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Do I Pay Taxes On Donations To Assist In Housing For 100 Days And Prescriptions For Up To 5 Years If I Set Up A Facebook Page As Suggested?
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

Based on the information presented in your question, you do not appear to have a taxable situation. The first step would be to determine whether the amounts received are classified as income or gifts. The IRS will...   Read More
What Is Considered A Taxable Donation Versus One That Is Not Taxable In A Church?
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

I am assuming that you meant what is deductible vs non-deductible. You generally may deduct donations you made to a church up to 50% of your AGI. However, you cannot deduct donations designated for use by a...   Read More
How Does The Affordable Care Act Affect My Tax Filings For Each Year?
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

If you qualify for and receive coverage through the Health Insurance Marketplace you may also qualify for a Premium Tax Credit. If you do not elect to have the credit paid directly to the insurance company, you may...   Read More
We Are A One Truck Trucking Company And I Am Having Sleepless Nights Over A Stupid Act Of Ignorance! Since 2004 I Have Been Doing My Own...
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

There is a penalty for failure to file correct information return by the due date. This includes 1099s. You may be able to avoid the penalty if you can show reasonable cause for not filing the returns. You may also...   Read More
I Had To Pay Our Federal Income Taxes On The Installment Plan For 2 Years. When I Went To Pay Off The Balance Due The Individual That I...
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

You may need to have a complete review of your situation. Please feel free to contact me through tax connections for a review of your situation.   Read More
If I Hire A Nanny What Do I Need To Do From A Tax Perspective? How Much Of Her Salary Can We Write Off On Our Taxes Since We Both Need One...
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

If you hire a nanny you may be liable for employer related taxes depending on the classification of the person hired and the amount paid. I have written a blog on the subject which will be posted here on...   Read More
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According To The IRS, Income Earned While Flying Over International Waters Is Not Considered Eligible For The Foreign Earned Income...
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

To qualify for the Foreign Earned Income exclusion you must have foreign earned income, meaning the income must be earned for services you performed in a foreign country while your tax home was in a foreign country....   Read More
If You Have Temporary Funds That Were Parked In A Foreign Bank Account Only For A Day Or Two And Did Not Earn A Single Dollar Of Interest...
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

I will assume from your question that you already are familiar with the requirements of the OVDI and my answer will focus only on the aspect of the penalty addressed in your question.There are two aspects...   Read More
Our Company Uses A Professional Employment Organization (PEO) To Pay All Employees, Including Officers. In Past Years On Form 1120S I Have...
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

Line 7 requires the total compensation of all officers paid or incurred in the trade or business activities of the corporation.Line 8 requires salaries and wages paid or...   Read More
My Husband Has A Small LLC Trucking Company. We Are Confused As To Which Forms To File. We Are Confused About All The Different Forms....
User Photo Devon McCarthy FCCA, EA
Tax Professional Level: Tax Enthusiast

An LLC with a single member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it...   Read More

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