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Originally lived in MI and moved to CA last year, not sure if there are any benefits to keeping it in MI since its an s-corp
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answered on May 2, 2023
As a foreign entity, your S corp is required to register with the state of California and obtain a certificate of qualification to do business in the state. Depending on the nature and scope of your business, there may be benefits to moving your S corp to California, such as access to local... View More 
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answered on May 1, 2023
If you owe the IRS $100,000 and leave the USA, they can still collect the debt from you. The IRS has the authority to seize your assets, including bank accounts, property, and wages. If you receive Social Security benefits, the IRS can also garnish up to 15% of your monthly benefit payments to... View More
I missed the deadline to turn in documentation requested such as info needed to verify im head of household to claim EIC . I missed deadline because i was in hospital as I was recently diagnosed with Multiple Sklerosis . I just got was released from hospital Fri. only to come home and find out id... View More
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answered on Apr 30, 2023
I'm sorry to hear about your situation. If you missed the deadline to submit documentation to the IRS, you may still be able to provide the information and request a re-examination of your tax return.
The first step is to contact the IRS examiner assigned to your case and explain your... View More
Is it illegal or considered tax evasion to form an online business in any state by using a virtual address?
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answered on Apr 27, 2023
Using a virtual address to form an online business in any state is not illegal or considered tax evasion in and of itself. However, it is important to ensure that the virtual address is a legitimate physical location where the business can receive mail and other correspondence. It's also... View More
He is a Japanese citizen and lives abroad. He has one daughter who is a naturalized US Citizen and a son that is a LPR and Japanese citizen. What are the tax implications to transfer ownership to one of us? Should it just be specified on his will or is it better to do it while he is alive?
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answered on Apr 27, 2023
If your father wants to transfer ownership of his California home to either you or your sibling, there may be tax implications to consider. The specific tax implications will depend on several factors, including the value of the property and the citizenship status of the parties involved.... View More
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answered on Apr 27, 2023
As an OPT holder, you are permitted to engage in certain types of employment, including self-employment, as long as the work is directly related to your field of study and you are authorized for the OPT. Therefore, you may be able to create an LLC for your side business while on OPT, as long as the... View More
How would I phrase my letter of explanation? What information is needed in order to satisfy immigration officials requirements for a letter of explanation why I don't need to file taxes because I don't have income to document?
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answered on Apr 20, 2023
In your letter of explanation to immigration, you should clearly state why you have not filed tax returns and provide any necessary documentation to support your claim. If you do not have income to document, you can explain your situation and provide evidence of your financial circumstances, such... View More
First they steered me away from the free version to a paid version that I didn't need.
So now I have to paid version but I can't get customer support help anywhere.
And every time I call I get an automated response to put my ssn in so they can help me but then they... View More
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answered on Apr 12, 2023
As per California law, it is possible to file a lawsuit against TurboTax for their actions if they have caused you harm. However, whether or not you have a valid case against TurboTax depends on the specific details of your situation, as well as the terms of service and any agreements you may have... View More
Rental house in Ga
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answered on Apr 11, 2023
If you paid capital gains taxes in Georgia for the sale of a rental property located in Georgia, you generally would not have to pay California state taxes on the same transaction, as long as you are not a California resident and do not have any other California-sourced income.
However,... View More
Family Trust and California Tax Liabilities: I am the Trustee and we (five siblings) sold my Mother’s home in 2022 following her passing. There are no other assets besides the home and no outside debt or other financial obligations.
At what level (Amount) are we’re obligated to... View More
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answered on Apr 11, 2023
As the Trustee of your family trust, you may have tax reporting obligations to the state of California, depending on the amount of taxable income generated by the trust.
In California, trusts are subject to income tax if their taxable income exceeds a certain threshold, which varies... View More
We were not asked to verify the information and have been long standing customers of this tax preparer. We have never changed our banking information.
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answered on Apr 7, 2023
If your tax returns were sent to the wrong bank, the first thing you should do is contact your tax preparer immediately to inform them of the mistake. They should be able to provide guidance on what steps to take next. They may be able to help you retrieve the funds from the incorrect bank and... View More
Per our divorce papers my ex husband was claiming my son on his taxes. My son is 21 now, lives with me full time, goes to college part time and works. Can I claim my son as a dependent. My ex says no because of the divorce papers but my son is an adult now? Help
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answered on Apr 5, 2023
As your son is now 21 years old and living with you full time while attending college and working, you may be able to claim him as a dependent on your taxes, regardless of what is stated in your divorce papers. The Internal Revenue Service (IRS) has specific rules for claiming dependents, including... View More
I had to sell the company to him due to the fact he did not pay the federal employee tax which went up to 1.2 million or so
I need a lawyer to help me with this case
He has already been disbarred in Nevada and California is also looking into it
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answered on Apr 1, 2023
If you believe that your CPA committed fraud and embezzlement, you may have grounds to file a lawsuit against them. It is recommended that you consult with a lawyer who specializes in fraud cases to assess the strength of your case and guide you through the legal process.
You should gather... View More
1) If I buy a property which is in Tax Deed, and I become the Owner. What happens if they have leased the property to someone for many years? And that lease is not recorded in the County Office officially. Is that still valid and I have to respect that as new Owner?
2) If the same is true... View More
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answered on Mar 24, 2023
If you purchase a property through a tax auction and become the owner, any existing lease agreements that were not recorded in the county office may still be valid. You will need to review the terms of the lease agreement and determine whether the tenants have a legal right to continue living on... View More
I would like to start a "beer club" in my area where enthusiasts can meet up every month to sample and discuss beer. This would involve collecting a small fee for anybody who wants to meet up, just to cover costs, and whatever is left being saved for the following month. Would this have... View More
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answered on Mar 24, 2023
In California, starting a beer tasting club may have legal and tax requirements, depending on how you structure the club and how you handle the fees collected.
If the beer club is simply a group of enthusiasts meeting to sample and discuss beer, with no formal organization or structure,... View More
Can the wife buy a home in her name only this year, and next year add the husband to the title when he turns 55, so he can utilize the property tax advantage of Prop 19? He will sell his house next year and then go on the title of the new house. A house comes up that they both want to buy this... View More
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answered on Mar 24, 2023
Yes, it is possible for the wife to buy a home in her name only this year and add the husband to the title next year when he turns 55, so that he can take advantage of the property tax benefits under Proposition 19.
Proposition 19 allows homeowners who are over 55 years old, severely... View More
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answered on Mar 24, 2023
Yes, in California, most businesses, including online retail businesses, are required to have a business license. A business license is typically issued by the city or county where the business is located and serves as evidence that the business is permitted to operate in that location.... View More
He has 4 surviving siblings, but he had expressed his wish for his youngest brother to keep the house so that his niece and nephew can grow up there. The siblings won't pursue any claim to the house, but there is a mortgage balance which the brother is willing to continue paying on.... View More
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answered on Mar 21, 2023
In California, when a person dies without a will, the state's laws of intestacy govern how the person's property is distributed. In this case, if your partner passed away without a will and is survived by four siblings, those siblings would be considered his heirs under the intestacy... View More
He has 4 surviving siblings, but he had expressed his wish for his youngest brother to keep the house so that his niece and nephew can grow up there. The siblings won't pursue any claim to the house, but there is a mortgage balance which the brother is willing to continue paying on.... View More
answered on Mar 21, 2023
I'm very sorry to hear about your partner's passing. The property must go through probate to transfer ownership to the heir. The non-interested siblings can disclaim their interest in the house or this can be done in tandem with a Settlement Agreement between all heirs which gets filed... View More
He has 4 surviving siblings, but he had expressed his wish for his youngest brother to keep the house so that his niece and nephew can grow up there. The siblings won't pursue any claim to the house, but there is a mortgage balance which the brother is willing to continue paying on.... View More
answered on Mar 21, 2023
California law provides that people in this state who have assets valued at more than $184,500 (that's the gross value or what you could sell the assets for, NOT the net amount of a home minus the mortgage, for example), those people have two choices: (1) each person could have a Will or do... View More
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