The Small Business Tax Help Blog

Archive for October, 2008

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Question: Income Tax Question!!!?

IRS.GOV wheres my refund says that my paper check is scheduled to be mailed out May 22nd 2009 does this mean that they are mailing it out on the 22nd or it has been mailed out already and if they are mailing it on estimate about how long do you think it will take to get to Ohio.. We are anxious and cant wait to get it…

Answer: They are mailing it on the 22nd. Paper checks go out on a Friday and direct deposits go out on a Monday.

Tax Tip: Don't Call The IRS

Phone service deteriorates as Congress loads on complications

1022-WEI #3---Mastering the Uniform Commercial Code with forms-MANUAL

Question: Federal Tax ID Numbers?

Hi, for the nonprofit I work at we are in need of several tax id numbers for several places of business. Is there a free place online we can go to find out these Tax ID Numbers, seeing how they are public knowledge and we need them for accounting purposes?

Answer: They are not public knowledge, unless it is a public company that you are dealing with. If that's the case, you can find the TINs on SEC filings at the link below.

If they are vendors, then you need to ask them to complete a Form W-9.

Briefly: March 20

Read about what's happening in and around Plymouth.

home Based Business Top Tips

Question: Add’l info re my Mother’s living trust and 1041?

Thanks to you both for help and question: Mother died 3-21-06. Her trust was revocable under her SS# and after death her trust became irrevocable and I obtained an EIN. I have read the 1041 instructions without understanding that distributions must be taken in the current tax year (07) when income was received in the year just passed (06). Please cite page number. In any case then, preparation of the 1041 for the 06 tax year (those nine months after death) would mean taxation of income without any deduction? That is my big problem as the tax on $16,420 of interest/dividends received after death (the only income items) is very high. Would you say that all deaths under a living trust may yield this expensive outcome since distributions aren’t reported until the year following and that I must pay at the high 1041 rate? I have prepared a 1040 for Mother covering the 1-1-06 to 3-21-06 income ($12,246). Is there an option to report both pre and post death income with the 8855?

Answer: On page 22 of the 1041 instructions a trust or estate can elect to treat distributions within 65 days after end of tax year as being for prior year - deadline is thus 3/6/07 to pay out and tax out on K-1. A better option is to file Form 8855 and treat the trust as an estate. This means that you can use a fiscal year up to one year after death i.e. 3/22/06 to 2/28/07. If so a 1041 is due 6/15/07 and benes do not get taxed with income until 2007 not 2006. A perfect result. No 1041 is due 4/15.

Long Live Her Majesty Queen Sirikit Loving Mother of the Thai Nation

August 12 is a very special day throughout the Thai Kingdom, as it is the day the entire nation celebrates the auspicious occasion of Her Majesty Queen Sirikit’s Birthday.

Buggles - The plastic age LIVE