by The TaxResearchPro Team | Jan 27, 2018 | Personal Tax
My client is on an installment agreement with the IRS. How is the monthly payment applied to the outstanding balance? Is it applied to interest, penalties and the principal balance? Furthermore, how is any excess on the monthly payment treated?
by The TaxResearchPro Team | Nov 5, 2015 | Personal Tax
If a client with an S Corporation that wishes to contribute the most possible to their retirement account for this one business. Should my client open an SEP-IRA in addition to their existing Solo 401(K) account?
by The TaxResearchPro Team | Nov 3, 2015 | Personal Tax
My client is selling a primary residence that has $750,000 in capital gains. My client’s father moved his primary residence to an irrevocable trust which both the client and the brother inherited. When the property was transferred over, it came in appraised at $850,000. Now, the property can ideally be sold at a loss of $600,000. Can the losses on inherited property sold in Virginia be offset with the gains of the sale here in New York?
by The TaxResearchPro Team | Oct 25, 2015 | Personal Tax
My client received non-qualified stock options. They were granted in 2013, and exercised a little over a year later, in 2014. In the documents my client received, the exercise price and number of shares are spelled out.
by The TaxResearchPro Team | Oct 23, 2015 | Personal Tax
My client and his father owned a commercial warehouse property 60/40% respectively. I know it is a step-up in basis, but how is the 40% calculated?
by The TaxResearchPro Team | Oct 22, 2015 | Personal Tax
My client purchased a home in her personal name. The client plans to rent the home during the summer as she has a personal residence. The client intends in moving this property into an LLC. If the client decides to convert the home back to a personal residence, does it matter that it is in an LLC for Section 121 capital gain exclusion purposes?