If the IRS finds out you will face stiff penalties and interest and possible criminal charges. If this was nonwillfull then your best option is to file via the offshore voluntary disclosure program. You only have until September 28th. The paperwork can be difficult and confusing and you may... View More

The costs of pursuing legal action for negligence, fraud, etc... are rarely worth the time and costs. You would have to file in the county where you signed the service agreement, or where the BK's place of business is. Filing fee will probably be more than you paid for the return.

If... View More

Usually not, but can't be sure until I've seen the docs.

There's no state level penalty, but you can generally exclude income as taxable to CO if you wait. Colorado FYI Publication 25 https://www.colorado.gov/pacific/sites/default/files/Income25.pdf

The federal penalty is imposed on your F1040 so you'll incur it when you file your... View More

If you believe the notices are in error you would need to respond and provide evidence that the assessment is incorrect.

Yes, you would have to pay taxes on the restitution you received. Any accession to wealth is taxable unless that judgment is in the form of physical pain and suffering.

The return should be amended using Form 1040X.

Once the return is filed the additional tax owed should be paid and you'll receive a notice for failure to pay penalties. At that point you can either pay the penalty or request an abatement on Form 843 requesting either "first time... View More

Assuming that the k-1 is correct you are required to report and pay any tax owed. Recovering any money owed to you is a seperate issue.

While our tax system is voluntary in the sense that you file a return and send in the money you owe, you will quickly find out how involuntary it is if you fail to do so. Many people have refused to file and have argued that they don't have to pay taxes. Most of them are in federal prison.

Generally the best approach is to register in the state of operation. Also be aware you will pay income taxes to CO regardless of where you set up the LLC because an LLC is a passthrough entity and you are a CO resident.

You need to retain a business/tax attorney that can advise you on the... View More

For each return that is more than 60 days past its due date, IRS will assess a minimum failure to file penalty. The failure to file penalty runs at a severe rate of 5% up to a maximum rate of 25% per month of lateness.

You are supposed to list the total household income when you apply for the credit. You need to file correctly (married filing jointly) and then you will likely owe back some/all of the credits you received. You can only file married filing separately and still receive the credit in limited... View More

Yes

Hire an attorney.

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answered on Feb 5, 2018

There is no specific deadline in statute. If your orders contain no deadline, the general presumption would be that if you file first you file first and have done nothing wrong. There is also no amount. He could be behind $1 or $1,000,000 and would still lose the right to claim the exemption if... View More

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answered on Feb 5, 2018

Without a court order in place allocating the dependency exemption, if the child resides primarily with her or she had the child the majority of the time for 2017, IRS Code would say she gets to claim the child. If you all shared equal time you could consider filing a forthwith motion with the... View More

You will need to file and remit tax for the 944 for withholding and SS, 940 for futa, uitr-1 for CO unemployment tax, and the CO withholding forms. Along with the w-2. You also have to file a notice of hiring with the CO department of labor.

It's true. Property tax, sales tax and state tax deduction cannot exceed $10,000.00 per year. You may be able to deduct more property tax than that in 2018 (though not sales or income tax) if you pre-paid taxes in 2017.

It depends. You'll need to hire an expert to determine tax realization and recognition depending on how the annuity was originally purchased, whether with pre / post tax dollars.

If you're not actively participating in the business then no you are not subject to SE tax. Also farms have alternative SE calculations that may come into play. I would suggest hiring a professional to help with this. The Schedule F looks simple enough but there are numerous traps for the unwary.