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About Jay Allen Finn, CPA
(Top Expert on this page)

Expertise
IRS Audits. All Collection Tax problems; specifically but not limited to, delinquent returns, bank levies, liens, garnishments of wages, Also specializing in Offer in Compromise. Limited to 1040/ personal tax issues

Experience
27 years experience as a CPA in the IRS defense area following a position as an IRS Auditor in the oil and gas industries.

Organizations
Texas Society of Certified Public Accountants (Peer Assistance Committee), Houston Chapter of the Texas Society.

Publications
Submit your articles.com

Education/Credentials
BBA - Bachelors of Business Admin., Magna cum laude, Series 6 and 68 - Registered representative, Series 65 - Financial planner.
Certified Public Accountant
   

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

Questions Answered By Expert  Jay Allen Finn, CPA 
In Category  Tax Law (Questions About Taxes)

SubjectDate Asked

back pension paid to ex11/17/2008
  Q: ordered by court to pay back payments of my pension in lump sum to ex.making payments to her myself ...
  A: If it is a payment of previously withheld taxes, than you can incur a loss and it is taxable to her. ...
S Corporation Owner Compensation11/16/2008
  Q: I have $225,000 net income in my S Corporation and I do not take a salary but I withdraw $118,000 ...
  A: Natalie, No it is not okay. You are avoiding Social Security. However, a Sub-S Corps. allows you ...
back pension paid to ex11/14/2008
  Q: ordered by court to pay back payments of my pension in lump sum to ex.making payments to her myself ...
  A: Possibly we still misunderstand each other. If she is not getting pre-tax income (or after tax ...
Large tax credit for donation to charity11/14/2008
  Q: I have a house that is paid for and can't sell it or rent it. If I would donate it to an authorized ...
  A: Kathy, You would be allowed fair-market value as a non-cash charitable tax "deduction" (not a ...
back pension paid to ex11/13/2008
  Q: ordered by court to pay back payments of my pension in lump sum to ex.making payments to her myself ...
  A: John, You do not have a loss because you never paid taxes on the amount to begin with. 2) It is ...
Business Vehicle Deduction11/11/2008
  Q: I purchased a 1959 Studebaker PU truck. I have my business sign on it. It advertises my State Farm ...
  A: Gary, Why not? I assume you bought it for cash since you didn't say differently. If you financed ...
Home Improvement/Itemized Deduction11/7/2008
  Q: Are substantial home improvements that increase the price of a home considered itemized deductions? ...
  A: Home improvements only increase your value when you sell and under present law it is unlikely you ...
Income Tax on Lawsuit11/4/2008
  Q: After an injury lawssuit is settled, and all medical bills, and attorney are paid, is income tax ...
  A: Joy, I am not so you should talk to your Attorney's tax advisor but you are only taxed on what you ...
a mess11/3/2008
  Q: i have not filed my taxes for the past 2 years as i am a 1099 contractor. I make 100K per year and ...
  A: Pam, The IRS does not believe in debtor's prison for a 2 year delinquency. Prison is mostly for ...
promissory note default and IRS11/2/2008
  Q: I lent my brother $450,000 to assist in his business and personal affairs. I have a promissory note ...
  A: Susan, As to garnishing your income of $1,000 a month and failing on your "Offer in compromise,?" ...
Land donation Disallowed10/31/2008
  Q: In 2006, my uncle donated a land to the city. He did claim a charitable deduction for the fair ...
  A: They can disallow the land deduction based on the "a final event clause." Also they can charge ...
Audit10/3/2008
  Q: I am being audited for the tax year 2006. I have not had my first meeting. During my preparation ...
  A: Pete, You did not tell me what specifically they are auditing or if you have adequate proof or ...
Deductions and audit9/30/2008
  Q: I had a question I was hoping you can help me with. I just got a letter from the IRS asking for some ...
  A: Michael, You should be concerned. Is this an office audit or a correspondence audit? It sounds like ...
10999/29/2008
  Q: I am a salesman who receives 1099 wages from my company. I owe an outside rep compensation for a ...
  A: Nick, Absolutely and you do not need a tax # to do so. Simply go to IRS.gov and download ...
w4 questions9/25/2008
  Q: Both my spouse and I started new jobs. We have 3 children under 16yrs. I am not sure how to fill out ...
  A: KARIIN, It really doesn't matter what you put on a W-4 (there is no legality issue)unless you end ...
Relationship between EIN and SSN of the owner9/12/2008
  Q: I recently got an EIN to handle all my internet related business taxes. I was wondering how related ...
  A: Sam, The EIN is used for all business (a Schedule C Sole proprietorship is what I gather you ...
compulsory IRA distribution9/10/2008
  Q: My husband will be 70 1/2 this year, but he is still working full time. I have heard that he will ...
  A: Sophia, I am not the perfect expert so you might wish to also forward this to the question pool or ...
Mileage9/8/2008
  Q: In our business office we generally work 8-5 M-F. We are all salary Occasionally we need to come ...
  A: CHUCK, I may be giving you a narrow view but without deep research this does sound like a fringe to ...
DO i need to file Corporate Tax (no business yet)9/7/2008
  Q: I formed a corporation in NY in October 2007 and corporation has a FEIN as well. Due to other ...
  A: What about start-up costs and capital stock? Otherwise, you have no liability even with NY state. ...
Back taxes and social security9/4/2008
  Q: We owe for 941 taxes on a company we dissolved in 2001. Do these ever go away? Also, we are ...
  A: Such taxes never go away but may not plague your heirs or your estate. Your social security can be ...
Delinquent taxes8/12/2008
  Q: Normally I speak to Helen but I see she is on vacation. I failed to file the 1996 tax returen on ...
  A: Your plan 2 might work but you will have to have a long talk (and be on hold) with IRS. However, ...
taxes8/12/2008
  Q: If a corporation owes employee taxes and goes out of business is the owner still responsible for ...
  A: Absolutely yes. This is a very delicate situation to get into with IRS. Don't get behind period and ...
Mileage Reimbursement8/9/2008
  Q: We are sorry, but Carole Dunton wasn't able to answer yourI work for an IT Consulting firm who ...
  A: I WOULD SUGGEST A WRITTEN POLICY IN CONFORMITY WITH A STANDARD PRACTICE. I WOULD SUGGEST THAT THE ...
Per Diem Taxes8/6/2008
  Q: How, specifically, does one pay taxes on per diem? Thanks, sean
  A: Per diem is not really taxable nor deductible (your company deducts it) if in an accountable plan. ...
Tax Error8/1/2008
  Q: We recieved and Notice of Adjustment from the state and Fed. taxes because our accountant inputted ...
  A: I don't buff other accountants unless they knowingly prepare false tax returns which is what the IRS ...
Selling a home7/28/2008
  Q: If I sell a home and do not want to reinvest in another ] property for 6 -7 years because I am ...
  A: Under present law (and I emphasize "present"), will probably not change in 2009 at the earliest, you ...
taxes owed7/25/2008
  Q: wife said she filed in 1999, 2000, 2001, 2002. I found out that she didn't. We are now divorced and ...
  A: Response: 1999 is barred by IRS and in most cases, 2000 and even 2001 now,also. Get a good IRS ...
annuity7/22/2008
  Q: I have a small deferred annuity that I would like to donate to a qualified charity. Is there any way ...
  A: No-- You have to take the taxable event but can turn around and take a Schedule A itemized deduction ...
FILING STATUS7/18/2008
  Q: My husband passed away in june 2007. I filed my 2007 taxes as married. How many years does IRS ...
  A: if you have a qualifying child, you can extend the joint filing (I think only one year). However, ...
Tax on a Structured Settlement7/18/2008
  Q: I have a structured settlement and I am selling it to a company that buys these annuities. In the ...
  A: We need to determine if your original annuity or structured settlement is a taxable annuity; ...
Where Do I Start?7/13/2008
  Q: Jay- It's a mess. I havent paid taxes in over 7 years and the IRS has placed a lien for $28k. I ...
  A: Adam, Actually where you start is to check my website and give me a call but I don't know if I can ...
Are we liable for deceased Fathers taxes7/11/2008
  Q: My father in law died 4/2006. He had actually filled out his 2005 using turbo tax but I chose not ...
  A: Julee, This is my opinion only but it had come up once or twice. You should probably call IRS and ...
Rental Expenses7/11/2008
  Q: I am considering the purchase of a condo in Pasadena, CA, that will be a primary residence in a year ...
  A: Yes you can. As long as you utilize the Schedule E as explained (properly), losses can be taken up ...
S-Corporation and 1099-C7/11/2008
  Q: I have a small retail business with property under S-Corporation. I and my partner, each are 50% ...
  A: If it falls outside of the exceptions I explained, it can be claimed as a dividend on your personal ...
S-Corporation and 1099-C7/11/2008
  Q: I have a small retail business with property under S-Corporation. I and my partner, each are 50% ...
  A: Peter, A lot of issues. Let's sort them out. S corps become the flow-through issues of the ...
Rental Expenses7/10/2008
  Q: I am considering the purchase of a condo in Pasadena, CA, that will be a primary residence in a year ...
  A: Gary on yourIf you check the right boxes on your schedule (E on your 1040) such as "material ...
Needing form to ammend a tax return7/9/2008
  Q: I had to foreclose on my house that I had purchased through FHA. I failed to file the form to the ...
  A: Vicky, An amendment can be done on an "1040-X". It is available on 'IRS.Gov' or at your local IRS ...
1099C7/9/2008
  Q: a few years ago 1 of my creditors sent me a 1099C for about 70% of what i owed them my question is ...
  A: Eric: You can negotiate credit cards by demand that their goons charge-off your account for 30 ...
seller7/8/2008
  Q: Jay, I live in TX and my mother in-law has a house in which she bought form a indpended mortgage ...
  A: Larry, The 1098's are no problem but one should do a thorough investigation on the tax history of ...

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