• Can you be imprisoned for accidentally preparing someone’s taxes wrong?

    Best answer: In the US, you CANNOT face criminal charges for MISTAKES on a tax form. Contrary to other answers, you CANNOT be sued for additional taxes the client would have owed had you done things correctly the first time. You CAN be liable for penalties they would not have paid it the return was prepared correctly, but... show more
    Best answer: In the US, you CANNOT face criminal charges for MISTAKES on a tax form.
    Contrary to other answers, you CANNOT be sued for additional taxes the client would have owed had you done things correctly the first time.
    You CAN be liable for penalties they would not have paid it the return was prepared correctly, but they would have to prove that you were provided with correct information to properly prepare the return.
    17 answers · United States · 3 weeks ago
  • Can You Combine Various IRA Accounts into ONE and take RMD from Just that ONE?

    I have four different IRA accounts am nearing the age where I have to take RMDs (required minimum distributions) from my IRAs. Over the years, I kept those accounts separate, because they are simply separate brokerages. Would it be possible to consolidate all the IRA accounts into a single one (with no... show more
    I have four different IRA accounts am nearing the age where I have to take RMDs (required minimum distributions) from my IRAs. Over the years, I kept those accounts separate, because they are simply separate brokerages. Would it be possible to consolidate all the IRA accounts into a single one (with no fees/penalties) and have all my stocks and funds in it and then take my RMDs from that one single fund?
    7 answers · United States · 2 weeks ago
  • Do I need to shave to be an accountant?

    Best answer: My brother-in-law was a left-wing, long-haired, bearded, guitar playing Certified Public Accountant in private practice for many years until his retirement. He lived in a rural community that attracted lots of creative people, including wealthy people and business owners. So, all that you need to do is set up your... show more
    Best answer: My brother-in-law was a left-wing, long-haired, bearded, guitar playing Certified Public Accountant in private practice for many years until his retirement. He lived in a rural community that attracted lots of creative people, including wealthy people and business owners. So, all that you need to do is set up your practice in an area that appreciates your honesty, skill, and responsibility and doesn't care about how you look (or likes it)!
    6 answers · United States · 2 weeks ago
  • If I own an accounting firm as a non-CPA and work directly with a CPA, would that satisfy experience to become a CPA myself?

    Best answer: NO. That doesn't necessarily even involve accounting on your part.
    Best answer: NO. That doesn't necessarily even involve accounting on your part.
    6 answers · United States · 2 weeks ago
  • How much will I get paid?

    I’m working 60 hours I get paid $17 an hour and my overtime is $25.50 how much is my check gonna be after taxes ?
    I’m working 60 hours I get paid $17 an hour and my overtime is $25.50 how much is my check gonna be after taxes ?
    9 answers · United States · 3 weeks ago
  • Question about tax and income?

    i was recently promoted and received my first larger paycheck. I make 31,000 a year which translates to 1291 per paycheck. my check ended up being 1018.00. I am single, never married. Is this a normal amount for them to take off my check?
    i was recently promoted and received my first larger paycheck. I make 31,000 a year which translates to 1291 per paycheck. my check ended up being 1018.00. I am single, never married. Is this a normal amount for them to take off my check?
    8 answers · United States · 3 weeks ago
  • WIll americans repay China their 20 trillion or should Americans just kill the Chinese suckers off?

    I for one think americans are too fat n lazy to work to repay anything, theyve tlooted all nations on the planet so there is nothing they could loot to find the means to repay, and at this point without their asian/mexican/arab military they probably wont kill any asians either xD So C. Theyll probably just be... show more
    I for one think americans are too fat n lazy to work to repay anything, theyve tlooted all nations on the planet so there is nothing they could loot to find the means to repay, and at this point without their asian/mexican/arab military they probably wont kill any asians either xD So C. Theyll probably just be slaughtered by the races they stole children from to fill their military ranks with liek all failed empires
    6 answers · United States · 3 weeks ago
  • Bank trouble?

    I am trying to get my first bank, I am trying to do it online as I can not get out at the moment. All the banks I tried ask for income details and council tax information, things I do not have as I do not work but I need a bank to work as there are barely any jobs that pay cash in hand (I have found none, I still... show more
    I am trying to get my first bank, I am trying to do it online as I can not get out at the moment. All the banks I tried ask for income details and council tax information, things I do not have as I do not work but I need a bank to work as there are barely any jobs that pay cash in hand (I have found none, I still applied though hoping this can get sorted)
    7 answers · United Kingdom · 3 weeks ago
  • Selling a Stock Dec. 31, 2018 vs Jan. 1, 2019 (Tax Question)?

    Best answer: The tax is due on the return for the year when it's sold. If you sell on January 2 - the market is closed Jan 1 for the New Years holiday - you'd still pay the same tax but a year later. If the stock goes down, any gain from paying later would probably be lost.
    Best answer: The tax is due on the return for the year when it's sold. If you sell on January 2 - the market is closed Jan 1 for the New Years holiday - you'd still pay the same tax but a year later. If the stock goes down, any gain from paying later would probably be lost.
    5 answers · United States · 3 weeks ago
  • What is authorized signature primary and authorized signature joint?

    Best answer: You put your signature only in primary. The "authorized joint" is for someone else (not the same person as primary) to sign if there is a second person who also needs to sign. If only one person needs to sign, then "authorized joint" is left blank.
    Best answer: You put your signature only in primary. The "authorized joint" is for someone else (not the same person as primary) to sign if there is a second person who also needs to sign. If only one person needs to sign, then "authorized joint" is left blank.
    4 answers · United States · 2 weeks ago
  • What’s the difference between a CPA owned tax preparation business and a non-CPA owned tax preparation business?

    Best answer: Maybe a CPA will charge more but not necessarily.
    Best answer: Maybe a CPA will charge more but not necessarily.
    4 answers · United States · 2 weeks ago
  • Do Republic-cons not worry about $1.7Trillion additional Debt because most of them don't make enough to pay taxes and the rest make too much?

    Do Republic-cons not worry about $1.7Trillion additional Debt because most of them don't make enough to pay taxes and the rest make too much?

    Best answer: Of course they don't worry, because Donald Trump is a doing God's will and he will save us all by smiting people that don't look and pray like us. Pledge loyalty to Donald and money will rain from the heavens. And don't read anything into the fact that he as only gone bankrupt 6 times and had... show more
    Best answer: Of course they don't worry, because Donald Trump is a doing God's will and he will save us all by smiting people that don't look and pray like us. Pledge loyalty to Donald and money will rain from the heavens. And don't read anything into the fact that he as only gone bankrupt 6 times and had numerous other business ventures fail.
    10 answers · United States · 3 weeks ago
  • Is trump hiding his tax returns because he has nothing to hide?

    Is truth no longer the truth?
    Is truth no longer the truth?
    17 answers · Politics · 4 weeks ago
  • Will a Quit Claim Deed affect both parties personal taxes (Capital Gains, etc.) on a home thats is not being sold?

    Best answer: No. She has no capital gains because her proceeds from the sale are $0. She will be required to report a gift tax return showing the fair market value of the home. The gift tax has a lifetime exemption amount over $5 million, so she won't owe any tax unless she's extremely wealthy and has been giving away... show more
    Best answer: No.

    She has no capital gains because her proceeds from the sale are $0.

    She will be required to report a gift tax return showing the fair market value of the home. The gift tax has a lifetime exemption amount over $5 million, so she won't owe any tax unless she's extremely wealthy and has been giving away large sums of money for a long time.

    You will not owe any income tax, gifts are not considered income.

    If the transaction is handled properly, then your aunt would make a prorated payment for property taxes to cover up to the day ownership is legally changed. You'd be responsible for property taxes from that day forward. If its not handled properly you might end up owing the next payment which might cover part of the time your aunt owned the property, but I wouldn't squabble over that if you're getting a free house out of the deal. Taxes are generally assessed on a yearly basis but broken into 2 payments 6 months apart.

    You can look up the property tax amount and make sure they're current on the county assessor's website or county records department's website.

    When you eventually sell the home you'll owe more capital gains tax because your cost basis will be $0, but that won't affect you until you sell.
    9 answers · United States · 3 weeks ago