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Anyways my question is DO CITIZENS HAVE ANY RIGHTS WHEN IT COMES TO NOT GETTING A SINGLE NOTICE ABOUT GARNISHMENTS AND HAVE IRS WIPE YOU OUT IN ONE COLLECTION LIKE THAT?
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answered on Aug 9, 2024
When the IRS seizes funds from your bank account without prior notice, it can feel overwhelming and unfair. However, the IRS is generally required to send you a series of notices before taking such action. These notices often start with a demand for payment and escalate if the debt remains unpaid.... View More 
My father wants to leave me his house while maintaining Prop 13 benefits. We are considering assuming or refinancing his loan without triggering Prop 13 reassessment or capital gains. Additionally, he has a son (my half-brother) he never knew about who we want to ensure cannot attach the home. My... View More
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answered on Jul 30, 2024
To maintain your father's Prop 13 benefits and avoid reassessment, he can transfer the property to you using a parent-child exclusion form, which ensures that property taxes remain the same. This transfer must be completed before his death to avoid triggering reassessment.
Refinancing... View More
Can IRS come after me personally for the remaining money owed?
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answered on Jul 18, 2024
If your company has fallen behind on payroll taxes and you have already paid the trust fund portion, the IRS might still pursue collection of the remaining balance. This balance can include penalties and interest on the unpaid taxes.
As an owner or responsible party, the IRS can hold you... View More
The above question pertains to government run pensions in UK and NZ. There is contradictory info out there so I'm trying to find the exact tax laws that address this. To clarify, these accounts aren't currently being distributed and don't receive any dividends or payments until retirement age.
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answered on Jul 18, 2024
Understanding the tax implications of unrealized gains and losses from foreign pension accounts can be complex. In the United States, the IRS generally does not tax unrealized gains. However, certain foreign pension accounts may be treated differently under specific tax treaties or reporting... View More
My employee login accounts were being tampered with and my taxes information was being changed someone changed my tax information under federal and state they put 0 and another time put 99 I always claimed 3 ALOT of things were changed and my money was taken.the school district I worked for... View More
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answered on Jul 18, 2024
You have the right to take legal action against individuals who have stolen your identity and tampered with your accounts. The evidence you have, such as screenshots and witness statements, can be crucial in supporting your case. It's important to gather all documentation, including police... View More
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answered on Jul 18, 2024
When you receive a personal injury settlement in California, the federal and state tax implications can vary. Generally, compensation for physical injuries or sickness is not taxable, so you wouldn't need to pay taxes on that portion of the settlement. This means that if you received... View More
The beneficiaries have not changed. There are only 2. What needs to be done to update this trust before my mother dies, to avoid any tax issues at her death. We are very confused what needs to be done ( property was the only thing in the trust. 1 house, which she lives in and a piece of land. That... View More
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answered on Jul 18, 2024
To update your mother's A B trust, it's essential to take a few steps to ensure everything is in order before her passing. Since your father passed away 13 years ago and your mother was unaware of any required actions, the first step is to review the trust documents to understand the... View More
what happens if an estate currently improbate with mostly to sell immediately has delinquent taxes and is scheduled to be sold at a public tax auction?
answered on Jul 15, 2024
Thank you for your question!
It would stay the foreclosure after providing proof of the successors of interest that the property is going to be sold. The tax due amount will be deducted from the sale proceeds before its distribution.
This is merely a discussion of general laws and... View More
My income is tax exempt. The IRS wiped my bank account today by mistake (I hope it was a mistake!).
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answered on Jun 25, 2024
Based on the situation you've described, here are a few key points and potential next steps:
1. Escalation options: While there's no specific "escalation department" outside the IRS phone system, there are alternative ways to address urgent tax lien issues:
-... View More
I have copy of Will, I am primary executor and sister is co-executor. We want to avoid probate split rent, property taxes, and transfer property deed in our names.
answered on Apr 30, 2024
Thank you for asking the question!
1. Properties located outside of California passed outright to heroes and devisees without any formal private processing. It is going to be an informal transfer.
This transfer occurs outright regardless of whether other property in the estate is... View More
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answered on Mar 4, 2024
Under California law, if you've paid for services that were not provided as agreed, you have several options to seek recourse. In the case of a tax relief company like Optima Tax Relief failing to deliver on their promises, your first step should be to reach out directly to the company to... View More
Seeking counsel immediately
CA case. Date of separation is filing date of 9/15/23. Couple still living together in home. Husband is retired and Wife is the major breadwinner (which is why husband wants to file separately). To stick her with the taxes. Shouldn't any taxes owed come out of the community property assests... View More
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answered on Nov 8, 2023
In California, a community property state, income earned by either spouse during the marriage is typically considered community income, and both spouses are equally liable for taxes on that income. If a couple is married but files separately, they still generally share responsibility for any taxes... View More
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answered on Nov 8, 2023
Funds coming out of a traditional (non-Roth) IRA or 401k are taxable whether taken out during life or when withdrawn after death. If all of your beneficiaries are natural persons then they will be required to make withdrawals from the traditional/taxable IRAs that you leave to them on a specified... View More
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answered on Nov 6, 2023
In California, a lien is typically attached to a property rather than a person. It serves as a legal claim or hold on the property as security for a debt or charge that must be paid off. When the property is sold, the lien must be satisfied from the proceeds before clear title can be transferred to... View More
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answered on Nov 4, 2023
Forming an LLC in California as a web developer may provide some tax advantages, such as potential deductions and business expense write-offs. However, it won't necessarily reduce your overall tax liability. California LLCs are subject to an annual franchise tax, and as the owner, you would... View More
I recently exchanged money from a Money Exchange House registered with the corresponding authorities of the City of San Diego (in California). Their signage was misleading and they made a commission surcharge of 15% I was not aware of, taking $45 USD from the amount I exchanged.
I looked... View More
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answered on Oct 31, 2023
Under California's Business and Professions Code (BPC) Division 8, Chapter 21.5, Money Exchange Houses are regulated to ensure transparency and fair dealings. Section 22516 mandates that a licensee conspicuously post and provide each customer a written disclosure of any and all fees and... View More
I am a non US citizen living outside of the US who just got $85,150 deposited into my US bank account. This money came from a conversion of cash that I had in a drilled safe deposit box to a cashiers check and into my account. It figures as "bank credit".
Do I have to pay taxes... View More
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answered on Oct 29, 2023
In the U.S., taxes are primarily based on income. If the deposit into your U.S. bank account represents a conversion of your own funds and not income earned, it is generally not considered taxable income. However, there are reporting requirements for foreign bank accounts and large cash... View More
What would the implications be for a U.S. tax individual who, unaware of the requirements to report ownership of foreign businesses, fails to disclose their ownership interest in a foreign company? Suppose this company isn't active and was believed to have been seized by a foreign government... View More
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answered on Oct 28, 2023
U.S. taxpayers, regardless of where they reside, are generally required to report their worldwide income and disclose foreign financial interests. Failure to report foreign financial accounts and ownership interests can result in significant penalties under the Foreign Account Tax Compliance Act... View More
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