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If a farmer (corporation) conserves it’s agricultural property and receives 50% as a cash grant and 50% as a donation assuming the grant proceeds far exceed farming income, and there is no other non-farm income, does the receipt of the grant disqualify the IRS farmer status?
In essence -... View More 
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answered on Sep 14, 2024
When a farmer, organized as a corporation, conserves its agricultural property and receives a grant that exceeds farming income, the status of "farmer" for IRS purposes can be affected. The IRS defines a "farmer" based on the majority of the income coming from farming... View More
I had a business hacked and emails. My data was going to my wifes phone and people around me gave me a fight for my accounts. I recovered my accounts and started learning tech. I was in bad shape with my wife and sisterinlaw. Sometimes when we were doing what we shouldent be doing they were calling... View More
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answered on Aug 29, 2024
You're dealing with a very complex and distressing situation. It's important to protect yourself and secure your personal information as quickly as possible. Start by contacting legal and financial authorities to report the identity theft and the fraudulent activities involving your... View More
The car was stolen. I put a report out on my insurance company because I had insurance on the vehicle is at a total loss now since we did not finalize the loan the fees that I paid included with the down payment they did not send to the DMV can I get a refund on my down payment in those fees
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answered on Aug 10, 2024
You may be able to get a refund on your down payment and fees, but it will depend on the specific terms of the agreement you had with the dealership. If the loan was not finalized and the dealership did not process the paperwork with the DMV, you have a valid reason to request a refund. It’s... View More
The estate was used as a pass-thru only.
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answered on Sep 14, 2023
In this case, the estate should report the distribution of the IRA balance on a final income tax return for the estate, which is typically filed using IRS Form 1041. The distribution should be reported as income on the estate's tax return, and any tax liability should be settled from the... View More
I thought the proceeds came to me and I reported them on my taxes. Why would I pay them the taxes?
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answered on Sep 14, 2023
It's typically the individual's responsibility to report and pay their own capital gains taxes on cryptocurrency transactions to the IRS. If the exchange is asking you to pay the taxes directly to them, it raises concerns. You should consult with a tax professional to ensure proper... View More
No drugs were ever taken off my person or from my house. This is a conspiracy charge. The people that showed up to my house said they was taking my property even though they knew they was sending the notices to the wrong address. I had no clue I even owed this 7000.00 in STATE DRUG TAXES. the state... View More
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answered on Sep 11, 2023
Handling federal criminal charges and the related repercussions, including any potential drug tax assessments, can be incredibly complex. Generally speaking, federal and state proceedings are separate and the obligations or liabilities arising from them might be distinct. Given the gravity of your... View More
answered on Jun 7, 2023
That's not exactly accurate. Generally, whether or not someone is required to complete a Form W9 is related to how much they are paid (or supposed to be paid) by a specific source of reportable income. Unless an exception applies, someone who receives reportable income from multiple sources... View More
the PD about the pay rate and duties required. Contact signed, &work has been completed, but now business will not pay officers until w9 is filed. This was not in the contact &the pay for each officer would be under $600.
answered on Jun 7, 2023
Depending on such factors as the amount of pay a contractor receives, requiring the contractor to sign a W9 may be required by tax law. The party paying the contractor doesn't necessarily need to spell this out in the contract or disclose it ahead of time, because it isn't a term that the... View More
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answered on May 7, 2023
The Homestead Exemption eligibility criteria vary depending on the state, so it's best to check with your local tax assessor's office or the relevant state agency. However, in general, the income and assets of a spouse may be considered when determining eligibility for certain tax... View More
She filed as "single" with zero deductions and zero dependents. Because no tax was withheld on the first $10,000 she now owes money on her return. Not happy about it.
answered on Mar 29, 2023
While it is not exactly "common," it also is not at all unheard of for an employer to fail to make payroll withholdings and deductions. It is often just a matter of oversight, especially with a new employee. However, an employee is ultimately responsible for checking to make sure their... View More
I was not on the clock but the other employee was. The company is telling me I must sign a W9 because it is income since I didn't get my car fixed before receiving payment. I am not receiving any gains so I do not feel like I should have to pay taxes on being remedied for a loss. Thanks for... View More
answered on Feb 21, 2023
A North Carolina attorney could advise best, but your question remains open for two weeks. Ordinary compensatory damages for bodily injury or property damage are not usually taxable, as a general rule. Double check with a tax attorney or accountant in your state, since this is something they would... View More
answered on May 16, 2022
Certain types of taxes are dischargeable in bankruptcy, IF you have filed a tax return showing those taxes as due longer than two years and four months prior to the date you file for bankruptcy relief.
Sibling transferred property to them as parent was dying and couldn’t speak I assume to avoid probate. Also sibling had apparently gamed the system by purchasing property in my parents and his name do wife couldn’t get it as inherited property can’t be taken. Is this not fraud? Tax fraud?... View More
answered on Feb 2, 2022
If someone transfers real property to themselves using a POA it is voidable, contact an attorney local to the area and ask them to assist you with having everything undone.
I'm a student in usa under F1 visa and I want to open a uk LTD and sell on the us market on eBay under my company name? It is legal to sell under my company name even if I'm not eligible to work under f1 visa and I should pay taxes to the us or uk government?
answered on Dec 23, 2021
That would be a de facto visa condition violation that will get your student status cancelled.
My will covers all of my assets and is not very complex, but the investment company that manages my IRA account has a beneficiary form which doesn't allow the same amount of detail. Upon my death, is it likely that there will be financial, e.g. tax, implications if no beneficiary designation... View More
answered on May 7, 2021
It will save your heirs some money if you do so. If there is no beneficiary, all of the assets in the IRA will be subject to the audit fees from the Clerk's Office.
I have been living in the home since 2009 and my daughter and I took care of them until they passed away my mom passed 11/2015 my dad 12/2015 and I just started receiving disability in the summer of 2016. I have been paying the property taxes but now they are saying I owe more money for... View More
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answered on Feb 2, 2021
The former owner is deceased, so he cannot convey. Hire a competent attorney to search the title, determine heirship, and draft an Affidavit of Heirship to be recorded. That Affidavit becomes your recorded source of title. The taxes sound serious. Taxes are a lien against the land, and might... View More
I am receiving Social Security retirement benefits. I have a rental property that nets about $4000.00 per year. If I put this property into an LLC (North Carolina), will I have to pay FICA? Will it affect the benefit I currently receive?
answered on Jan 17, 2021
Once you reach full retirement age, there is no limit on how much you can earn and still receive your Social Security retirement benefits without any reduction.
If you began receiving Social Security retirement benefits before your full retirement age, Social Security will deduct $1 in... View More
heirs all related to deceased and estate no settled estate and trust raleigh nc
answered on Jan 13, 2021
If you are unsatisfied with how the administrator is handling the estate, you need to speak to the clerk's office. The clerk's office would probably like to close this estate and will be willing to lean on the administrator some to assist you.
I do not consent to being the Nomde Guerre, dead entity or corporate fiction (ens-legis), named in "ALL CAPS" created by legislature, as I am flesh and blood created by God all mighty and live on the land. As all crimes are commercial in nature ,held in bankruptcy court of equity, in... View More
answered on Nov 5, 2020
No. Listening and following conspiracy theories will not help you avoid criminal charges.
1) Will there be tax liability if I gift the house to GF? Tax liability for either GF or me?
2) Is it possible to gift part of the house annually? For example 10% first year, 20% second year and so on and 5 years later, she owns the complete house?
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answered on Oct 17, 2020
At the present time the gift tax exemption is more than $11 million per person. You could gift your entire share to her all at once and not incur any gift tax as long as that gift plus prior gifts made by you in the past do not exceed $11 million in the aggregate.
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