answered on Mar 23, 2023
All companies are required to obtain a California business license, no matter whether they have a physical storefront or just sell online.
Would a life insurance payout increase your tax bracket?
answered on Mar 8, 2023
Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.
My partner is considering giving me 50K as a gift. We live together in California and not married yet. We heard that there's 16K annual cash gift limitation but he can assign the rest 34K as his lifetime exemption (Inheritance and I am in his will). My question is are we qualified for this tax... Read more »
answered on Apr 22, 2022
Unfortunately, the California Revenue and Taxation Code allows the FTB to do this.
It's important to note that relief from the levies may very well be available.
It's best to immediately establish contact with an experienced tax attorney to help you with this.
I live in California, but have a house in Puerto Rice. Is there a withholding of 15% to the IRS for the sale of my house for $400k
answered on Apr 21, 2022
The IRS only requires 15% of the sales price be withheld on the sale of United States real property interests by foreign persons.
Normally, I am self-employed (independent contractor) freelance exec. assistant and run my business from my apartment and use Schedule C to deduct expenses for that business. However, from Jan. to Sept 2021 I collected Pandemic Unemployment Assistance and did not have any earned income and my PUA... Read more »
I had a tax issue and the issue has gone to IRS court. Can I do a settlement with the IRS instead of going to court? The Tax Agent who has handled my case bailed out at the last moment. Is it advisable to go with an attorney who may charge up to 25k start and may go up? Where should I get good... Read more »
answered on Apr 3, 2022
Yes, you most certainly settle your case. In fact, a very high percentage of Tax Court cases are settled.
I have a question regarding taxes…my employer last year classified me as an independent contractor, however i was looking into CA state law and based on what I was reading, I should have been classified as an employee. The employer gave me a 1099 and now I owe around $3000 in taxes. Is there... Read more »
Will California still go after my wife’s income or just mine to pay back the debt
answered on Jan 7, 2022
Because Washington is a community property state, you have a community interest in your wife's earnings. The California FTB can therefore collect on your community interest in those earnings.
The company was sold but only the assets were acquired. Does the tax debt fall on me personally?
answered on Nov 18, 2021
Section 6829 of the Revenue and Taxation Code provides that the California Department of Tax and Fee Administration (CDTFA) may pursue collection action against certain corporate personnel for any unpaid corporate sales and use tax liability.
My parents live in a house I own. I don't want to charge them rent, but do want to set up a rental agreement where they will agree to pay the property taxes and utilities. Do I need to count the property taxes and utilities paid by them as rental income on my taxes?
answered on Jul 11, 2021
The Internal Revenue Code clearly calls for such payments to be characterized as rental income.
Hello
I created a new LLC last July and I'm the only member.
So far the LLC has not been operative and has generated no revenue.
Do I need to file an income Tax return or pay the $800 California Franchisee tax?
Thank you.
answered on May 17, 2021
Yes, you need to file a return and pay the $800 minimum tax.
I launched a new business the day shelter in place in California occurred. I'd been building the business for over a year & living on savings that's gone. I was a teacher for 20 years and had to quit due to cancer. I don't qualify for government help though I've tried. I... Read more »
answered on Jan 24, 2021
From what you've said, it would appear that Chapter 7 bankruptcy is the likely remedy for you.
It's best that you consult with a qualified bankruptcy attorney who will explain the entire process.
In our office, we provide consultations in that regard without charge.
I am employed by a California company and can work remotely. I don't own a residence in the US. Should the commercial mailbox be in California so I continue paying California taxes? Is it okay to choose it to be elsewhere? I don't plan to return to California.
answered on Nov 11, 2020
California can tax you on all of your California-source income even if you are not a resident of the state.
That being said, it's nonetheless best to cut all ties with California to the extent possible, i.e., do not maintain a commercial mailbox within California.
Timely claims of general (unsecured) créditos totaling $35,118 have been allowed and will be paid pro rats only after all allowed administrative and priority claims have been paid in full. Does this mean I have to pay that or they telling me they will pay it or they paid it??
answered on Oct 20, 2020
All payments described in the trustee's final report will be paid by the trustee utilizing funds derived from non-exempt assets. You will not personally be responsible to make any such payments.
My dad is 83 owns a house outright here in california. My mother passed 2 years ago. The house is in trust to me (only son) if he were to pass. If he does pass, and the house is inherited by me, and I sell it after that, do I get hit with capital gains tax?
answered on Oct 18, 2020
When your dad passes, the basis is stepped up to then current market value. If there is no increase in value by the time you sell it, there will be no capital gains tax exposure.
answered on Aug 11, 2020
A Chapter 7 bankruptcy would ordinarily generate a discharge of your timeshare obligation.
However, the decision to file the Chapter 7 should be based upon your entire financial situation.
The Chapter 7 remedy is a powerful tool to clear out dischargable debts, and can only be used... Read more »
No creditor showed up for my 341 meeting. Can they still take money from my checking account? Thanks!
answered on Jun 15, 2020
On the date that the bankruptcy petition was filed, there came into existence an automatic stay order which precludes any creditor from undertaking collection activity. The conclusion of the 341 meeting does not serve to change in any way that automatic stay order.
When the discharge... Read more »
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
