Address Change notification to IRS

Complete a change of address form with the IRS. You can obtain the form at www.IRS.gov. You can also check the status of your refund at this...

Tax professionaltold me I would need to pay taxes on the 1099-C I received from BofA even though debt dischrged in BK. True?

A 1099-C is an information return to indicate that debt was discharged. The form does not determine whether the amount is taxable. That is up to...

Married Filing Separately

This can get complicated. Good record keeping is a must. Whoever paid the amounts is entitled to the deductions in a non-community property...

Income tax

What is done is done. You may not actually have a filing requirement. If you don't have a filing requirement, then you did not have to file an...

Is support that I've provided to my spouse since separation tax deductible?

This is tax deductible if it is pursuant to a divorce decree or separation agreement. If it is not, then it will not be deductible.

Is my tax preparer liable for mistakes that will keep my account balance negative for 6 to 8 weeks?

The accountant may be liable for the amount of your damages if they were negligent in doing this efile. Since you are getting the money back, your...

IRS Tax Q, re rec'd 1099-A and 1099-C after bk dscharge? What do I do on my tax return?

Form 982 is used to indicate that you went BK and that the cancellation of debt is not taxable due to the BK.

Late Federal Taxes

You will incur a failure to file penalty. You will not lose deductions or credits.

When is debt considered to be worthless in a bankrupcty case?

If they were discharged in a Chapter 7 you have no expectation of payment and the debt became worthless on the date of discharge.

You may be able to have this penalty abated if you can show good cause. Reliance on a professional can be good cause. Your accountant can write...