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I Have A Client Who Prepared W-2s For His Restaurant, TY 2013, That Were Not Submitted To SSA. The W-2s Did Not Include The Tips Reported...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes. Since the employees received the incorrect W-2 forms and filed taxes based on those, you should submit the originals. Then prepare and send in the corrected ones, giving a copy to each employee.   Read More
Are Proceeds From Insurance Claim Taxable To A Business?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Any reimbursement for damage to your property is not taxable to the extent it was used to repair the property. If it was a total loss, if the reimbursement exceeded your basis and was not reinvested comparable...   Read More
What Are The Exemptions For The ACA?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Exemptions include Your lack of insurance coverage was for three months or less. You aren’t required to file a tax return because your income is too low. You are incarcerated. You are in the U.S. illegally. You...   Read More
If You File Separate Returns, You And Your Spouse Each Must Attach Your Form 8958 To Your Form 1040 If A Taxpayer Wants To Forego And...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

By not filing Form 8958 the IRS may adjust the incomes based on the way it is reported on the W-2, 1099's or other documents. It is simply an explanation of how the incomes are allocated under the state community...   Read More
0 0 Tax
Can You Tell Me The State To Move My Business To With The Lowest Tax Rates?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

That's pretty much an unanswerable question. In looking at business tax rates, you must first consider the legal form of your business - sole proprietor, S corporation, C corporation, or LLC. Then you need to...   Read More
If I Am Reporting A Net Capital Loss (the Max Of $3000) On My Federal 1040, But That Number Includes A Capital Gain Of +$8051 That Was...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, if you realize a capital gain in a state in which you do not reside, the gain is normally taxable in that state. Your home state will probably grant a credit for taxes paid to NC, assuming you live in a state...   Read More
Would Like To Amend 2015 Tax Return By Lowering Spouse (general Partner) SE Amount From Passive Rental Income And Adding That Amount To...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Anytime an amended return is filed, there is the possibility of an audit. Amended returns are not processed by computer but are examined by hand. The IRS agent is not limited to reviewing the changes, so he/she may...   Read More
0 0 Amendment
Mother Deceased, Everything Transferred To Children Before Death, Nothing In Her Name, Any Tax To Be Paid?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since she had no assets at death, there her estate should not have any tax liability. Depending on the amount of assets transferred to the children, and the timing of those gifts, there may be a gift tax issue....   Read More
0 1 Gift Tax
I'm The Treasurer For Our Local High School Chorus Booster Club - We Are Just Starting Our 501 C3 Process - Are We Eligible To File The...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Most likely you are eligible. The income threshold is the primary factor. The instructions to 1023Ez have a worksheet to determine your eligibility. The form must be completed online. The registration fee has...   Read More
IF A Shareholder Of A PFIC Did Not Receive Any Income During The Year From The PFIC And Is Not Reported Deemed Income , Does He Have To...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The regulations regarding Filing of Form 8621 are rather complex, Without additional information, I could not give you a valid answer. However, this flowchart can guide you to determine if you need to file. http://...   Read More

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