We have to amend our 2018 taxes because we received a schedule K1 form 1041 after we had already filed our tax returns and received our refund. ( my husband’s mother passed away and she had a trust out of New York) The question I have is since we are Colorado residents do we have to pay Colorado... Read more »
A distribution from a trust is not an inheritance. The K-1 should only include your allocable trust income, not a distribution of trust corpus. The amounts originally placed in trust are not taxable on distribution; only the income of the trust distributed to you is taxable to you. Most accountants...Read more »
I AM A SINGLE OWNER LLC SMALL BUSINESS FILING AS DIREGARDED ENTITIY WHO RECEIVES A 1099-K FROM AMAZON FOR RETAIL SALES TRANSACTIONS. AMAZON "A payment settlement entity (PSE) must file Form 1099-K for payments made in settlement of reportable payment transactions for each calendar year. A PSE makes... Read more »
Last week a policeman gave me a notification from the city that I and my brother (who lives in Oak Cliff with our elderly father, who has dementia) are being sued for almost $4000 in back taxes. The main thing is that we do not have the money to pay that all at once, yet I am required to answer in... Read more »
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 »
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 »
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 »
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 »
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