My fiance is currently paying the debt through an installment agreement, but is trying to settle the debt. What can I do to protect my assets from his debt? We live in California.
answered on Aug 27, 2017
Have him take care of his tax issue timely and properly. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an... View More 
employees and be subject to things like withholding and self-employment taxes if we do this?
answered on Jul 3, 2017
Corporation to an LLC, you need legal counsel. No salary for LLC members. They get K-1s. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific... View More
I'm in CA and forming a SMLLC. [Disregard checking account question] Should I file as a member-managed or manager-managed LLC? Also, how do I know if I should be taxed on my personal taxes Schedule C (disregarded entity) or as a C-Corp or S-Corp.
This is for a home base virtual... View More
answered on Jul 3, 2017
Corporation and S Corporation a must. SMLL if no corporation election made, not required for tax purposes, but a good idea for liability defense purposes. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting... View More
I was in high school when i signed the document and i didnt completely understand it as i was under pressure with my finals so i signed it to get it over with. Its been years since it was done and i havent heard from them till date
answered on Jul 2, 2017
You may consult an estate planning attorney with more facts to get legal advice. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice,... View More
The interest that we should have charged is less that $56K/year tax free gift
answered on Jul 1, 2017
The forgiven interest may be “imputed gift’ and if exceeds $14K a year, you may be required to file a gift tax return. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for... View More
Does this language from my trust mean that any future children are already included in the various provisions? There is similar language for my wife.
answered on Jul 2, 2017
Generally, includes born or adopted children. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate... View More
If a doctor was hired as a 1099 independent contractor by a staffing agency and contracted out by the agency to a clinic and the doctor is sued for medical malpractice, can the staffing agency be held liable for medical malpractice as well?
answered on Jul 3, 2017
Most likely the doctor and the clinic will be sued. Generally, it may be unlikely to successfully sue the agency. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for... View More
My dad didnt have car insurance. Is the estate responsible for paying the subrogAtion claim of insurance co?
answered on Jul 2, 2017
The estate may be held liable if they can prove their case. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an... View More
The state sent me questions about how much I sell for each item (food-to-go) but I don't have them, only the total amount each day.
answered on Jun 26, 2017
If I were in your position, I would hire a tax attorney experienced in the restaurant filed. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For... View More
what are the costs to get the non profit association & sellers license?
answered on Jun 26, 2017
I am not sure what is your objective in establishing a non-profit organization handling deliveries. From time to time, I get an inquiry about establishing a non-profit. And, after listening to them, advise them to forgo the idea, because they will go under the state attorney general’s radar... View More
I set up a revocable trust for my kids our house is in the trust my oldest son is the trustee we have been using the house as a Aibnb to cover expenses for the house but now he is working and wishes to keep his personal income separate from the Airbnb income as I was filing using his SS number if... View More
answered on Jun 25, 2017
I would ask Airbnb for the figures in details. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please consult an appropriate... View More
answered on Jun 24, 2017
Find out from the tax authorities or the supplementary information they sent you. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice,... View More
answered on Jun 24, 2017
I hope I understand your question, California doesn’t have inheritance tax. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice,... View More
Our LLC currently has 2 homes we (dad and me) split 50/50. We are looking to add his home he owns, and another home I own in to the LLC. But we want to keep income/expenses of those homes separate. Essentially, all income and expenses for each of our homes do not get shared. The only shared... View More
answered on Jun 24, 2017
Generally, no. Your tax adviser may assist you in arriving at the desired goal by legitimate means. Taxes may be based on pro rata profit and loss. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice.... View More
Is it better to stretch out the payments over this year or pay in lump sum after I receive each check? I am unemployed and husband makes just over $20,000/year
answered on Jun 24, 2017
Generally, no. You may exclude some or all of the capital gains, if the property qualified for “primary residence exclusion”. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended... View More
We paid $2700 to get our 2014 taxes settlement on January 2017 with the Tax Group Center out of Calabasas, CA. Received a second call asking for another $2700 because according to the Rep she was on the phone with the IRS and needed the money ASAP because they had to file all three years... View More
answered on Jul 4, 2017
That is unfortunate that you have been through so much trouble. It is extremely important to know exactly whom you are dealing with. Generally, law firms wouldn’t do this to clients. The one on the phone asking for money right away doesn’t sound right. One needs to know about the terms of your... View More
I filed discrimination claims with the DFEH and am close to working out a settlement with my employer. Would such a settlement be considered a discrimination settlement in regards to tax treatment (attorney's fees, etc) even if I haven't filed a lawsuit yet?
answered on Jun 9, 2017
There may be too much of speculation here. If I were you, I would consult a tax attorney familiar with eh IRC Section 104(a)(2).. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended... View More
And 5 kids and a wife my mother, what I know is my mother went to her attorney and had a paper drawn up that anything that was in my fathers name is turned over to her, after a few years my mother decided to sell the farm, land and house and get married she collected all the money (payments) every... View More
answered on May 29, 2017
Consult an estate planning or probate attorney, among other things, regarding the statements you are making. Generally, an attorney would not transfer an intestate (without a will) decedent’s assets to non-heir and those properties go through probate. The information presented herein is for... View More
Hi! If the process for incorporation of a nonprofit has been started -- initial registration with the State (CA), statement of information, obtention of EIN -- but is halted, and the members decide to not incorporate anymore, is it still legal to use the name that was registered as an... View More
answered on May 29, 2017
Contact the California Secretary of State for availability of the name. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. Neither is it intended for solicitation purposes. For specific advice, please... View More
process of gaining access to his bank account?
answered on May 29, 2017
If his total estate does not exceed $150K, you may use “Affidavit for Transfer of Personal Property Worth $150,000 or Less” (Google this in your local court website) to declare that you are the only heir and access the account. The information presented herein is for general purposes only. It... View More
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