Do I have to pay taxes on the money I got from my farm inheritance?
You don't pay tax on inherited property. But it sounds as if you inherited the property then sold it which is different.
You would need to determine the basis in the shares when you received them and compare that to the sales price to determine if any gain exists.
Yes you can legally open a distillery in GA. Here's a good resource for general information http://georgiadistillers.org/
I would suggest finding an attorney in the county where you're planning to open.
You are not required to hire an attorney to fix the problem but it would be a lot simpler.
I am the founder of a Texas non-profit corporation (Corporated in the State of Texas) and also Chairman/CEO. I applied for the EIN being used under my own info (Name, SSN) on the IRS site. I’m stepping down completely from operations due to conflict of interest with the board and need help in how... Read more »
Non-profits don't have owners. They a board of directors and officers. When you applied for the EIN you listed yourself as a responsible party that can be changed by filing a form 8822-B or by filing Form 990.
You can't establish a non-profit under your SSN so you may have an unqualified... Read more »
I am a Texas resident who lives in Tijuana, Mexico. I am the manager and sole member of a single-member Wyoming LLC that only makes passive (interest) income from a loan and bank account interest in the state of California. Is my LLC subject to California income tax on this income? I have not... Read more »
California considers you to be “doing business” if you meet any of the following:
Engage in any transaction for the purpose of financial gain within California
Are organized or commercially domiciled in California
Your California sales, property or payroll exceed... Read more »
Hello, I dissolved a corporation back in September and I'm not receiving notices from the Calif. Franchise Tax Board that I owe in excess of $900 for back "taxes" in 2018, which I think is the $800 annual fee. Am I still responsible to pay this? or can I ignore these notices since the corporation... Read more »
Generally you're not personally liable for the franchise fees.
It may be worth having a professional take a look and write a letter to the franchise board.
If I owe taxes on California, can the state of California file a lien in Arizona against any property that I own?
Generally no. They are limited to the real and personal property within the state.
I started out on Social Security Disability because I am hearing disabled. 15 years ago.
Yes. Once a tax warrant has been filed the state can, and will, seize non-exempt property and auction it to pay your tax debt.
If you call them and setup a payment plan they'll pause collections activity.
You'll also want to check to see if you're driver's license has been... Read more »
Who said you can't question the IRS. That's really bad news for my career if it's true. Which it's not. Hire a professional if you have an issue with a government agency and challenge their position. It's literally what lawyers are for.
The owner is deceased and his probate is a limited judgment the PR can't sell or transfer the titles without court approval. There are co-owners on one title that can't sell their interest due to this limited judgment on one probate co-owner. The probate refuses to dismiss the co-owners need relief... Read more »
Sounds like you should hire someone to help you with that.
Monies owed to the Internal Revenue Service According to IRS I owe $5,000 for year 2012 on January 22, 2020 I will be 65 years old . They take a percentage of my partial social security. At age 65 are they still allowed to collect arrearages and what is the procedure to stop this payment
2012 taxes would not be discharged in a 2015 bankruptcy. That return would have been due 4.15.13 and the three year period for discharging income tax would not have passed until 4.15.2016. Also, the IRS is a preferred creditor in a 13.
If you want them to stop the SS levy you have to setup... Read more »
I only agreed to the 50% for him because my atty said it would be from the date I moved out, not from the day he finally signed the divorce papers (3 yrs after I filed for divorce- I left in August 2016- divorce paper signed Dec 2019).
You have to use a Qualified Domestic Relations Order (QDRO). Transfers subject to a domestic relations order are not subject to penalties but you have to do it correctly. Once the account rolls over to the other party if they then distribute money or anything else it's just like nay other... Read more »
i did not have a job 8 yrs ago when doc was made. have job now and i have joint custody
IRS rules allow for the custodial parent to claim the child every year. Under IRS rules the custodial parent is whoever has the child more.
However, if you violate the court order you are subject to a contempt proceeding. You should negotiate with the other party or file for a revision to... Read more »
Florida: Sunset LLC has one member; a corporation Danube Inc. Danube Inc. has 2 members: a husband and wife. There is an operating agreement between Sunset LLC and Danube Inc.
All taxable income are earned by Sunset LLC only. All fixed assets are owned by Sunset LLC. All expenses... Read more »
Hire a professional.
I work for a hotel. Guest is claiming tax exempt and only exemption form is a Allodial American National ID card. He claims hes his own entity and is required to be tax exempt. NO tax exempt form was given. It looks like he is using Moors C.M. Bey Orders, sovereignty from Federal laws. Any insight... Read more »
No, that's not a legitimate exemption.
He's an idiot and you do not want to get involved in that nonsense.
I own Business A and my parents own Business B. We are both retail business but sell different types of products. Since they are 2 separate business do we have to pay our sales taxes separately or can we pay them under the same EIN?
Seperate.
Ive been called two times now by an "Unknown number" who is leaving voicemails and leaving a case number as well as saying my place of residence and living is known and if I do not return the call. They will come to me? Can I be notified of something like this Via voice mail? Does this sound like a... Read more »
Probably a scam. I'd call the El Paso Sheriff's dept and ask if there's a warrant out for you just to be sure.
If they identify who the are, police, IRS, CDOR, etc..., look up the number form a verified source and call in and tell them what happened and see if they are trying to contact... Read more »
Does this allow for another degree of separation? What are the potential pitfalls?
The company should own the company property. Otherwise you risk veil piercing which is where parties are allowed to ignore the entity protections ans come after you personally for debts and liabilities.
Not a real rule. People pay taxes without being represented all the time.
I have a question on IRC 7874, which relates to laws on inversions. The ownership test stipulates that, in the event of merger between a US and a foreign company, if US shareholders own less that 80% of the combined firm, then the combined firm can be considered a foreign entity for tax purposes.... Read more »
It's not required for US law but you'd need to check Bermuda's rules for their treatment of foreign shareholders.
Be careful applying logic to tax law.
Hire a professional.
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