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... Read more »
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.... Read 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... Read more »
You can deduct only the amount you actually paid.
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... Read more »
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... Read more »
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... Read 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... Read more »
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... Read more »
Can the county go after members/owners of the LLC for payment of delinquent unsecured property tax?
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... Read more »
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,... Read more »
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... Read more »
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.
I filed my taxes on February 21st 2020 I haven't received any stimulus and nor my tax return and I can't contact anybody at the IRS business going against my civil rights
Probably not. If you think they are you can file a lawsuit once the courts reopen.
owe him for half of those paid taxes, which is quite a bit. Is he correct? It came out of left field. I'm in California.
What does the separation agreement say?
If the taxes were paid from marital funds and there was no provision i the final orders of the domestic court addressing the matter then he doesn't have a claim. if he disagrees his recourse is to file a motion for contempt of court for breach... Read more »
This is a two part question.
I started a single member LLC in California in 2017. The LLC never conducted any business however, I have not yet dissolved it. Currently, it is suspended with the Sectary of State. Every year, I file a schedule C federal tax return and no state return (The... Read more »
I am not advising you not to pay your annual minimum tax, or not to dissolve your LLC; only what will happen if you don't. If set up properly, the minimum tax is assessed against the LLC, not you. If it is not paid, the LLC will be suspended. If you do not dissolve the LLC and do not pay... Read more »
I received my last paycheck and my company deducted 22% from my federal tax instead of the usual 12%. When I asked the payroll employee she said that it was because manual checks some how have a higher tax. Does that sound correct? I live in California and am an hourly employee.
There is not a higher tax rate applied to final checks because they are final checks. However, if the final check was larger than a normal pay period check, such as including all remaining PTO, the rate applied to the larger amount could be higher for a couple of reasons. It could be that the... Read more »
My accountant believes it is when the system comes on-line, not when it is contracted or paid. Is this true? I need the tax credit for 2019, not 2021. Even though it was paid, contracted and installed in 2019, but because of construction will not be in service until next year.
CPA is probably right.
See Notice 2013-70. https://www.irs.gov/pub/irs-drop/n-13-70.pdf
There may be additional facts and circumstances that would allow a credit in 2019 but generally you have to be making power to get the credit that year.
We are living on the property, Still renovating the house and it may not be habitable for some time. Does placed-in-service apply to us? We need the credit for 2019, as we no longer have income for 2020.
If you bought the fixer in 2019 and either contracted for solar in that tax year or had it installed that year you can probably deduct it in you 2019 taxes (I say "probably" because I have not read the controlling statute or the contract).
I have registered a corporation in WA (C-CORP). I have a consulting project coming up. I tried to use the WA corporation to do the consulting because the consulting fee is not taxable in WA. The consulting project is to help a bank in California but it will be done remotely---I do not need to visit... Read more »
Move out of California.
Support the kids the full calendar year and he owes child support from previous relationships can they take my kids stimulus money? Franchise tax board sent him letter for child tax credit refund pending.
You and you partner should talk to a tax prepare to advise you about calming the children, based on reviewing your tax records. your partner You may present the POA to the bank. I hope this helps. Good luck. Zaher Fallahi, Esq, CPA (CA &D.C.).
Disclaimer: This is for information... Read more »
In community property states such as California, all income earned by either spouse belongs equally to both. Therefore, if you file separate married returns, you must total all marital income then divide it down the middle, with each of you reporting half.
My parents owe taxes, and they want to wait till july 15 to file because they owe money, but if they file now, they won't have to pay until july 15, right? The reason I'm asking is be causse on the 2018 taxes they put me as a dependant, and 2019 their not going to put me down?
Hi. Yes, they can file now and wait until July 15 to pay what is owed on the return.
Hi. The wholesale cost is the cost of the product at a price when sold in bulk, which more often than not is cheaper than the retail price. The cost is usually the price charged from vendor to vendor. Retail price is vendor/retailer to consumer. I hope I am answering your question.
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