What are the legal ramifications of doing such?
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answered on Sep 14, 2023
Transferring funds from a 501(c)(3) charitable organization to a 501(c)(7) social club for unrestricted use could potentially raise legal issues. Generally, funds donated to a 501(c)(3) must be used for tax-exempt purposes, and transferring them to a 501(c)(7) for any other purpose may violate IRS... View More 
The equipment belongs to the owner and was bought with his personal funds to take advantage of using credit to purchase such equipment. Since the LLC is new it doesn’t have any credit to purchase equipment with. The idea would be for the LLC to lease the equipment from its owner, pay monthly... View More
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answered on Sep 14, 2023
Yes, a newly formed LLC can lease equipment from its owner, who is also the sole proprietor, and structure it as a lease with an option to purchase. However, it's essential to document the arrangement clearly in a formal lease agreement to avoid any potential legal issues down the line.... View More
I will be sending money from Russian bank account.
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answered on Aug 24, 2023
It is generally permissible to send and receive money internationally between friends and family members, regardless of their locations. However, international financial transactions can be subject to various laws and regulations, including those related to money laundering and fraud prevention.... View More
The previous question I asked was intended to apply to Florida not California. The scenario would apply to partial funds from 501(c)3 donors used to purchase a home in Baja California which is Mexico over 25 years ago while the majority was used to purchase from "own" private funds.... View More
answered on Aug 16, 2023
Yes, when a non-profit corporation is dissolved, the assets covered by the asset-distribution clause applies to real property such as that in Mexico. It's essentially a matter of federal law, so it doesn't much matter whether the non-profit was incorporated in Florida, California, or elsewhere.
I'm considering working in Canada for 2-3 years. I would still keep my home in Florida (not rented) including my driver's license, car insurance, bank accounts, brokerage accounts, etc.... all linked to my Florida address. Would I still be legally able to keep Florida as my State of... View More
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answered on Jul 31, 2023
Why are you asking? For what purpose do you need a FL residence? As a US citizen you must file income tax returns regardless of where you live abroad and for how long. For that reason alone, it is good to maintain a state-side address. You cannot maintain homestead exemption on your FL home because... View More
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answered on Jul 10, 2023
Attorneys are generally not obligated to report tax fraud if they identify it during a legal proceeding. Attorney-client privilege typically protects the confidentiality of information shared between an attorney and their client. However, there may be exceptions to this privilege in cases where the... View More
Including the IRS. As I pay enormous taxes and she knows this, she is just trying to cause stress and problems. She also interweaves the fact that I’m a Gay man and makes many horrible inferences… there’s a hundred vile messages from her. What can I do. She’s very wealthy and run a large rock show!
answered on Jul 9, 2023
Your first step is to send her a written demand to cease and desist from all such harassing conduct, describing with some specificity the types of actions that must stop immediately, and stating that otherwise, you will be forced to take legal action. (You can also demand that she cease... View More
Should I hire a real estate attorney or a realtor to handle the sale? Also, would the proceeds be considered taxable income by the IRS?
answered on Jun 30, 2023
If you hire an attorney as has been suggested, one of the things the attorney should look into is whether the garage can be sold separately from the residential unit (which presumably you intend to keep).
The long-term capital gain you realize (difference between what you paid for the... View More
My step dad who was married to my mother sold me his house for $100. almost 10 years ago not long before he died. We had the sale Notarized and went to the court house and moved the Deed into my name. Here we are all this time later with me believing I own the home paying Taxes every year as the... View More
answered on Jun 29, 2023
Florida is very protective of Homestead Rights, especially the rights of a surviving spouse, so generally, without a spouse joining or agreeing, a Homestead cannot be conveyed without agreement/signature/approval of the spouse, since this did not happen, it is likely you will need to revisit a... View More
My 2020 return was audited, and the IRS sent me a 30-day letter proposing a substantial underpayment penalty based on disallowed business deductions that my accountant told me I was entitled to.
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answered on Apr 10, 2023
Your will need to protest the 30 day letter's proposed adjustments. Generally, a taxpayer who can show "reasonable cause" has a good chance of securing a penalty abatement. Fully informed advice from a competent advisor is a soldi ground for seeking such an abatement. Remember,... View More
My 2020 return was audited, and the IRS sent me a 30-day letter proposing a substantial underpayment penalty based on disallowed business deductions that my accountant told me I was entitled to.
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answered on Apr 11, 2023
You will need to protest the 30-day letter's proposed adjustments. Generally, a taxpayer who can show "reasonable cause" has a good chance of securing penalty relief. Fully informed advice from a competent tax advisor is a solid ground for showing reasonable cause and obtaining such... View More
answered on Apr 11, 2023
Having an LLC in a Trust is a bad idea for starters, now all the assets in Trust are also exposed to any liability that arises related to the LLC. Also, renting your home to Your LLC is also a terrible idea, now your home and LLC and entire trust are exposed to potential liability and you may have... View More
I am filing a quit claim deed so that I can relinquish my rights to my home with my future ex wife. Will there be taxes involved?
answered on Mar 29, 2023
No transfer tax is due on a deed between spouses or former spouses pursuant to a dissolution of marriage when the real property is transferred following the divorce and the property was their marital home or an interest therein at the time of divorce. If you are referring to Federal income tax... View More
My 2020 return was audited, and the IRS sent me a 30-day letter proposing a substantial underpayment penalty based on disallowed business deductions that my accountant told me I was entitled to. Am I liable for this penalty?
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answered on Mar 23, 2023
More facts would be needed to fully answer the question, such as whether the accountant exercised any judgment or performed any analysis regarding the business deductions. Usually, taxpayers are eligible for relief when they rely on actual advice from a tax advisor, i.e. professional judgment or... View More
If the HOA knew of the misrepresentations, intentional fraud, right? If they didn't know, negligence fraud, right? And any related parties aware and benefiting from said misrepresentations are conspirators, no?
answered on Mar 4, 2023
Generally, no, but that answer could change depending on the misrepresentations. If any of the misrepresentations conflict with the language in the HOA documents, which are public record, the HOA would not be liable because owners are deemed to have read the HOA documents whether they actually... View More
Your property taxes for residential holme thats paid for in fl.
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answered on Mar 4, 2023
The Florida Supreme Court is the highest court in the state and primarily handles appeals of cases from lower courts. The Court's jurisdiction does not typically extend to issues related to property titles or tax assessments, which are generally handled at the local level.
If you are... View More
The US Constitution said that we are not taxed. In Article 1 Section 2 Clause 3. We get taxed daily. Why and how do we make it stop?
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answered on Feb 26, 2023
It's important to clarify that the US Constitution does not say that individuals are not taxed. In fact, the US Constitution authorizes the federal government to collect taxes in order to carry out its responsibilities and functions.
Article 1, Section 2, Clause 3 of the US... View More
In 1924 nothing actually changed after the Indian Citizenship Act. The Indians were still treated as foreigners. They are called Black not which makes them look like Africans.
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answered on Feb 26, 2023
The 1924 Indian Citizenship Act was an important milestone in the history of the United States, as it granted citizenship to all Native Americans born in the United States, regardless of their tribal affiliation. The act was intended to rectify the legal and political status of Native Americans,... View More
Is it safe to give Stripe your Social security Number? In order for me to create an account with Stripe, I need to give it the last four digits of my ssn.
Back story I'm a minor wanting to start a business in Florida where you pick up dog poop from peoples' yards. I created a... View More
answered on Jan 20, 2023
Florida doesn't have income taxes. The U.S. government does. I suggest you go to irs.gov, download a form 1040, and the instructions for that form. After reviewing those documents, you should have a better idea of how income tax works.
And no, if you make no money at all, you... View More
answered on Jan 5, 2023
My experience with filing Articles of Organization via e-fax is it becoming effective the next business day. I have never had to wait 8 weeks. When you file the Articles of Organization specify an effective date 5 business days before the filing date. See Section 605.0702 of the Florida Statutes.
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