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About WILLIAM D MCCONNAUGHY
(Top Expert on this page)

Expertise
Federal income tax questions.

Experience
Former IRS Revenue Agent. Former Enrolled Agent. Self-employed Certified Public Accountant since 1990.

Education/Credentials
Bachelor's Degree Accounting Major San Francisco State University Master's Degree Taxation Golden Gate University

   

You are here:  Experts > Business > Corporate Law > Tax Law (Questions About Taxes)

Questions Answered By Expert  WILLIAM D MCCONNAUGHY 
In Category  Tax Law (Questions About Taxes)

SubjectDate Asked

Back taxes -- options?11/17/2009
  Q: ...This is a state tax question, but general information on how best to proceed would be helpful. ...
  A: You should get a certified copy of your tax return from IRS and utilize it to properly prepare your ...
tax lien7/29/2009
  Q: I recently went out of business because of past do business taxes with the irs. My final invoice to ...
  A: If your final invoice to your client is not being paid by them to you because they received a Notice ...
Lost Tax Return7/22/2009
  Q: I filed my normal tax return for 2004 in March, 2004 which I was due a refund on, however since I ...
  A: You are going to need to provide proof of mailing the tax return, such as a certified mail receipt. ...
irs lien and innocent spouse6/23/2009
  Q: My husband's business owes back payroll taxes and IRS has put a lien on our house and hold on his ...
  A: You will not need to file for innocent spouse relief because IRS has not (apparently) assessed the ...
Record Retention6/13/2009
  Q: How long much I keep records of medical practice?
  A: For tax purposes you must keep your records a minimum of at least three years. Plus, for those ...
IRS audit on checking accounts6/3/2009
  Q: We are being audited and we have a business checking account and a personal checking account. IRS ...
  A: Any competent, experienced IRS auditor will know not to count the transfers twice as taxable income. ...
Income Tax5/31/2009
  Q: I have been a private tutor for local students around our university. Although I tutored for extra ...
  A: Yes, you should report this compensation as self-employed income on an IRS Schedule C. Keep in mind ...
subcontracting3/9/2009
  Q: I am thinking about starting my own business in Chicago. Can you give me some kind of idea as to ...
  A: You should save approximately twenty five to thirty three percent of your net profit from this ...
Tax Fraud2/15/2009
  Q: I have a friend who has claimed 2 kids as dependents on her tax return that are not her's and I know ...
  A: Your friend is committing a serious crime. And even worse, she is likely to be caught and punished. ...
disability2/10/2009
  Q: I did not work at all in 2008. The only money I received was from SSI. They sent me a SSA-1099 ...
  A: Since that was your only income you have no filing requirement. That is why you can not find any ...
public tax lien and starting new corp.1/30/2009
  Q: I am a chiropractor with $40,000 in back taxes. Is there any type of corporation that I can create ...
  A: The short answer is no...you can not establish a corporation solely for the purpose of avoiding an ...
What should I do?1/28/2009
  Q: My Husband decided to help his cousin and do some welding in his spare time for her. They own a ...
  A: Since these funds were received for services rendered they must be reported as Other ...
Does this constitute income?1/11/2009
  Q: My wife is taking care of her mother in her mother's home in Arizona. An accountant is in control ...
  A: These deposits in the name of your wife will not constitute income, as they are being expended ...
Office deductions11/14/2008
  Q: I am a consultant (sole proprietorship) whose home office is now too small for all my ...
  A: If the new property is utilized strictly, and only, as a business property then you would be able to ...
Claiming Non-taxable Settlement money for injuries...10/25/2008
  Q: I would like to start by thanking you in advance for your time & consideration. What are the the ...
  A: The tax laws are that settlement money received for personal injury is not taxable, and would not ...
Real Estate Loss10/22/2008
  Q: I recently got married. Prior to getting married my wife and I each owned our own condos. After we ...
  A: Yes, and no. Yes, you will not be able to take a current year deduction for the passive income ...
Payment Plan Appeal9/10/2008
  Q: I applied (and I used an attorney that did not really helped) for a payment plan with the IRS. The ...
  A: Yes, you should notify IRS of the funds the state of NY is going to take from you. This will reduce ...
Mistake on 2006 Tax Return - I owe the IRS8/29/2008
  Q: I graduated college in December 2005. After searching high and low for a job, I decided to sell ...
  A: The answer to your question is MAYBE. I say maybe because you state that you sold insurance as a ...
independent contractor8/23/2008
  Q: My son got a job with a company that told him they will pay him as an independent contractor. We ...
  A: How much money should he put away for taxes? To be safe, a big, round number should be about thirty ...
Do I have to pay estimated taxes8/14/2008
  Q: I am about to start a job as a contract employee. I have never worked as a contract employee, so I ...
  A: With the changes indicated in the facts you stated, calculating the estimated taxes that may be due ...
taxes8/10/2008
  Q: do i need to claim money inherited to taxes
  A: No, the inheritance of a principle sum of money is not reportable by you as income subject to ...
Income Tax / W4 , etc8/7/2008
  Q: For the past 10 years my family and I have lived in Richmond, VA. Recently I have accepted a job ...
  A: Assuming that the work in Ohio will not be permanent, and that you plan to continue living ...
can a motorcycle be a business tax write off8/3/2008
  Q: can a motorcycle be a business tax write off,if you use it as transportation to go measure up a job
  A: Yes, to the extent that any tangible piece of property is put into use for the production of income ...
contest winnings = income?7/30/2008
  Q: I am a stay-at-home-Dad and I have been winning some money lately by entering online logo design ...
  A: Yes, you need to claim this as income. The fact that the payers are foreign companies does not make ...
Dependants7/28/2008
  Q: I have a 19yr old daughter starting her second year of collage. I have been told by our accountant ...
  A: Then you need to get an explanation from the accountant as to why they are telling you that you can ...
Dependants7/27/2008
  Q: I have a 19yr old daughter starting her second year of collage. I have been told by our accountant ...
  A: Did the accountant give you a reason why? Did your daughter already claim herself on a tax return ...
claiming spouse as a dependant7/27/2008
  Q: My husband is disabled and receives Social Security disabilty monthly payments as well bi-weekly ...
  A: Sure...since he apparently is not already claiming himself at a job of his own you should be OK with ...
Work at home7/26/2008
  Q: I'm trying to get a work-at-home-job and found processathome.com where you process rebates on line. ...
  A: You will definitely want to get a professional tax preparer to help you report everything to your ...
federal seizure of social secuirty benefits7/25/2008
  Q: Is there a limit as to how much of a person's social security benefits can be seized to pay tax or ...
  A: The limit for levy of benefits is 15%, each time your benefit check is paid out to you, until the ...
Renting primary residence7/14/2008
  Q: My family and I recently relocated to California. We owned a home in NY since 2005 and are ...
  A: My answer was contingent on you eventually selling the property within a year, or two at the most. ...
Where Do I Start?7/13/2008
  Q: William- It's a mess. I haven't paid taxes in over 7 years and am now facing an IRS lien of $28k. ...
  A: Criteria to look for would be to know WHO is going to be personally working your case. Name? ...
Real Estate Business Loss7/13/2008
  Q: I am retired and in a position to get a real estate license. Will that help me with a $200,000 loss ...
  A: IRS Publication 17 would be a good place to start reading. It will probably refer to another ...
Real Estate Business Loss7/12/2008
  Q: I am retired and in a position to get a real estate license. Will that help me with a $200,000 loss ...
  A: In order to convert the loss on this property from a nondeductible personal loss on the sale of a ...

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