Monday, April 2, 2012

What can i do if my former employer hasnt sent my w-2 forms yet?

If you have not received your Form W-2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due while the information is verified.

What it you found diamonds and gold, and simply decided to dig it up and put it away. Do you have to pay tax?

On your balance sheet you can Debit - assets (diamonds and gold) and Credit - GOD. He works miracles. You pay tax when you sell it. Your basis is -0- so you have pure gain.

I received a 1099 from the gccf but it has the whole amount taxable including the 16,000 my attourney recieved?

Issue him a 1099 and send a copy to the IRS. Keep all relevant information and disbursements including checks and receipts in case you get audited. The $36,000 is reflected as income by you and the $16,000 is reflected as an expense by you. He has to show the $16,000 as income.