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Form 5329, When One Believes They Have Reasonable Cause To Be Entitled For A Waiver Of The Penalty, Can They File Form 5329 Prior To Filing...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The IRS does not respond specifically to a 5329 unless you have taken the waiver of penalty in error. Line 55 applies only if you did not take the required minimum distribution (RMD) and are paying the penalty for...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You can call the IRS at 800-829-1954 and either use the automated system or speak with an agent. If you filed a married filing jointly return, you cannot use the automated systems. The IRS will issue you a Form...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

I presume you mean the income earned by the independent contractor. That is not effectively connected income as the contractor is not a US citizen or resident and is performing the work outside the United States....   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The only form you should receive from the LLC is a K-1. It is due when the return is due, April 18. However, it is not uncommon for partnerships to file for an extension, so you may not see the K-1 until September....   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The Controlled Substances Act classifies marijuana as a Schedule 1 drug, meaning that, under Federal law selling marijuana is an illegal business. This is true even if the business in located in a state that allows...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The NJ Division of Taxation begin imposing the $100 per month late filing penalty as authorized by N.J.S.A. 54:49-4 in 2004. The law provides that this penalty may be imposed for each month (or fraction thereof)...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, you do. That is a taxable transaction. However, if you had any cost basis in the cows, you can deduct that basis from the proceeds to reduce the amount of tax due. You might consider filing amended returns for...   Read More


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User Photo Gary Carter, PhD, MT, CPA

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President

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

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User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

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User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

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Managing Partner/EMEA

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President

User Photo Kat Jennings CEO

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Founder/TaxConnections CEO

User Photo Mary Beth Lougen EA USTCP

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President and Founder

User Photo Darren Sanford

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CPA

User Photo Barry Fowler

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President

User Photo Kelly Estep

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Owner

User Photo James Sutton, CPA, Esq

Tampa, Florida, USA

Florida Sales Tax Attorney

User Photo Cecilia Scutaru Andor

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Tax Preparer / Notary / Signing Agent

User Photo Bernice Brightbill

Los Angeles, California, USA

singer

User Photo JEANIE PITNER

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User Photo David Gadberry

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User Photo Howard Liebman

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Partner

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