answered on Feb 3, 2022
Yes, you are allowed to pay yourself a salary. Work with your accountant to be sure you are getting the best tax advantages.
A family member of mine was bequeathed a house from a living trust. He has not claimed it because he doesn’t work so he can get medi-cal to cover the medical care that he needs. Would he be able to claim it and transfer it to someone else without it affecting his qualifications for medical or his... Read more »
answered on Jan 19, 2022
No. Deeds are public records that anyone can see and receive a copy of simply by asking the County Recorder and paying the copying fee. Many counties have their deeds online for easy access. Also, be aware that there is a “look back period” before someone can qualify for some needs-based... Read more »
Will California still go after my wife’s income or just mine to pay back the debt
answered on Jan 7, 2022
Because Washington is a community property state, you have a community interest in your wife's earnings. The California FTB can therefore collect on your community interest in those earnings.
The letter was sent to my home re: Request to change address to x address. We have been married for a year.
answered on Jan 7, 2022
YOU PROBABLY WANT TO ASK THIS QUESTION TO A FAMILY LAW ATTORNEY IN YOUR AREA.
CALL FOR A FREE CONSULTATION ASAP.
answered on Dec 23, 2021
You can ask for your employer to issue a stop payment and provide you with a cashier's check.
The fact the bank put a hold on the final check is a bad sign.
Depending on whether the check is ultimately rejected, you may be entitled to waiting time penalties for each day late up... Read more »
The original settler is deceased. The trustee has power to distribute his 1/3 of income and principal to himself. The question is whether the Trustee-beneficiary is considered a substantial owner under IRC 678(a)(1) and therefore taxed currently on his 1/3 of trust income.
answered on Dec 23, 2021
It is most likely a non-grantor trust, but there is no way to know unless a lawyer reads the terms of your particular trust. Each trust contains different language. The main question will be whether the settlor/grantor of the trust has any control or powers. Take your trust to an attorney in your... Read more »
My Ex is supposed to give 50 % of his pre-ipo stocks over to me and keep me informed what he is doing with them. But he kept me in dark exercised 50% of them and never gave me an option to exercise as it was community property in his name and now claims all exercised shares are his. Now if i agree... Read more »
answered on Dec 10, 2021
more info needed.
it sounds like a family law matter and I do not accept divorce matters.
present this to your divorce attorney and if you don't have one request a courtesy consultation with one
If I start a S corp or that K1 should be issued in my S corp name, specifically?
answered on Dec 5, 2021
If your S Corporation becomes a partner in the partnership, then your S Corporation will report the income from the partnership as evidenced by K-1 issued to it by the Partnership. Then, you will report the income on your K-1 from the S Corporation because the partnership income passes through to... Read more »
My parents bought the home in 1995 and owned it 50/50. About 6 years ago they divorced and my mother moved out and my father stayed living in the home with my brother and me. My father recently passed in June of 2021 and left his 50% ownership to my brother and me in his trust. My mother is gifting... Read more »
answered on Dec 4, 2021
You shared a lot of facts and posed what ultimately appears to be a income tax question concerning the tax effect of your sale of your 1/2 interest in the house. You are not asking about the effect of Proposition 19 on the property taxes you would pay.
Here are the income tax rules that... Read more »
The company was sold but only the assets were acquired. Does the tax debt fall on me personally?
answered on Nov 18, 2021
Section 6829 of the Revenue and Taxation Code provides that the California Department of Tax and Fee Administration (CDTFA) may pursue collection action against certain corporate personnel for any unpaid corporate sales and use tax liability.
I worked for my (ex)boyfriends family business for over a year and about 2 months after we broke up i started seeing a coworker when my ex found out he punched the coworker and the boss "his dad" said we all 3 had to have a 2-week suspension to cool off. However, during the 2 weeks, I... Read more »
answered on Oct 21, 2021
In California you are considered to be an at will employee unless you have an agreement to the contrary with your employer about that status. That means you can be terminated at any time and for any reason or even no reason at all. If the employer views you as being a disruption - whether that is... Read more »
Hello,
My wife and I live in Washington state. We both work remotely for Washington companies. As such there are no state income taxes for us to pay.
She has received a job offer from a California based company. Though she would be working remotely from Washington, the company wants... Read more »
answered on Sep 21, 2021
If she is working remotely and designated as employed through the California office, she could be subject to California income tax. You should really take your situation to a Tax Attorney in WA, and discuss it for a specific opinion. Sometimes people working outside California's boundaries... Read more »
I need to provide my SS for K1 for trust distribution. I have changed my first name but trust is in old name. Do I need to give my new name to trustee?
answered on Sep 13, 2021
You need to discuss this with the Trustee if you have a legal change of name. The K1 has to match your legal name that goes with your SSN.
Hello, I am planning to found my own consulting firm. I am helping startups in the US and EU with public policy, grant strategy, fundraising and business partnerships. Should it be a LLC or sole proprietor? Which one will be better for tax-wise?
answered on Aug 6, 2021
The answer depends upon three initial focus points: [1] your exposure to liability ... [2] your desired management structure and [3] how you would like to see ownership and succession. The next step for you would be to schedule at least two free initial calls with attorneys of your choice ... by... Read more »
I paid 2,100 for my son's washington dc trip which was before corona started, but they only gave me a refund of 1,800 which was 300 less than what i even paid and said its for the processing fee??? Can i sue them?
A lawyer friend suggested an irrevocable trust. Does that make sense?
Thank you,
answered on Jul 17, 2021
It is not clear what “further taxation” concerns you. Is it income tax? Estate tax? Real property taxes? Something else? It could be that you yourself do not understand the taxation of SSDI benefits. You should consult with a tax advisor about that. Most likely you will not need any kind of... Read more »
My parents live in a house I own. I don't want to charge them rent, but do want to set up a rental agreement where they will agree to pay the property taxes and utilities. Do I need to count the property taxes and utilities paid by them as rental income on my taxes?
answered on Jul 11, 2021
The Internal Revenue Code clearly calls for such payments to be characterized as rental income.
My Grandparents have made a condition on their Trust that no funds should go to issues of my Mom who are not permanent residents of the United States. I have been living in Germany under temporary residency permits and now I’m in California considering moving back to US now in order to protect... Read more »
answered on Jul 9, 2021
The term "permanent resident" of the U.S. in immigration law context refers to someone who is NOT a U.S. citizen but has obtained the right to permanently reside in the U.S. (a.k.a. Green card) and is physically present in the U.S. typically at least 6 months out of any year (so not to... Read more »
I took a job with the understanding that I could let them know before the first paycheck whether to submit the W2 form I filled out or whether to change it to a 1099-nec. Payroll wasn’t informed and issued first check as a W2 and I wanted it as 1099. How can we fix this before second payroll?
answered on May 27, 2021
You don't get to decide if you are paid on a W-2 or 1099 basis. If you are an employee, you must be paid on a W-2 basis. Reporting income on a 1099 basis means you are being treated as an independent contractor, and that is a legal conclusion based on many factors. In California it is very... Read more »
Hello
I created a new LLC last July and I'm the only member.
So far the LLC has not been operative and has generated no revenue.
Do I need to file an income Tax return or pay the $800 California Franchisee tax?
Thank you.
answered on May 17, 2021
Unfortunately , yes, you have to pay that franchise tax regardless of whether your LLC is active or inactive. So long as the LLC is in existence, you must pay the annual tax. Some people make the mistake of only paying the tax when they earn an income, which causes the LLC to go into "FTB... Read more »
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