Ask Tax Questions
Randy TarpeyTax Professional Level: Tax Enthusiast
The company LINEQ Linn Energy has published several warnings about significant cancellation of debt income that could appear on your K-1. As an individual limited partner member you would report this K-1 income... Read More
0
0
Randy TarpeyTax Professional Level: Tax Enthusiast
A Pennsylvania individual can redirect their joint Pennsylvania tax liability to local schools and charities who provide scholarships to kids age 3 to age 18. An individual can request a Pennsylvania EITC award... Read More
Randy TarpeyTax Professional Level: Tax Enthusiast
US Form 1116 will offset your 2011 form 1040 and form 6251 US tax liability in most cases as Canadian income tax is usually the same or higher than US taxes. If you filed form 2555 Foreign Earned Income you need... Read More
Randy TarpeyTax Professional Level: Tax Enthusiast
The seller would most likely file a nonresident California return and pay capital gain state tax in California. On the sellers Maryland return the seller would again calculate capital gains tax in Maryland but... Read More
Steven MeyersonTax Professional Level: Tax Enthusiast
The LLC cannot elect to be taxed as an S Corporation. It can elect to be taxed as a C Corp. Per IRC Section 1361(b)(1)(C) , an S Corp cannot "have a nonresident alien as a shareholder". Read More
Alan SmithTax Professional Level: Tax Enthusiast
There are several changes to Colorado State-collected and home-rule jurisdiction local taxes effective January 1, but updates usually occur again in July. For January 1st, there are two new local jurisdiction... Read More
Peter J. ScaliseTax Professional Level: Master Tax Advisor
Yes, on November 4th of 2016, New York State Governor Andrew Cuomo signed Chapter 420 of the Laws of 2016 which expanded the New York State Film Tax Credit Program (hereinafter the “NYSFTCP”) for qualified... Read More
™
