
answered on Nov 30, 2013
So, your sister who has no ownership interest in your property, which is co-owned with another sister, moves to and lives in you property. The IRS cannot come after the property owner; you and the other sister. The IRS can only attach her own assets, not where she live in. Good luck.
answered on Nov 19, 2013
It will be advisable to file all non-filed tax returns and depending on your finances, make an offer-in-compromise or ask for an installment plan. Generally, the BK must be filed at least TWO years after the returns filed by TAXPAYER (not the IRS)or at lease 240 days after the IRS assessed the tax... View More
answered on Dec 27, 2011
The 16th Amendment is the basis for the right to tax. That is why it is an income based tax.
"The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or... View More
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