Author Topic: any accountants out there that i can ask a question?  (Read 632025 times)

Offline av83

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Re: any accountants out there that i can ask a question?
« Reply #2540 on: October 12, 2024, 09:36:02 PM »
I got a notice from NJ IRS, for penalty and interest for late filing and not withholding sufficient. Is there any way to get this waived?

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #2541 on: October 12, 2024, 10:22:20 PM »
I got a notice from NJ IRS, for penalty and interest for late filing and not withholding sufficient. Is there any way to get this waived?
Late filing what and not withholding sufficient what?
Usually with the irs you can have first time abatement with a penalty. But works best if you actually paid your dues.  Interest they never waive
#TYH

Offline av83

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Re: any accountants out there that i can ask a question?
« Reply #2542 on: October 12, 2024, 11:52:28 PM »
Late filing what and not withholding sufficient what?
Usually with the irs you can have first time abatement with a penalty. But works best if you actually paid your dues.  Interest they never waive
Its for NJ Income taxes, I filed late and didnt withold enough throughout the year, any chance to get this waived?

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #2543 on: October 13, 2024, 12:48:18 AM »
Its for NJ Income taxes, I filed late and didnt withold enough throughout the year, any chance to get this waived?
You can always call them. AS i said earlier if its the first time then penalties they might waive.  Interest they almost never do
#TYH

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2544 on: October 13, 2024, 09:48:39 AM »
Its for NJ Income taxes, I filed late and didnt withold enough throughout the year, any chance to get this waived?
yes, but you'll have to pay the interest
respond to the notice thru the portal, pay the interest and a letter with your excuses
(it will take them a while to respond [if ever]) but the penalty will likely be waived

Offline Help

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Re: any accountants out there that i can ask a question?
« Reply #2545 on: October 13, 2024, 11:07:28 AM »
yes, but you'll have to pay the interest
respond to the notice thru the portal, pay the interest and a letter with your excuses
(it will take them a while to respond [if ever]) but the penalty will likely be waived
I second that. They will not waive the interest, but the penalty is abatable. Use their “ Abatement Request Form”.

Offline Help

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Re: any accountants out there that i can ask a question?
« Reply #2546 on: October 13, 2024, 11:08:48 AM »
You can always call them. AS i said earlier if its the first time then penalties they might waive.  Interest they almost never do
NJ will not process any abatement request over the phone. They will advise you to reply online. Skip the call and hold time.

Offline Help

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Re: any accountants out there that i can ask a question?
« Reply #2547 on: October 13, 2024, 11:10:59 AM »
Late filing what and not withholding sufficient what?
Usually with the irs you can have first time abatement with a penalty. But works best if you actually paid your dues.  Interest they never waive
Unfortunately, NJ does not have the same first time abatement policy as the IRS. Although it’s a good idea to point out in your letter that you have a good compliance history.

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #2548 on: October 13, 2024, 08:21:43 PM »
Unfortunately, NJ does not have the same first time abatement policy as the IRS. Although it’s a good idea to point out in your letter that you have a good compliance history.
I specified that for the IRS, before I knew it's NJ
#TYH

Offline justmeha

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Re: any accountants out there that i can ask a question?
« Reply #2549 on: December 09, 2024, 05:56:42 PM »
if one needs to file individual taxes for past years, what are the recommended online (free) programs that can be used?

talking about simple filings of just a few 1099s (-int, -MISC)
likely to be under standard deduction so no worries about penalties etc.

Offline Alexsei

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Re: any accountants out there that i can ask a question?
« Reply #2550 on: December 12, 2024, 06:46:41 PM »
I didn't file 2023 yet, e-file is closed, should I courier Today or rather wait for e-file to reopen?
We have been unburdened by what has been.

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #2551 on: December 12, 2024, 07:42:23 PM »
I didn't file 2023 yet, e-file is closed, should I courier Today or rather wait for e-file to reopen?
(I'm not an accountant.) Send it now.  (Snail mail is fine.) They'll process it before the new 2024 returns rush.
My favorite cause: cssy.org

Offline sguitarist18

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Re: any accountants out there that i can ask a question?
« Reply #2552 on: December 16, 2024, 06:55:15 PM »
I own a few shares of CLMT. Bought it a few years ago, it's gone up a few times since then. In 2021 I tried to donate to a DAF, but was told that since it's an MLP the tax consequences might not be the standard advantage (might be tax liability).

Since it now seems to be a C-corp, can it now be transferred to a DAF for the standard tax advantages?

Offline sguitarist18

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Re: any accountants out there that i can ask a question?
« Reply #2553 on: December 21, 2024, 07:30:11 PM »
I own a few shares of CLMT. Bought it a few years ago, it's gone up a few times since then. In 2021 I tried to donate to a DAF, but was told that since it's an MLP the tax consequences might not be the standard advantage (might be tax liability).

Since it now seems to be a C-corp, can it now be transferred to a DAF for the standard tax advantages?

Bump?

Online yfr bachur

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Re: any accountants out there that i can ask a question?
« Reply #2554 on: December 23, 2024, 03:43:09 AM »
I'm part of a group of people starting a new yeshivish community, Kehilla and Kollel on a yishuv in EY.
At some point we will need to fundraise for the shul, kollel, mikva...

Is there a point in us setting up our own 501c3?
How complicated is it to set up and use to send money to a foreign charity?
Is there a difference between which state we incorporate the orginization?

(Not talking about millions of dollars, a few thousand at most at the begining, and even at the max I can imagine at this point not more than a couple of 100K year)

« Last Edit: December 23, 2024, 03:52:16 AM by yfr bachur »

Offline yochai

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Re: any accountants out there that i can ask a question?
« Reply #2555 on: December 23, 2024, 06:05:23 AM »
I opened a LLC for my travel agency in Florida through legal zoom. I was very unhappy about their hidden fees, and was also unaware of the annual report fees. In practice, i haven’t used the business for anything.
I’m looking to restart this on a better arrangement. I’m currently living in Israel, so I can theoretically open it in any state with a registered agent.
Any advice would be greatly appreciated. PM me if you can help.

Online Ver hut gazugt

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Re: any accountants out there that i can ask a question?
« Reply #2556 on: December 23, 2024, 10:24:14 AM »
I'm part of a group of people starting a new yeshivish community, Kehilla and Kollel on a yishuv in EY.
At some point we will need to fundraise for the shul, kollel, mikva...

Is there a point in us setting up our own 501c3?
How complicated is it to set up and use to send money to a foreign charity?
Is there a difference between which state we incorporate the orginization?

(Not talking about millions of dollars, a few thousand at most at the begining, and even at the max I can imagine at this point not more than a couple of 100K year)
for a Shul you don’t need a 501c3. No idea how international charity works though.
« Last Edit: December 23, 2024, 10:28:55 AM by Ver hut gazugt »

Online Ver hut gazugt

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Re: any accountants out there that i can ask a question?
« Reply #2557 on: December 23, 2024, 10:26:06 AM »
I opened a LLC for my travel agency in Florida through legal zoom. I was very unhappy about their hidden fees, and was also unaware of the annual report fees. In practice, i haven’t used the business for anything.
I’m looking to restart this on a better arrangement. I’m currently living in Israel, so I can theoretically open it in any state with a registered agent.
Any advice would be greatly appreciated. PM me if you can help.
you don’t need an agent in most states. Why start again just stop paying them.

Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #2558 on: December 23, 2024, 10:46:33 AM »
for a Shul you don’t need a 501c3. No idea how international charity works though.
shul cant be international

you don't want set up an international charity (even if possible) you do a US charity which is Friends of the Int'l one
https://www.irs.gov/pub/irs-tege/eotopick92.pdf for the rules

Online yfr bachur

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Re: any accountants out there that i can ask a question?
« Reply #2559 on: December 23, 2024, 11:21:01 AM »
shul cant be international

you don't want set up an international charity (even if possible) you do a US charity which is Friends of the Int'l one
https://www.irs.gov/pub/irs-tege/eotopick92.pdf for the rules

Thanks!
Great MM for explinations.

This is complicated enough that it needs to be done by an experienced accountant/lawyer?