Ask Tax Questions
Kathryn MorganTax 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
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John StancilTax 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
Dan GordonTax 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
Dan GordonTax 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
Peter J. ScaliseTax 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
John StancilTax 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
Manasa NadigTax 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
John StancilTax 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
Manasa NadigTax Professional Level: Tax Enthusiast
When two (or more) taxpayers share the same address, the question sometimes arises whether the address itself constitutes one household, or whether each family living at that address constitutes its own separate... Read More
Peter J. ScaliseTax Professional Level: Master Tax Advisor
On Thursday, January 29th the Democrats on the Senate Finance Committee (hereinafter “the Committee”) issued a letter to the Republican Chairman, Orrin Hatch, R-Utah, outlining their main principles for tax... Read More
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