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Questions Answered by Terrence Jay Moore
1 Answer | Asked in Tax Law for California on
Q: All of ca llc interests are assigned to a new llc where owners are the same as the transferor. Is this tax free transfer
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

Yes, generally. The owners of both entities must continue to own the same interest before and after the transfer.

2 Answers | Asked in Tax Law for California on
Q: Can a court make me turn over my tax returns in california?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

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 »

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2 Answers | Asked in Tax Law for California on
Q: WE GOT AUDITED ON INCOME TAXES ON 2007/2008. WE CANNOT PAY IRS BACK. WHAT SHOULD WE DO? BANCRUPTCY? OIC? PLEASE HELP.
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

You can file a Bankruptcy to discharge taxes after the taxes have been assessed for 8 months. Make sure to file the amended taxes for the State too. The same 8 months rule applies.

I say this in your specific situation because it appears the taxes were filed for more than 3 years. I have...
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2 Answers | Asked in Tax Law for California on
Q: I received a 1099 for consulting fee, I did not received all the money that was reported for 2011. what do I do
Terrence Jay Moore
Terrence Jay Moore
answered on Nov 18, 2013

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.

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1 Answer | Asked in Tax Law for California on
Q: Is a federal tax lien that is secured to a property dischargeable and if so can you remove the lien from the property?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 20, 2013

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 »

2 Answers | Asked in Tax Law for California on
Q: For my share of stock options after divorce settlement,my ex insisting to give it as alimony taxable by me.Is he right?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 20, 2013

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...
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1 Answer | Asked in Tax Law for Colorado on
Q: Can you deduct hotel stay if employed out of town?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 20, 2013

Generally, yes, it is tied to your trade or business or a requirement of your employment.

The above is not legal advice. It is an illustration of options that can be used in certain situations. I have not examined all of your facts, if I did I might provide a different response.

1 Answer | Asked in Tax Law for Virginia on
Q: Can a federal tax lien cause denial of a passport renewal?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 20, 2013

In 20 years I have never seen a tax lien cause a denial of a passport

1 Answer | Asked in Tax Law for Iowa on
Q: I formed an S corporation last year -- paid all necesary fees-do I need to pay an annual fee to have a registered agent?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 20, 2013

No, not if you live in the state of incorporation. Then you can be the agent. If you don't want to be the agent you will need to pay for one.

1 Answer | Asked in Tax Law for Ohio on
Q: How do I find out when my tax court case date is?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 20, 2013

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

2 Answers | Asked in Tax Law for Kansas on
Q: My Mother's house was transferred on death to me. What kind of taxes will I have to pay when I sell it?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 20, 2013

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.

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2 Answers | Asked in Tax Law for California on
Q: I want to start a business after my old job let me go. Do I have to pay taxes on old income if I don't have new $$ yet?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 20, 2013

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 »

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2 Answers | Asked in Tax Law for California on
Q: Prop 13 keeps my dad's taxes low. When he dies, will I be able to keep the lower rate?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

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 »

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2 Answers | Asked in Tax Law for California on
Q: My dad just died he did not have a will. what do i about his taxes

He didnot pay his taxes on ssi or his 1099 who is responsable for paying his taxes?

he didnot have a will.

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 27, 2013

Generally, the state and the IRS will not come after the heirs although they can. They just get too busy to do so. They can come after whomever received the estate's assets.

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2 Answers | Asked in Employment Law for California on
Q: Corporation S in California. 50/50 ownership. Can my partner hire his family member without specific approval?

His hiring created a huge conflict of interest and was done without authorization and due hiring process. Would it be possible to fire that employee?

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 16, 2013

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 »

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2 Answers | Asked in Tax Law for California on
Q: My business went broke 4 years ago, no income and have not filed a tax return on it or myself since? What do I need to d

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?

Terrence Jay Moore
Terrence Jay Moore
answered on Oct 16, 2013

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.

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2 Answers | Asked in Tax Law for California on
Q: I owe the BOE taxes. They have levied my account. I have to file last 1/4 taxes. Why wont they put me on a payment plan?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 16, 2013

They want all returns filed first. Get them filed, then you can get a 6, 12 or 24 month plan. They longer you go out the more financial information you will need to provide.

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2 Answers | Asked in Tax Law for California on
Q: I am legal/equitable owner of property in California but not on mortgage. What support info to IRS to deduct mrtg int?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 16, 2013

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.

The above is not legal advice. It is an...
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3 Answers | Asked in Tax Law for California on
Q: If someone owes the IRS $30,000 and has a payment plan with them, can the IRS still put a lien on their property?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 16, 2013

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 above is not...
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2 Answers | Asked in Tax Law for California on
Q: In CA do I have to claim money on my taxes my husband gave me before my divorce was final if there was no court order?
Terrence Jay Moore
Terrence Jay Moore
answered on Oct 16, 2013

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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