Ask TaxGuru

Most Businesses May Take Advantage Of Expanded Loss Carryback Option Under New IRS

Samatg — Sat, 21 Nov 2009 00:47:13 GMT

Most businesses may use losses incurred during the economic downturn to reduce income from prior tax years, under a revenue procedure (http://www.irs.gov/pub/irs-drop/rp-09-52.pdf) issued today by...

Filing to receive overpayment of past income tax after 501c3 approval

pt95 — Fri, 20 Nov 2009 19:20:03 GMT

I am confused as to which form to use for this scenario. In FY 2007, corporation filed Form 1120 and paid $1286 in fed income tax (based on $8576 in taxable income). Subsequently, in 2008, received...

retained earnings

rdknight — Fri, 20 Nov 2009 16:12:26 GMT

We are a small C corp with sales less then 4 million I have 2 questions 1. Are we able to use the "CASH" method for accounting for our corporate taxes 2. It has been advised to us to begin to set...

Filing a Non-Profit or a For-Profit Federal Tax Return

CondoHOA — Thu, 19 Nov 2009 17:54:45 GMT

A Condo Homeowners Association organized as a non-profit corporation in North Carolina chooses to file a For-Profit Federal Tax Return. The HOA operates on a Fund accounting basis with an operating...

Withholding on Lottery Income

schachnera@hotmail.com — Thu, 19 Nov 2009 16:11:24 GMT

A tax-exempt organization won a large prize in a lottery. How do they avoid the automatic withholding of tax on their winnings?

Operate part time LLC and receive unemployment?

LLCStartUpGuy — Tue, 17 Nov 2009 05:06:42 GMT

First, sorry for the long post, but I just want to be as clear as possible. I am really confused about an unemployment benefits issue after talking with a friend and he has me freaked out. Here is...

How to fill out Self Employed Taxes?

Viviangpinto — Sat, 14 Nov 2009 10:34:55 GMT

I live in Pennsylvania, USA and I like to start a little home business. First I'm in the process of trying to figure some things out before I jump in and sell my crafts. The one thing that no one can...

amendments

carhartwoman — Sat, 14 Nov 2009 04:10:38 GMT

When I filed this year my son had not received his disability he was approved today can I still amend my taxes this year? He lives at home and is our dependent but he had not received an award letter...

Partnership LLC startup costs, no revenue yet

mrmtax — Fri, 13 Nov 2009 12:51:22 GMT

Is it possible to deduct misc. startup expenses, organizational costs, and fixed asset depreciation for 2009 tax return if no revenue is expected until 2010? Will this be a red flag?

How long Do I have to file?

Revenue source — Thu, 12 Nov 2009 22:28:52 GMT

Hello, I live in Calif, and work as a contractor. I recently was sent a notice from the state that I needed to file my 2006 return. They then sent me a notice to pay where they figured out my...