No. Not your personal returns. There is a very strong public policy preventing this. The policy is based upon that if people had to turn over their tax returns to creditors or the courts then people would not be completely honest on their returns. However, with a business there can be...Read more »
Request a corrected 1099 and if you do not get a corrected 1099 report the amount received to the IRS and the State. Make sure your accountant is clear on the facts and he/she notates it properly on the return.
No. It is not dischargable. But you can reduce it to a very small amount. If you file an Adversary Complaint and seek the value of the Lien determined. Then when that is determined you can pay that amount (usually determined by the amount of your Sch C on the Bankruptcy Petition) and the IRS will...Read more »
He may not be right. Look to see what the Martial Settlement Agreement states. My guess is it doesn't say anything. In that case go back to court to get an interpretation it could say you a bundle in future taxes.
The above is not legal advice. It is an illustration of options...Read more »
You can go online to the Tax Court Website and put in your case name. You can also contact the attorney at the IRS who signed the Answer that was mailed to you after you filed your Petition. You might be able to also call the Clerk and the Tax Court in Washington DC
Under Federal law should be entitled to a step up in basis. That means that you will be deemed receiving the house valued at the date of death not at the date when your mother purchased the home. Thus, you will only be responsible for tax on the increased value since the date of death.
It is really apples and oranges. Tax is due on prior income and whether not you earn additional income. If you cannot pay the tax because you have no income, then contact the IRS and ask for a hold on enforced collections. They should grant a hold if you have no income. Also, filed a tax return...Read more »
I agree. Also note, often times people make the mistake of a second transfer to a sibling after receiving the property from a parent. They then transfer it to a brother or sister. When this happens Blam! Taxes are reassessed. There is only an exclusion between parent and children and children...Read more »
It really depends what the bylaws say and I bet they don't address it. Thus, any decisions must be jointly made by the directors or could be made by the officers. My guess you are both directors and officers. If you don't want his family members working there you need to tell him....Read more »
I want to clear things up, but am unsure what to do. Will I have to file 4 years back for myself and my defunct company or just the company claiming ZERO? Is there a fine even though I have not made any money. Paying for this to be done will be difficult...any suggestions?
No reason to file the corporate returns (if it was a corporation). You should file your own personal returns. 1) just to update the IRS/FTB with the correct records; 2) start the statute of limitations running and 3) reduce any amounts that the IRS or the FTB may eventually say you owe.
Proof that you are responsible to pay the mortgage. Do you have a written agreement with the other party? If not, get one. Still you might cause an audit in this case just because it might cause the IRS to look specifically at your return.
Yes, and they will. If they haven't don't call them up to ask them. You will just remind them to do it. A lien is only valid in the county where it is filed. So if you don't own real property in the county where the lien is filed it doesn't attach.
The correct answer is you should. If your husband doesn't deduct that money then it will be hard for the state to cross reference. Failure to report income (yes even alimony) can result in criminal charges, although rarely.
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