The Tax Questions Blog

Question: Transferring custodial accounts?

I would like to transfer my 2 kids custodial bank accounts from a bank to their custodial brokerage accounts. The bank will only let me transfer the money to my personal checking account then I will need to write a personal check and deposit it into their brokerage accounts. Will this cause a taxable event because of the “Uniform Gift to Minors Act”; the amounts will be over $15k each?
Note: Bank will ONLY allow transfer to my personal checking, they rejected a direct transfer.

Answer: Have the brokerage account managers arrange the transfer directly into the brokerage account.

Is division of an IRA a taxable event?(individual retirement account, Cohen v. Commissioner): An article from: Journal of Accountancy $5.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on February 1, 2005. The length of the article is 542 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation Det…

• Despite poor economy, downtown investment reaches $9 million

By Emily Ford eford@salisburypost.com Not only can Stephanie Potter advise you on pairing wine with food, she can tell you what beer to drink with grilled salmon and corn on the cob. Founderâs Old Curmudgeon. She knows this because she tested the …

D-Day : The Normandy Landings HD

Question: payroll tax what is included?

are all of these included in payroll tax
-ordinary wages and salaries
-Taxable Value of fringe benefit and
-employer superannuation contributions

Answer: For Victoria and NSW – yes.
Other states and territories I can’t say – but I’m guessing yes – those three are the common ones.
Check out the SRO for each state and each territories.

Older volunteers deserve to pass super work test

There is a lack of interest from both sides of politics when it comes to the work test for people aged 65 and older.

Question: Why does the Health Care bill (HR 3962) contain these terrible provisions?

Why does the Health Care bill (currently HR 3962) contain provisions that:

- tax people who do not have “adequate” insurance (SEC. 501)
- tax people who have “high incomes” (SEC 551)
- tax medical devices (SEC 552)
- tax self-insured plans (chapter 34)

- prohibit the sale of new private insurance after the year 2013 (Sectio…n 202(c)(1))

- use your money to pay for abortions (SEC 222 (e) (3))

- allow members of Congress to not have to buy insurance under the bill (SEC 330)

Answer: Good question. My opinion is that they are deliberately trying to dismantle the Constitution and phase us into a Big Brother police state. The federal government does NOT have the right to mandate Americans to buy goods or services. In this economy, most people can’t even afford to pay for food, much less healthcare or expensive fines!! Fining people who do not have “adequate” insurance is simply a way to smack down those who are rebelling against their government take-over. And what they deem a “high income” is most likely a middle class salary. They’re socking it to self-insured plans because they don’t like independent, self-governing people– and they want healthcare to be a government run monopoly (which should scare the crap out of everyone). The abortion thing is twisted, but it doesn’t surprise me as they are always looking for ways to reduce the population.

Pets ordinance bill

Introduced by the Council President at the request of the Mayor:   ORDINANCE 2010-527 [substitute] AN ORDINANCE CONCERNING ANIMAL CARE AND PROTECTIVE SERVICES (ACPS); AMENDING CHAPTER 111 (SPECIAL REVENUE AND TRUST ACCOUNTS), PART 4 (ADMINISTRATIVE PERSONNEL AND CODE REGULATION), SECTIONS 111.450 (SPAY AND NEUTER REBATE TRUST FUND) AND 111.455 (ANIMAL CARE AND CONTROL TRAINING AND VETERINARY …

Gov. Tim Pawlenty on medical device tax

Question: When can I expect my tax return to get back?

I am a CA resident currently living in Hampton, VA due to the fact that I am in the Navy. I had a form 1040 that I mailed off Feb 12 2010. I sent it to through the mail next day air to the IRS in Fresno, CA. How long should this process take? I’ve called the IRS “Where’s My Refund” number about a thousand times now and still they have no information on it. I am set to deploy here in about a month how will I know if my taxes are filed in time or not? If you have any information please help. Thank you.

Answer: It takes 3-4 weeks for the IRS to have your refund information if you filed by mail, according to their article here < http://www.irs.gov/individuals/article/0,,id=96596,00.html?portlet=4 >. You should have e-filed – you’d already have your money by now

To answer your question, you have proof that your taxes were filed on time as long as you have your proof of mailing. But whether you will get your refund before you deploy is another question. But like I said, they should have info on your refund pretty soon. If you mailed it February 12th, you’re coming up on 4 weeks and they say they will have the info in 3-4 weeks. Good luck!

October 15 IRS Tax Extension Deadline Looming TaxMasters Prepares Small Business Owners With 6-Week Tax Plan

Understanding many sole proprietors are under the gun to follow up on the extensions they filed this past April 15, TaxMasters, Inc. , the IRS tax relief company and a leading provider of tax representation services, is sharing the ultimate 6-week plan designed to walk small businesses through the steps they need to meet the IRS’ October 15 deadline.

How to fill out a 1040 tax return

Question: How do I calculate my post tax income?

My Taxable Income is $40,000, residence is in MD and I’m single. Not accounting for Health/dental insurance contribution. I work for a non-profit organization if that makes any difference.
By post tax income I mean after paying federal and state taxes, how much disposable income will I have in my pocket.

Answer: I would calculate it as follows:

Take the selling price of the posts and subtract the purchase price
of the posts. This is your profit and is fully taxable.
Add this to your taxable income. You can also deduct part of
your home as an office if you spend enough time there with post
purchasing and selling matters. Be careful! The IRS is very strict
regarding the home/office deduction.
Just out of curiosity what kind of posts are you selling?

Three tests: management fees may be taxable. (Taxing Issues).(tax issue affecting non-profit organizations): An article from: The Non-profit Times $5.95 This digital document is an article from The Non-profit Times, published by NPT Publishing Group, Inc. on December 1, 2002. The length of the article is 1499 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation Detai…

IRS EA Exam Part 2, Lecture 5, Taxation of estates, trusts and non-profit corporations. Audio Review (Enrolled Agent Exam) ESTATES & TRUSTS: Estate Income Tax Return (104 I); Liability of the Beneficiary; Exemption and Deductions; Estate Losses; Estate Expenses; Funeral and Medical Expenses; Credits and Estimated Taxes; Distributable Net Income (DNI); Annuity Payable; Estate Character of Distributions; Trusts; Grantor Type Trust; Taxable Income of a Trust; Simple Trusts; Complex Trust; Calculating DNI; Abusive Trust …

The effect of nonprofits’ taxable activities on the supply of private donations.: An article from: National Tax Journal $5.95 This digital document is an article from National Tax Journal, published by National Tax Association on March 1, 2003. The length of the article is 8850 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the author: …

TD Bank Financial Group Reports Third Quarter 2010 Results

This quarterly earnings release should be read in conjunction with our

Getting Help – Ch. 3 – Basic Sales and Use Tax