Questions answered by Darin T Jensen

Archived

If i hired a professional to prepare my taxes how much liability does he/she have for a mistake on them?

Darin's answer | Answered on July 28, 2011

The problem is that you still have to review your return for accuracy and you signed it under penalties of perjury that it was correct. Simply...

Archived

I inherited half a corp when my father died, my stepmother the other half. all i want is half the money in the account. she said

Darin's answer | Answered on July 28, 2011

This fact pattern sounds strange to me. If the business has been sold then why are you still operating it? You need to see the documents. As a...

Archived

Can a 51% owner/partner only be paid 10% of profit and 49% owner/partner be paid more(49% owner/partner runs the company).

Darin's answer | Answered on July 28, 2011

You have used some terms that conflict with one another . . . partner and corporation. Partners are owners of partnerships and shareholders are...

Archived

I got audited for 2007 and now the IRS says they want to audit 2009.

Darin's answer | Answered on July 28, 2011

This is rather typical. When the IRS audits one return they will usually ask of a couple of years at the same time in its information gathering...

Archived

How do you go about obtaining a 501 c 3 for a fundraising group dealing with youth sports?

Darin's answer | Answered on July 28, 2011

You need to complete Form 1023 and submit it to the IRS. Before doing so you should carefully read the instructions for Form 1023, too. This is a...

Archived

Income Tax - Would a carpet cleaning van qualify for 100% bonus depreciation?

Darin's answer | Answered on July 28, 2011

You probably want to check with a CPA to be sure, but to qualify as property available to take bonus depreciation for federal tax purposes it must...

Archived

State taxation issue.

Darin's answer | Answered on July 28, 2011

I assume you are asking about state income tax . . . in that case you'll still just pay Texas Income taxes, if any.

Archived

S Corporation Amending Previous Years Returns as C Corporation, who is responsible for the Corporate Tax?

Darin's answer | Answered on July 28, 2011

Your fact pattern is loaded with conclusions that may or may not be correct, but it sounds like your basic question is whether a shareholder of a...

Archived

Dad transfered home to he and I as joint tenants in Riverside. Documentary Transfer Tax says gift might implicate IRS Gift Tax ?

Darin's answer | Answered on July 25, 2011

I agree with the above attorneys. Your facts, don't say who is obligated to pay the debt (assuming there is a mortgage on the house) as this might...

Archived

Gift tax....

Darin's answer | Answered on July 25, 2011

Q1 - under those facts it sounds like the gift was made at or below the annual exclusion amount so no gift tax would be required. I generally...

Darin T Jensen's Answers (96)

If i hired a professional to prepare my taxes how much liability does he/she have for a mistake on them?

I inherited half a corp when my father died, my stepmother the other half. all i want is half the money in the account. she said

Can a 51% owner/partner only be paid 10% of profit and 49% owner/partner be paid more(49% owner/partner runs the company).

I got audited for 2007 and now the IRS says they want to audit 2009.

How do you go about obtaining a 501 c 3 for a fundraising group dealing with youth sports?

Income Tax - Would a carpet cleaning van qualify for 100% bonus depreciation?

State taxation issue.

S Corporation Amending Previous Years Returns as C Corporation, who is responsible for the Corporate Tax?

Dad transfered home to he and I as joint tenants in Riverside. Documentary Transfer Tax says gift might implicate IRS Gift Tax ?

Gift tax....