a levy was filed on my husband by a CC company in Dakota county. There was $2880.00 frozen in our account because of it. My husband is currently in the Feds at FCI Gilmer in WV. He has been there for over 1 year. The judgement is for debt that was incurred before we were married or even knew each... Read more »
Open a. Ew account only in your name to protect yourself. If you can show that the money in this account that was seized came from your earnings, you should be able to recover it. You need to move fast as there are time limitations on filing such objections. I recommend you hire a lawyer to help... Read more »
The business would be massage therapy and I would be renting space from a salon in town. I want to make sure I am establishing the business correctly and charging the right amounts for tax purposes and filing my taxes appropriately.
You should consult directly with a business law firm as this is much more complicated than can be fully answered on an internet forum like this.
i entered the open line while the opposite line was closed at work zone in Faribault mn then police officer stop me and got picture on my driver license, said to me we will send you a ticket to you mail? is it a serious ticket or warning ?
It sounds like the are citing you for something. They do not generally mail warnings to someone. You will likely receive a citation at the address on your license. It would be wise to speak to an attorney to see if you can keep this off of your record.
My sister has been handling my mother's finances but does not provide annual report of her income ( pension funds, stocks, bonds, annuities,) nor copies of her tax returns. I am her son and live-in caretaker. If my sister refuses to provide this, how can I obtain a copy of her tax returns? Is... Read more »
File a request for transcripts, form 4056-T, under your mother's account and have her sign it.
As far as legality it depends on the the state of your mother's mental capacity and any court orders. if your mother is competent and sister is handling the finances you don't have... Read more »
The sole revenue for the 501c(3) is Consulting Fees from the Directors solely owned Scorp, and it's sole expense is the Directors salary. Is this legal or tax evasion?
FYI, it is not unlawful for a 501c3 corporation to own a for profit corporation. However, revenue from any source must be reported to the IRS. The 501c3's gross revenue can be offset by deductions if the deductions are actually related to the charitable (or educational or religious) purpose(s)... Read more »
W-2g wins within same day came to over 50,000 even though I had losses to cover this. It was still considered income now my social security disability is taxable at 85%
You have to report the W-2gs and reduce the amount of the winnings by your losses.
You cannot take those losses against any other income.
i still owe a "shared responsibility" from 2015, when i made barely enough to afford rent, but could not afford groceries, let alone health insurance. I am still getting harassed about it this year. With the individual mandate penalty being eliminated with this new tax bill, will that... Read more »
It is not retroactive so you will still owe the penalty. Did you look into whether you were exempt?
Assuming I had 255k of taxable income, but they cleaned me out is there a possible law suit
The IRS has the right to file what is called an SFR - substitute for return on your behalf. If they see a substantial amount of income that was reported to them from third-parties, they will likely conduct an audit of your account and force the preparation of a tax return. Once there is an... Read more »
I am 100% owner of my 1120-S corporation and am 71 years of age. My 401K is company sponsored.
You can withdraw from your 401k anytime, in fact, you should have an amount that is required to be distributed from the plan once you have reached 70 1/2. The distribution will be taxable to you upon distribution, but once you’re of age it will not be a early distribution and therefore won’t... Read more »
Tax attorney should have caught all that before we sent in the OIC. They never said if everything wasn’t complete the IRS would take the 20% payment we had to send in and we’d have to pay another 20% to resend in the OIC once all papers were filed.
It is difficult without seeing what was submitted to tell you whether this should have happened or not. If you neglected to tell the attorney that you had an asset, for example, and did not provide the attorney the proper documents that is not their fault. If it is something that the attorney... Read more »
There is too little information to provide you advice on this matter.
When property is sold or exchanged you may be taxed on the gain. A gain is the amount you realize from a sale or exchange of property that is more than its adjusted basis. Generally, the adjusted basis is the cost of the property. The amount you realize is defined as the money you receive plus the... Read more »
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