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Within The United States, Which States Currently Offer Tax Incentives For Television And Film Production?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Most states currently offer Movie Production Incentives (hereinafter “MPIs”). MPIs are tax benefits offered on a state-by-state basis throughout the United States to entice, as applicable, in-state film...   Read More
Sect 529 Plan Funds Not Used For Education
User Photo Harold Goedde
Tax Professional Level: Tax Enthusiast

First, prepare form 1099Q, "Payments for Qualified Education Expenses under Sects 529 and 530." Enter gross distributions, earnings, basis, and qualified education expenses paid with the funds. Enter the funds...   Read More
How To Address Your Income When On ACA For 3 Mo Due To Unemployment And Estimated Based On YTD, But Dropped ACA Once Employed?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Unfortunately at this point the IRS and the Marketplace people you spoke with are correct. They, nor most tax pros have been given any direction in situations like yours. The IRS just last week released Pub 974...   Read More
Taxpayer And Child On On The Title Deed Of A Piece Of Property. Taxpayer Is Wanting To Remove His Name
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

When someone's name is removed from the title of a piece of property for no or inadequate consideration, it is treated as a gift. If the fair market value of the gift is not more than $14,000, the annual exclusion...   Read More
New Client Was Paid As A Contractor When Actually An Employee For A Couple Of Years. Is There A Way To Get Some FICA, Medicare And Withhold
User Photo Dan Gordon
Tax Professional Level: Tax Enthusiast

I would have the client request a W-2 to replace the 1099 MISC from the employer reminding the employer that he was an employee and that the IRS will be informed if he does not respond.   Read More
Taxation On LLC (single Person Owner Non Resident Alien) Holding Investment Property In USA And One Investment Property In Europe
User Photo Dan Gordon
Tax Professional Level: Tax Enthusiast

As a sole partner in an LLC generating income the chances are the the IRS will treat that income as self employment and SE tax would be required to be paid on all the income the LLC generates. A Sub-Chapter S...   Read More
Is It True That The Service Made It Easier Today For Small Business Owners To Comply With The Final Tangible Property Regulations?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, on February 13th of 2015, the Internal Revenue Service (hereinafter the “Service”) streamlined the methodology for small business owners to comply with the Final Treasury Regulations (hereinafter the “...   Read More
My Question Lies Around The Fact That Do I Need To Pay Taxes On The Money Given As Gift If The Amount If Over The Exclusion Limit?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You will need to file a gift tax return, Form 709. However, you will not owe any tax. The amount in excess of the annual exclusion amount ($14,000) will reduce your lifetime exclusion (currently $5,430,000). The...   Read More
0 1 Gift Tax
Saudi National Holding U.S. Citizenship Hired By Saudi Government To Serve As A Diplomat In Canada. How Do I File?
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

As a US Citizen, your spouse will have to file a US tax return showing all worldwide income. He may be eligible for a foreign income exclusion if he was out of the US for more than 330 days.   Read More
Does New Jersey Impose A Late Filing Penalty Even When A Refund Is Due?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since the penalty is a percentage of the tax due, there is not normally a penalty for late filing. However, under certain circumstances they can impose a $100 per month penalty. The $100 per month penalty will be...   Read More


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President and Founder

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