Questions answered by Thomas Vincent Bret

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Can I sue Jo Ann for reporting wrong income in 2009?

Thomas's answer | Answered on February 16, 2016

Your 2010 tax return was due 4/15/11. You have until the later of 3 years after that date plus up to 6 months if you filed an extension, or 2...

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Am I exempt from a tax penalty??

Thomas's answer | Answered on February 15, 2016

Look at Internal Revenue Code Section 72(t) for exceptions to penalties from early distributions from retirement accounts. Being 55 and receiving...

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Is gift tax only based on property value?? Or can the gift tax be in form of Cash Money??

Thomas's answer | Answered on February 15, 2016

The prior answers are correct. California does not have a gift, estate or inheritance tax.

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Would be a problem with the IRS if he claim the taxes from both of his jobs ? Or he should just claim from the first one?

Thomas's answer | Answered on February 15, 2016

You must report and pay tax on all income, including from a job you may not have been legally allowed to hold at the time. You can claim the tax...

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See above

Thomas's answer | Answered on February 05, 2016

Your facts are unclear. Do you mean that stocks owned in your IRA were sold at a gain? An IRA should not pay income tax on income earned on...

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What would be the short response that works for FTB letter asking for details of past activities for form 3500?

Thomas's answer | Answered on February 04, 2016

Agreed with the prior answers. If the FTB specifically asks for a detailed description that is what you need to provide. Describe what the...

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Where should we file our business tax renewal for 2016, should it be in the City of Los Angeles? or City of Compton.

Thomas's answer | Answered on February 03, 2016

You should obtain your current license in the jurisdiction in which you are located as of the renewal date. If you moved to a new jurisdiction you...

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Does the trust or the beneficiary (or both) pay taxes on the proceeds? How is the tax calculated? (Thank you for your help)

Thomas's answer | Answered on February 01, 2016

There is insufficient information to provide an answer to your question. the first thing you have to do is read the trust to determine whether the...

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What notices and/or time frame is the IRS required by law to adhere to prior to any lien/levy actions for outstanding tax bill?

Thomas's answer | Answered on January 30, 2016

Really, you have 10 mil in assets and want free advice on a blog site to figure out how much trouble you are in? Pay up and get yourself a really...

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If I receive a lump sum from a social security disability claim is it taxable

Thomas's answer | Answered on January 30, 2016

You say you received last year (2015?) and ask if it is taxable this year (2016?) or do you mean when you file your 2015 tax return in 2016? Once...

Thomas Vincent Bret's Answers (112)

Can I sue Jo Ann for reporting wrong income in 2009?

Am I exempt from a tax penalty??

Is gift tax only based on property value?? Or can the gift tax be in form of Cash Money??

Would be a problem with the IRS if he claim the taxes from both of his jobs ? Or he should just claim from the first one?

See above

What would be the short response that works for FTB letter asking for details of past activities for form 3500?

Where should we file our business tax renewal for 2016, should it be in the City of Los Angeles? or City of Compton.

Does the trust or the beneficiary (or both) pay taxes on the proceeds? How is the tax calculated? (Thank you for your help)

What notices and/or time frame is the IRS required by law to adhere to prior to any lien/levy actions for outstanding tax bill?

If I receive a lump sum from a social security disability claim is it taxable