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The IRS Requires Mandatory 20% Federal Income Tax Withholding On Distributions From 401k And 403b Accounts... (See Question Below)
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

A 401(k) as well as 403(b) and 457 are "qualified" employer sponsored retirement plans, sometimes employers offer matching contributions up to a percentage of your salary. The money is pretax, a direct salary...   Read More
Is Residential Rental Property Owned By An LLC Eligible For The Solar Energy Credit?
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

An LLC (Limited Liability Company) is a pass-through entity for the members of the organization. Each member is issued a K-1 in the proportion designated by the Articles of Organization (or Articles of Formation...   Read More
During A Divorce If The Ex Is Awarded The House And Yet The Mortgage Is Not In There Name, Not On It, Who Can Claim The Mortgage Interest?
User Photo Amanda Bodkin, EA
Tax Professional Level: Tax Enthusiast

The person entitled to claim the mortgage interest, per the IRS, is the person who is named on the mortgage and receives the 1098. I had a case that was exactly the same, however it was the son paying the...   Read More
My Daughter Graduated High School May 2014, Turned 19 In Nov. 2014, Joined Navy July 21,2014, Can I Still Claim Her On My Taxes?
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

You are allowed an exemption for each person you can claim as a dependent. The term dependent means a qualifying child or a qualifying relative. All five (5) tests must be met for a child to be your qualifying...   Read More
What Is The Standard Of Willfulness That Prevents A Taxpayer From Entering The Streamlined Program?
User Photo Richard Lehman, JD, LLM
Tax Professional Level: Tax Enthusiast

The test for "willfulness" is whether there was a voluntary, intentional violation of a known legal duty. A finding of willfulness must be supported by evidence of willfulness. The burden of establishing...   Read More
What Type Of Study Materials Can I Expect When I Take A Prep Course For The Enrolled Agent Exam?
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

It depends on where/ whom you are taking the prep course from. A good course typically should touch upon the main legal points, with illustrations, and a LOT of practice questions. I took my course with Gleim and...   Read More
Which States Have No Sales Tax?
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

45 states and the District of Columbia have sales tax. The only states without statewide sales and use taxes are Alaska, Delaware, Montana, New Hampshire, and Oregon. These 5 states make up the revenue by charging...   Read More
0 0 Sales Tax
I Am Retired With Wife We Won Lottery Of 21630. End Of Last Yr.Is There Any Way To Defer And/or Offset The Federal Taxes Due? Thank You, Joe
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Joe, You won the money, received the proceeds, you pay the tax. No way to defer it. You could offset it with deductible items such as charitable contributions but you would have to give the whole amount in...   Read More
Merge Two Small S Corp
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can maintain the MD corporations as is. You do not have to reside in a state to have a corporation registered there. Since corporations are state-based, your "merger" of the two into the new VA corporation...   Read More
Did The IRS Recently Issue New Administrative Authority In Connection To Accounting Method Changes?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, on Friday, January 16th of 2015, the Internal Revenue Service issued new administrative guidance in connection to accounting method changes. Revenue Procedure 2015-13 updates and revises the general...   Read More

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