From the detail I have seen on their own site, the statute of limitation is 3 years from the due date or date of filing, whichever is later. I filed 2012 on time so since this is September, wouldn't the statute of limitations have expired?
The statute is generally 3 years from the date you fine. If you filed before Aoril 15th then use April 15th. That's 3 years from April of 2013 or 2016. Do all years are still open for audit. Please get good representation for an audit. It will serve you well.See question
My mother-in-law bought our home for $490,000 and put in $10,000 in improvements. She does not live in the home. She then gifted 50% of the property to her daughter (my wife). We're in the midst of a cash-out refinance to purchase the remaining 5...
There are many ways to structure the transfer of the home appreciation to you & her daughter. There are also many questions to be answered first before advising you (such as who paid the mortgage & deducted the RE taxes & interest). I HIGHLY recommend you get income & gift tax advice before doing anything!!!!See question
Is it considered to be a gift if I add my son to my bank account and do I need to file federal gift tax return in Massachusetts?
No it will not be a gift unless there is evidence to the contrary. It is presumed to be for your convenience so in an emergency he can pay your bills. This could be overcome if he used the account to benefit himself but usually that's not the case. I also recommend you get probate & tax advice if the account is significant.See question
CPA doing the 2014 Tax return for an Uncle that passed says he needs the appointment letter to send with the return in order to get a refund.
If there are no private assets and there's an IRS refund you either have a joint account with the decedent or not. If she had a joint account with his name she can sign his name to the return & deposit the check into the joint account. If there is no joint account then she should be appointed Personal Representative.See question
I am 19 years old lived with my grandparents during senior year of high school but my dad claimed me on taxes he doesnt support me nor give any child support can I be claimed on my grandparents taxes and use that for my FASFA. My dad didnt want to...
The dependency exemption is not necessarily tied to occupancy or monetary support. Sometimes it's based upon a court order and sometimes by agreement of the parents (See IRS Form 8332). However, if your grandparents provide more than half your support and you live their more than half the time, then neither of your parents can claim you as a dependent. Please seek help on this.See question
Months and more proceeds could be coming making over 1 million but not sure how much insurance maybe double indemnity is executor in trouble lawyer handle case did not tell executor to file estimate or extention since not aware of polic...
First, interest & penalties are based upon the balance due so if there is no tax due there are none. Second, not all insurance is included in the taxable estate so make sure the attorney knows what he's doing. Third, you might want to consider getting a review or second opinion.See question
My daughter lives with me but her father pays child support but only has visitation. We di share legal custody, he is asking to claim her in his taxes but am not even sure he can do that since our daughter lives with me
You can release an exemption for a dependent to the non-custodial parent either for 1 year or more if you fill out and Saigon Form 8832. This allows him the dependent exemption but not the right to use that child for Head of Household filing status.See question
A lot of land was bought in the 70's by my dad (who has been incapacitated for many years). He never got around to building on the land as planned, & over the years (by the 1980's) the land had become wet & unbuildable. In fact, my dad was turned ...
While you are in MA, this is a FL state law question. But here in MA, real estate property taxes are not personal against the owner. They attach solely to the land and buildings. So if the taxes exceeding the FMV of the property, then you simply walk away and let the city of town take the title back and re-sell it. Also, here in MA, you cannot complain about over-valuation unless you file for an abatement within the same year of the bill. It must be paid in full to challenge it. Also here in MA, if your property is assessed high based upon the belief it's buildable, you cannot use that at the building department to show it was either a 2-family when it's not, or a buildable lot when it's not.See question
The link to the document is here: http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-India-7-9-2015.pdf
This type of question is far too complex to be answered in this forum and without a lot more information. Generally these types of treaties between countries relates to which income is subject to one or both countries. I highly recommend you seek a preparer who is familiar with international income taxes and not undertake this yourself.See question
I recently closed an LLC in Massachusetts. I filed the certificate of dissolution and confirmed that it has been certified. I was told that I also need to file IRS form 966? Is this required when an LLC is closed? When I read the instructions...
If the LLC was taxed as a corporation, then Form 966 may be appropriate (but no always). If the LLC was a 1 member LLC and it was reported on Schedule C, then no, Form 966 is not needed. You simply report to the IRS (and the state) that the Schedule C business ended.See question