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... View 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"... View 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... View 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... View 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... View 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... View More
I am filing a I-130, Petition for Alien Relative form for my father who is overseas. He was a permanent resident who lost his green card status 10 years ago.
Part of the requirements of the petition is to submit my tax returns from the last three years. I have used my father as a dependent... View More
answered on Dec 1, 2021
Here is what the IRS site states with respect to dependents claim:
You may be eligible to claim both your niece and her son as dependents on your return. In order to claim someone as your dependent, the person must be:
1. Either your qualifying child or qualifying relative... View More
Assume I'm the owner of the restaurant and separately am an Executive Director of the nonprofit. I would not charge a rental fee to the nonprofit, but I would be profiting off food and beverage sales. Does this violate Section 4941 of the IRC?
answered on Nov 29, 2021
There is a way to structure it without a violation of Section 4941 of the IRC.
answered on Sep 14, 2021
No. You would have to submit an offer. The only other way to pay less without submitting an offer is to request a penalty abatement, however, most taxpayers do not qualify for a full penalty abatement. Most people can usually only get penalties abated for the first year. I recommend at least... View More
I own residential and commercial property that sits on 1 lot. The commercial property next to me was run by a bank and was recently vacated. A new owner has informed me of a substantial common ground
answered on Aug 31, 2021
Your post doesn't contain a question. If you want assistance with general information related to your situation, it would be helpful to understand what it is you want to know.
IRA value $700K. Can Inherited IRA live in trust with distributions to children's accounts? What/who is taxed?
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answered on Aug 25, 2021
Yes. A trust can be a beneficiary of an IRA. It is most common for the trust to pay the tax before distributing to the beneficiaries. The trust document should guide the trustee. Depending on whether or not the trust is a see-through trust inherited IRAs must be used up within either 5 or 10 years.
In à recent civil case the settlement stipulation required I make periodic payments totaling $60K to my sister's attorney's escrow account.
answered on Aug 23, 2021
This is something that only the tax attorneys here are qualified to answer, but you await a response for five weeks. If you haven't already resolved this, you could reach out to tax attorneys (Find-a-Lawyer above, or search on your own) or check with your accountant for meaningful direction.... View More
Natural parent moving out of district. Signing over guardianship to the person still living in district. District is asking who will claim child on this years tax return. Does the district have the right to view either parent or guardians tax returns?
answered on Jul 20, 2021
Absolutely. That is how they prevent the fraud of a non-resident student trying to get a better school.
He puts 2/3 down to my 1/3 initially.
answered on Jul 19, 2021
No, it doesn't sound like it. What it sounds like is happening is that you are paying him something and relieving his obligation. So in other words, if you are paying him cash that you received that was already taxable, you are just investing the cash in an increased interest in the project.... View More
She has been doing my taxes for a few years now i call and text her about my situation ,but she doesn’t answer me , she move her office out east in Long Island New York , I’m trying to buy a house and I need my taxes information from her to get my Mortgage qualify
answered on Jul 2, 2021
You can report her to the State licensing board, and see if they can help. You can order your return or a transcript of it from the IRS.
Half of his debt is only in his name since their divorce. But the debt accrued while they were married shows her name. My sisters and I have been left in this mess trying to figure out what we have to pay to settle his debt and save his home. If she is liable for what has her name on it, it would... View More
answered on Mar 2, 2021
Your Mother may not be liable. She may qualify as an "innocent spouse". You need to talk to a tax lawyer.
answered on Feb 24, 2021
Your question remains open for four weeks. Until you are able to get meaningful feedback from an attorney who is knowledgeable in property tax matters, here is a link to an article:
New York Property Taxes
Information on Property Taxes in New York State... View More
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