It so old I no longer have the records. This is the first we’ve heard of this. Thanks
answered on Mar 27, 2023
New York State generally has a 3 year SOL to assert additional tax due on a filed return. But note the key word here: additional. If New York is just restarting collections without imposing additional tax liability on your previously filed returns the result might be different. Consider consulting... Read more »
The estate I represent is winning a wrongful death award. My sister passed in an accident. Can the award be divided by the judge to benefit 3 people, (my mother, other sister and I) ? The interest of this would be that the award would not be taxable for anyone.
Thank you,
Claudia
answered on Mar 25, 2023
Claudia,
In general, awards for wrongful death are not taxable. However, if a portion is meant to compensate for pain and suffering or lost wages it can be taxable.
The estate I represent is winning a wrongful death award. My sister passed in an accident. Can the award be divided by the judge to benefit 3 people, (my mother, other sister and I) ? The interest of this would be that the award would not be taxable for anyone.
Thank you,
Claudia
answered on Mar 27, 2023
So sorry for your loss. Under New York's Estates Powers & Trust Law § 4-1.1, if your sister passed away without any children, the entirety of the recovery would go to your mother. Of course, you can certainly petition the court to divide the settlement proceeds equally among yourself,... Read more »
Hi, I'm starting a nonprofit organization in Canada to do online arts programming with young people who stutter in Canada and in the US. The organization will operate entirely online and from Canada, but will hire US employees. My goal is to be fiscally sponsored by a nonprofit (Fractured... Read more »
answered on Mar 19, 2023
As a Canadian nonprofit organization that receives an EIN in the US and hires US employees, you may have US tax obligations. However, whether or not you need to pay US taxes will depend on a number of factors, including the nature and extent of your activities in the US and the terms of any... Read more »
You and your siblings must appear for the signing of the sales deed, either in person or by virtue of a power of attorney, to subscribe the sale. For each of you who resides outside Puerto Rico, our Tax Code requires that a 15% retention be made at the point of origin (which would be upon the... Read more »
answered on Mar 13, 2023
That is a requirement of the tax law in that location. https://www.discoverpuertorico.com/industry/download/588201-discover-puerto-rico-form-480-2017.pdf
I had an S corp in queens NY and there was a judgement against the company from the dept of labor for unemployment insurance during years the company was not in operation. The judgement is in the sum of $3700, can they come after me personally? Also there is another judgement against the company i... Read more »
answered on Mar 12, 2023
You definitely have personal liability for both judgments if they pursue you. I am not sure if the judgment is in your name or not. If not, there would need to be a new suit to make you responsible, but you would lose the suit.
I changed status in 2022 from non-resident to resident (being on H1b now). But did not update that status before 31st of December 2022 so these platforms (Robinhood/TDAmeritrade/Interactive brokers) refuse to change my status and send me the 1099 form I need to file to the IRS and instead want to... Read more »
answered on Mar 4, 2023
If you changed your tax status from non-resident to resident in 2022, you should file your tax return as a resident for the entire year, regardless of whether you updated your status with your investment platforms by December 31st.
Investment platforms like Robinhood, TDAmeritrade, and... Read more »
I got the apartment(lease) by my self and lived there for a year by myself, I put down deposit, I paid a guarantor fee every month, decorated and bought all the furniture, I am doing all the daily maintenance of the Airbnb account and finding cleaner, photograper etc. My boyfriend moved in a year... Read more »
answered on Feb 28, 2023
From a practical perspective (which is what it sounds like you are asking), an appropriate way to split income from the unit would be to first deduct all expenses and then to split the net income according to proportions of rent paid.
So first you would deduct all of the fees and costs... Read more »
I know of Canadian who is in the US on TN status, but she stopped working at the job that is tied to her visa. Instead she works illegally in multiple states as a prostitute. She publishes her services on websites for call girls, erotic reviews, etc.. She is even planning to fake a marriage so she... Read more »
I have a mortgage on property that includes parcels in two towns in upstate NY. The mortgage servicing was recently transferred to a new company and they paid the taxes on one parcel but failed to pay on the second. The county has taken sealed bids and is scheduled to approve the sale at their... Read more »
answered on Dec 29, 2022
New York Real Property Tax Law (RPTL) Sections 1110 and 1111 allow you a “right of redemption”, which requires you to pay all back taxes and penalties on the property, usually within 2 years of the lien, to stop a lien foreclosure sale.
If the county has already filed a petition to... Read more »
I was wondering about the legality of buying one's own products. I was thinking of buying some discounted gift cards for Etsy/Ebay where I sell products, and using them to buy some of my own products, picking up a little profit and boosting my store activity and seller profile. Are there any... Read more »
answered on Nov 8, 2022
You have to review the Etsy and EBay terms of service you agreed to when opening your sellers account to determine whether this is a violation of any of their policies which could get you suspended. Legally speaking, apart from terms of service, the only issue I could see is if you are presenting... Read more »
I started working 3 years ago in a registered 501c3 (school) in New York. I am a school leader and requested to see a copy of the school bylaws so I could understand as much as possible about how the school works. I was told it was an inappropriate request. I have concerns about board governance... Read more »
answered on Aug 21, 2022
You can almost certainly get a copy directly (and anonymously) from the New York Attorney General's office website. Go to the AG's office's Charities Bureau online. (https://www.charitiesnys.com/home.html) Enter the name of the 501(c)(3) in the "Search Charities Registry"... Read more »
I applied for ssn on April 2021. i wasnt able to apply for stimulus on 2021 because of covid i never received my number? I was told by someone that i still can apply for the check. If so, am i supposed to file for last year's tax return as well?
thank you
answered on Aug 8, 2022
Most eligible people have already received all three of their Economic Impact Payments. However, you may still be able to file your 2020, 2021 taxes and claim a Recovery Rebate Credit. For more information, see https://www.irs.gov/coronavirus/economic-impact-payments.
According to the... Read more »
We are in NY State. Brother (executor) wants to distribute over 4 years (tax reasons): I prefer lump sum or 2 years. Can the cash be distributed in different ways to different beneficiaries? If not, does this require a legal intervention?
answered on Jun 30, 2022
The trust language controls. The Trustee must administer the trust strictly in accordance with the Settlor's intentions.
I own a single member LLC in Wyoming but now live in New York. I’d like to create a newer NY LLC subsidiary with the out of state LLC as the parent company. Is this allowed?
My husband and I can get gifted $16,000 each and from each parent without triggering any gift tax. The total gifted equity amounts to $100,000. If we can include our son as well then we could have $96,000 untaxed.
answered on May 4, 2022
You are missing a key concept. There is a unified credit. There is no gift tax on any amount in this range. You are mixing lifetime giving with annual giving. If you have no idea what I am talking about, get a good lawyer or accountant for whatever you are doing.
answered on Apr 20, 2022
If you make any income from your rental activity, per US Tax law, you must include it in your annual tax return. The way you organize or register your activity abroad is a matter of applicable local or international law abroad.
The person looking to buy is my uncle, he offered 90,000 between my two brothers and I. Would be pay taxes on the 30,000 each. The stocks still in the estate and the offer is to give money to the lawyer who would then write the checks to us and the stocks would never technically be ours. Is there... Read more »
answered on Apr 4, 2022
Only the owner of the shares can sell them. If the shares are estate assets then the executor or administrator can sell them on behalf of the estate. Depending on the circumstances the estate might have a taxable gain, but if the cash after taxes is distributed to you and your brothers as heirs of... Read more »
answered on Jan 20, 2022
If your parent intends to make a gift of his or her interest in the property, depending on the value of the gift it may be subject to gift tax. However, New York does not impose a transfer tax on gifts of real property that are made without the payment of consideration.
If an estate entering probate has substantially appreciated assets and also has debts, such that some assets must be sold to settle the debts, are the proceeds from the sale subject to capital gains against their original basis or their stepped-up basis from the date of death?
answered on Dec 3, 2021
There is estate tax (above a certain value) on the value of the estate. There is income tax to the fiduciary for income realized during the administration of the estate. If assets are sold at a profit, the gain is on the difference between the date of death value and the sale price, which is... Read more »
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