What are the tax implications of converting an S-Corporation into a C-Corporation?

If this is an asset acquisition of the S-Corp's assets by the C-Corp then it may creat taxable transactions for the S-Corp if the assets are "sold"...

How do I divide pension payments between residences for tax puposes?

It sounds like you have two options. Either divide the income proportionately between NJ and the other state of partial residence, or declare the...

I want to sell items online, I want to make it legal by getting a license and pay taxes.Do I really need a license? What kind?

Agree with my colleague. You'll likely need a local license and also may have some for of sales tax reporting in addition to potential income tax...

Can couple amend prior years (2009 and 2010) returns and file MFJ after 2011 return has been filed with the election 6013(g)?

Absolutely. Amend the returns with the proper status using 1040X, explain the situation in the explanation section and provide corrected returns.

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My employer received a IRS levy to garnish my wages although I have never received a single notice of tax due

You may be able to resolve the issue by contacting the IRS and showing them evidence that you never received any notices. However, you'll need to...

I need some of my ESOP money I can apply for a Hardship distribution. Would you have any idea what they would consider hardship?

Your plan administrator will be the best source of information regarding the specific hardship criteria that apply in your case. However, generally...

I received a tax bill dated back in 2002 can the irs go back that far and if so is there a way to drop some of the penalties and

Unfortunately, if the circumstances are right, the IRS can go back that far, and even further. However, you do have some things in your favor and...

If a person is making professional services, should he file taxes for IRS?

Most likely this person will need to file. Check www.irs.gov's website in the "personal" section or the filing instructions for Form 1040. The...

Survey says prop. line is off,after 70 yrs. does owner owe us for taxes we've pd. for the 20 yrs.she has had it which we 've pd

You've actually got several issues going on here. Who owns the property - there's a legal doctrine called "Adverse Possession" which probably...

If I have two home business, where should I allocate my home office expense when I file tax return?

This is a situation where the question you're asking makes sense and is answered by the experts who've weighed in but the more important question...