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My attorney’s paralegal told me that I do not qualify for Chapter 7, but I’m in dire financial straits. Worse than when I filed, and need to do the conversion. She told me that the Trustee will more than likely dismiss the case.
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answered on Apr 17, 2023
A debtor may convert a chapter 13 case to a chapter 7 liquidation case, at any time. The right to convert to chapter 7 is unqualified and may not be waived. However, a case cannot be converted to a chapter for which a debtor is ineligible. Therefore, a debtor converting from chapter 13 to chapter 7... View More 
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answered on Apr 10, 2023
First, you must determine whether you can qualify as a trader for federal tax purposes. This determination is based on pertinent facts and circumstances. Special rules apply if you're a trader in securities, in the business of buying and selling securities for your own account. The law... View More
Will the proceeds get taxed capital gain if I take my time 1 to 2 years not buying another house. Proceeds of the home sales is less than $100K
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answered on Mar 23, 2023
If you meet certain conditions, you may exclude the first $250,000 of gain from the sale of your home from your income and avoid paying taxes on it. The exclusion is increased to $500,000 for a married couple filing jointly.
1) Your home sale must not have been property you acquired in a... View More
My 2020 return was audited, and the IRS sent me a 30-day letter proposing a substantial underpayment penalty based on disallowed business deductions that my accountant told me I was entitled to. Am I liable for this penalty?
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answered on Mar 23, 2023
More facts would be needed to fully answer the question, such as whether the accountant exercised any judgment or performed any analysis regarding the business deductions. Usually, taxpayers are eligible for relief when they rely on actual advice from a tax advisor, i.e. professional judgment or... View More
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answered on Nov 15, 2023
Need more facts regarding the underlying claims. Feel free to schedule a consultation with us at www.taxworkoutgroup.com.
A person hires a CPA to produce an annual accounting, tax return etc. Who is repsonsible for knowing the laws? The client OR the CPA? Should the CPA provide the client with a questionaire PRIOR to completing any services to eliminate missing information that the client may not know would be... View More
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answered on May 17, 2023
Both. Yes.
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