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I'm The Treasurer For Our Local High School Chorus Booster Club - We Are Just Starting Our 501 C3 Process - Are We Eligible To File The...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Most likely you are eligible. The income threshold is the primary factor. The instructions to 1023Ez have a worksheet to determine your eligibility. The form must be completed online. The registration fee has...   Read More
IF A Shareholder Of A PFIC Did Not Receive Any Income During The Year From The PFIC And Is Not Reported Deemed Income , Does He Have To...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The regulations regarding Filing of Form 8621 are rather complex, Without additional information, I could not give you a valid answer. However, this flowchart can guide you to determine if you need to file. http://...   Read More
How Do I Pay Taxes On Sale Of Deeded Co-owned Property?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Your mother didn't do you any favors by deeding the property to you. As such it is considered a gift, and your basis is a transferred basis from her. In this case the transferred basis is the fair market value as...   Read More
I Received A Letter From IRS Saying I Owe $41000 Plus. I Am Just Scraping By. What Can I Do To Get The Government Off My Back?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You need to review the letter to see why they are assessing you the additional tax. Do not ignore it, ti will not go away. Very frequently, these notifications are sent out based on partial information that the IRS...   Read More
Can A Healthcare System, Acting As A Purchasing Agent, Purchase Tax Free On Behalf Of An Exempt Hospital?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

State laws on sales taxes vary greatly and no answer is likely to be correct for every state. However, there is one scenario which may apply. The purchasing agent is essentially a reseller. Most likely they can...   Read More
What Are The Primary Differences Between A Cost Segregation Analysis And A Construction Tax Planning Analysis?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

There are many noteworthy differences between the scope and application of a Cost Segregation analysis and a Construction Tax Planning analysis. The scope of a Cost Segregation analysis will methodically review...   Read More
Can A Real Estate Investment Trust ("REIT") Benefit From A Cost Segregation Study?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, a Real Estate Investment Trust (hereinafter "REIT") can potentially benefit from a cost segregation analysis. I would wholeheartedly recommend scoping the cost segregation opportunities on a property by...   Read More
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

When you as a US Citizen, receive more than USD 100,000 gift/ bequest/ inheritance from a non-US citizen individual or estate, you are required to report that on Form 3520 to be filed along with your tax return...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Probably not. The California FTB statute of limitations for refunds is four years after the original due date of the return. The 2011 return was due April, 2012. So the statute of limitations ran out on 2011...   Read More

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