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Here is the situations. Husband and wife are both US residents. Husband is a Green Card holder, wife is a US Citizen. Do we need to file any tax form when the husband transfer large assets assets (e.g. money and stocks for $300K) to the US citizen wife? is it best to use a joint account or can the... View More 
answered on Jul 22, 2020
This question would be best answered by a tax expert so that they can advise you of any possible gift tax repercussions.
Tax advice disclosure: To ensure compliance with Treasury Department Circular 230, we inform you that unless otherwise specified, any federal tax advice contained in this... View More
I'm the trustee, Will I pay more in taxes if I claim it on my taxes, or should i get a ein for the trust and file it's own taxes and leave the house in the trust
answered on Jul 20, 2020
Federal income tax rates for trusts are compressed. In 2020, trust net income that exceeds $12,950 is taxed at a rate of 37%.
Jonathan Purcell is a California Attorney. This posting does not create any attorney-client relationship. The information presented here is general in nature and... View More
My company (everything is digital since it's a marketing company) is HQ'd in California but has remote employees in most states. I am moving from CA to Washington state soon to be with family since everyone at my company will be working remote until the pandemic is close over (perhaps... View More
answered on Jul 8, 2020
This will create a difficult tax situation for you, and you should hire an accountant to handle your tax returns. First, there is the issue of state income tax. You only pay income tax to one state but you may have 2 states claiming it. The state where the income is earned is the state with the... View More
answered on Jul 8, 2020
You want to provide them a W-9 so they report the payment to the IRS on a 1099. Then you do not pay employee share of employment taxes like SS/ FICA.
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Let's say a Person A files for unemployment benefits but doesn't have an address so he has them sent to Person B's address. Well then when the unemployment benefits arrive in the form of a debit card to Person B's address, Person B decides to go ahead and activate the card and... View More
answered on Jul 3, 2020
It is against the law for an attorney to counsel someone on how to evade the law or commit a crime. Perjury is a crime as is subornation of perjury. In your scenario, A has committed a crime by falsely applying for benefits, but if he never worked then he did not amass the required quarters of... View More
or state. He just entered the k1 amount in my personal return. How much of trouble am I in? Do I need a lawyer?
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answered on Jul 2, 2020
Yes, you need a tax attorney to help you to sort this out. Possibly a different account can assist you. The amount of trouble you are in would only be a guess, perhaps it depends on whether the S Corp made any money and did not pay taxes.
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I am a 20 year old attending university as a full time student. My parents claim me on their tax return every year, so my status is dependent. However, due to recent altercations with my parents, we have decided I will be on my own now. I was wondering how I can claim independent status on my tax... View More
answered on Jun 29, 2020
You do not claim "independent status" on your tax return.
You file as a single person . You claim one exemption. Yourself. HOWEVER:
If your parents pay more than 1/2 of your support in the calendar year, they may claim you as their dependent. AND:
If they claim you... View More
The house is not in my name anymore do I have to pay this tax and if so should the owner title insurance cover this. Also If I don't pay it what can they do?
answered on Jun 24, 2020
They may end up paying it, but they will likely chase you for reimbursement if it proves to be your obligation that was due.
I reside outside of the U.S. right now, however, my ex-husband (though he is still working on his divorce papers) got the check through our old joint bank account and refuses to send it to me.
He explains that since I am not physically in the U.S. he can not send my check to me and he... View More
answered on Jun 19, 2020
You say you "ex-husband" is working on his divorce papers. Does that mean he is working on the divorce papers from you? The divorce papers that he or you filed in California? If the California divorce is not finished between you and him, then he is not your ex-husband yet. It sounds... View More
answered on Jun 13, 2020
I would say “yes”. An out of state retirement plan received while resident of California would be taxable to California. You may be able to get a credit for any Louisiana taxes in your California tax return, which I don’t believe the law allows them to. Zaher Fallahi, Esq, CPA (CA &D.C.).... View More
A local hospital foundation is giving away a prize valued at $3,000 to one person. Donors and fundraisers are both eligible to win. If I win it, would it count as income and be taxed?
answered on Jun 13, 2020
Generally, prizes are taxable, and I am not aware of an exception if the prize was given by a non-profit organization. Of course, your paid lawyer may research the law and find an exception for you. Zaher Fallahi, Esq, CPA (CA &D.C.).
Disclaimer: The information provided here is not... View More
this an economic assistance service provided by the Gov . How is that IRS is with holding these monies from debts due to child support. Does it mean that they don't get to have help? Not all fathers are dead beat dads and this is a help for some and a punishment for those in debt for reasons... View More
answered on Jun 8, 2020
Whoever told you that is wrong.
The recent $1,200 stimulus check (or deposit) everyone was entitled to receive from the IRS was not a free gift. The payments are legally considered as advances on any tax refund the taxpayer recipient might be entitled to at any time in the future.... View More
On my tax returns, When deducting attorneys fees incurred for the collection of taxable alimony, do I deduct the full amount incurred or only the portion that I paid? I still owe on the total I incurred.
For example- I incurred $15,000 in attorneys fees to enforce collection of taxable... View More
I receive spousal support under a 2016 temporary support order. The divorce is still pending. I know I need to report that income on my tax returns since that order is from before 2019. However, in 2019 my spouse was found in contempt of court for failure to pay support and was ordered to pay me a... View More
answered on Jun 1, 2020
Any money you receive from any source must be reported to the IRS in the tax year that you received it.
One portion of The CARES act allows for withdrawals from your 401(k) without the typical 10% penalty. Additionally, it appears you can avoid the state and federal taxes if you put the equal amount back into the 401k within 3 years. In my scenario, would withdrawaling the funds to pay back an... View More
answered on May 25, 2020
I believe the CARES Act requires specific purposes for the “use” and your intended purpose may not qualify. Talk to the custodian. I hope this helps. Zaher Fallahi, Esq, CPA (CA &D.C.).
Disclaimer: The information provided here is not intended for and may not be construed as... View More
The IRS Sent me a letter saying i owe them money from taxes back in 2017. Turns out this is the 2nd and final letter. Never received the 1st. Anyways it says i owe $4000+ since i worked in additional 3 places and didnt declare taxes. Says i can appeal in tax court. I just figured out me and my dad... View More
answered on May 25, 2020
You and dad may take your documents to a tax professional and get everything straightened out. It may not be necessary to go to the tax court. I hope this helps. Zaher Fallahi, Esq, CPA (CA &D.C.).
Disclaimer: The information provided here is not intended for and may not be construed... View More
Can the county go after members/owners of the LLC for payment of delinquent unsecured property tax?
answered on May 25, 2020
Generally, if the LLC is kept separate from the members (no commingling), the LLC money has not been taken for personal use, etc., the members’ liability is limited to their capital in the LLC. Since there was a real property in the LLC’s name, it may have had a counsel, who would be in a much... View More
answered on May 23, 2020
In general, if the trust is revocable, no. The trust is identified for tax reporting purposes by the Social Security Number of the trustmaker and all trust income if any is reported on the trustmaker’s annual 1040 individual income tax return.
And in general, if the trust is irrevocable,... View More
answered on May 21, 2020
There is a requirement to report gifts more than $15,000 per year on form 709.
The tax will be levied only if at the time of death, the combination of all lifetime gifts and donor's decedent estate, exceeds the the gift and estate tax exemption, then in effect, currently $11.58... View More
answered on May 18, 2020
No. You can't file joint and file a separate return.
Even if you file Married Separate you have to allocate income under the community property rules of California.
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