Tag Archives: Internal Revenue Service

Renting to LLC

Today TaxMama® hears from RJ in the TaxQuips Forum, with a travel question. “I am a single member LLC. I have a long-term (3 year) out-of-state contract, which requires me to be physically onsite at the client’s location 75% of the time (3 weeks per month). I am currently renting an apartment and deducting the […]

Using Per Diems

Today TaxMama® hears from Raj in the TaxQuips Forum, with a common issue. Let me summarize. (You can read the discussion here ) His tax return is being audited and the IRS auditor wants copies of receipts for his hotel stays for all his travel. But he used the IRS per diem rates, so he […]

Theft Loss

Today TaxMama® hears from Pierre in the TaxQuips Forum, with this issue. “In 2012, an S-Corp had an employee who stole cash from them through the inventory and sales. They own a NAPA Auto Parts store. They have camera tapes on him and have reported the theft to NAPA. They did not report the theft […]

Settlement After Death

Today TaxMama® hears from Marisa in the TaxQuips Forum, with this problem.  Let me summarize. (You can read the details.) “After her father’s death, Marisa received a settlement from a drug company class action suit. It was not taxable in her state. But now she has a notice from the IRS demanding taxes, based on […]

Recipient Gift Tax

Today TaxMama® hears from RJ in the TaxQuips Forum, with this question.  “I just came across TaxMama’s 2012-09-04 TaxQuip to “Ivan” entitled “Late Gift Tax Return” (at TaxMamas TaxQuips : TaxMama’s Free Daily Tax Podcasts or Late Gift Tax Return | taxmama | taxquips), which says (in part): … 2) Did you know that if a gift tax […]

Short Sale

Today TaxMama® hears from YbSick in the TaxQuips Forum, with a common question.  “In a short sale where they abandoned the property and they receive a cancellation of debt, is it non-taxable since it was on their personal residence? Is there a time limit on how long after they move out of the property it […]

2006 Refund

Today TaxMama® hears from Harry in the TaxQuips Forum, who is frustrated.  “IRS is denying a refund for 2006 individual return. The individual Form 1040 return was filed in 2010 and most of the tax was paid through withholding. An amended return was filed in 2012, requesting a refund of all tax paid due to a […]

Original Documents

Today TaxMama® hears from Then150 in the TaxQuips Forum, with a long post (you can read it on your own). Let me summarize. He’s from New Zealand and studied and worked in the U.S. off and on for a couple of years. He messed up his tax returns and wants to fix them – and […]

Separate While Incarcerated

Today TaxMama® hears from AShepherd in the TaxQuips Forum, with a sensible question. “I filed married filing separately this year because, at the time, my husband was incarcerated. He is out now. Can we file jointly still and if so, how can we ( will a 1040x do the job)? I couldn’t claim anything, our […]

IRS Missed It

Today TaxMama® hears from Jack in the TaxQuips Forum, who is frustrated. Let me summarize. After not filing for a while, he got caught up. Now, the IRS has sent his wife a notice saying she didn’t report the sales of her stock. Jack says all that information was right there on their joint return. […]