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i have a photography business and recently became LLC at beginning of the year. I dont understand or know if i am a pass thru entity and i dont know when / how often I am supposed to pay my sales tax. Before this i was sole proprietor and it was all much easier to understand
answered on Mar 27, 2017
Single member LLCs are still taxed by the Federal Government as sole proprietorships by default. Unless you make an election to be taxed as a corporation, nothing really changed on the federal level. Even if you were a state sole proprietorship, you would still have state sales tax to worry about... View More 
I just received a letter from the IRS for unpaid Federal Taxes. I was awarded a settlement from my former employer. Should I contact the IRS myself on this issue or should I hire a Tax Attorney to do this for me? I believe that the entire amount of the settlement should not be taxed, or possibly... View More
answered on Mar 18, 2017
Settlements can be tricky because they have to be closely read to determine the proper tax classification of each item. That said, many taxpayers can choose to try to handle issues with the IRS on their own. There is certainly a wealth of information available through the IRS publications,... View More
I am a US citizen (in the state of Virginia) considering opening a business in Estonia, since I was approved as an Estonian e-resident recently. In Estonia, profit retained within a company for re-investment is taxed at 0% and is only taxed at the normal Estonian corporate tax rate when dividends... View More
answered on Jan 13, 2017
Definitely find a lawyer who specializes in this area. You don't want to try to guess with taxes. If you need a referral, feel free to contact me. Also, I found this white paper which you may find helpful in understanding the issues from a broad view: https://fas.org/sgp/crs/misc/R40623.pdf
answered on Nov 7, 2016
Virginia Workers compensation payments whether received on a weekly basis or in a lump sum settlement are not taxed by the IRS
In matters pertaining to 26 U.S. Code § 368 - Definitions relating to corporate reorganizations, I am looking for a clear definition of what constitutes "Voting Shares" when contemplating a Reverse Triangular Merger (RTM) as a means of acquiring a business.
Situation:
I... View More
answered on Oct 12, 2016
Great question! In answer, a "voting share" refers to a class of shares, the possession of which entitled the bearer to vote on matters related to the corporation or organization. As such, you need to look at the corporate charter, or depending on the structure of an LLC, the operating... View More
I just moved and the account I had was completely drained dry. I planned on useing the funds for employment supplies such as the dress code for a new job, gas money to get to interviews, steel toe boots (PPE), etc. I have no issue with paying the arrears, but I can not live in fear of any accounts... View More
answered on Sep 12, 2016
Not sure about NY law, but in VA, a levy on a bank account is a normal and legitimate way for an owed party to collect funds. Consider speaking with a local family law or debt protection attorney about your specific situation.
answered on May 19, 2016
That would depend on more information, such as what you consider to be disposable income. For more information, seek out a Consumer Protection attorney.
answered on Apr 27, 2016
No. If both of the owners passed away, title transfers according to their wills. If they passed without wills, it passes according to the intestacy rules. If a person, other than those who would inherit under the probate rules, inhabits the property in adverse possession for 15 consecutive years,... View More
received notice from irs that i owe additional money from 2004,06,07,08, and 09. my attorney says that they will not help because my case ended in September. i feel they should still represent me because those years were included in my chapter 13. am i wrong?
answered on Apr 7, 2016
The IRS is often very bad about posting payments received during bankruptcy to the correct modules. A chapter 13 plan must pay all of the "priority" tax debts in full over the life of the plan. So the IRS should have applied the money they received from your plan payments to your... View More
There were exceptions but I didn't fit any that I saw but I'm not a lawyer. It seems unfair to forgive the loans and then make it an incredible amount to tax. The same hardship should not make it income in some cases. I'm ready to have the original 77,710.00 active again. It's... View More
answered on Apr 7, 2016
Yes, Congress in its infinite wisdom, chose to treat the forgiveness of debt as income for tax purposes, despite the liquidity problem that comes with a taxpayer being so broke a bank won't chase them for money, but then hitting a broke person with a big income tax bill. But they do it... View More
May they elect to simply file their % of income and expenses on sch Es
answered on Sep 12, 2015
Your question is incomplete and confusing.
I assume that a SMLLC is some sort of a limited liability company. And they own the property as joint tenants with the right of survivorship. If title is in "[LLC #1], and [LLC #2], as joint tenants with right of survivorship", this... View More
answered on Jul 22, 2014
Probably, but it may depend on details related to how the person lost the home and when they left the home. This link may help: http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+TOC55000000011000010000000.
answered on Mar 2, 2014
If you have received the consulting fee and have not paid estimated taxes on that, you will be taxed on that amount when you file your tax return. You can wait until you file, but your year-end tax liability will be higher than if you made your estimated tax payment on it. I would encourage you to... View More
Brother died with no will and around ten years of unpaid federal taxes. No executor was formally declared, Father is beneficiary of 401k that was collected and cashed, Small cash ammount taken out of bank by other brother and apartment cleaned out. Other brother did not formally settle the estate... View More
answered on Sep 29, 2013
Hello,
Normally, when a person dies their assets go through probate. And those assets are subject to the claims of creditors - including the IRS. This allows the IRS to go after the estate for the payment of back taxes. It is the responsibility of the person designated to distribute the... View More
answered on Oct 20, 2013
In 20 years I have never seen a tax lien cause a denial of a passport
answered on Mar 21, 2011
The short answer is "yes". The only open question is that of what tax year is the proper one for reporting.
answered on Feb 10, 2011
Their right to recovery is limited by a number of factors. If you or the other account holder are the primary contributors to the bank account and you want to protect your money you need to speak with an attorney quickly to explore your options.
Your major problem with a tax levy, is that... View More
answered on Jan 17, 2011
Request an extension from your Commissioner of Accounts. They will likely work with you as long as you keep the Commissioner's office well informed and follow their instructions.
Given that there is sale of Real Estate, you may need to file something other than the Statement in Lieu of Accounting.
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