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Tax Law Questions & Answers
Q: How can I optimize a sale of business assets when the business is no longer in good standing?
1 Answer
| Asked
in
Business Formation, Mergers & Acquisitions and Tax Law
for
Delaware
on
Answered on Aug 14, 2017
Answered on Aug 14, 2017
Jonathan R. Roth's answer
More information is needed to give you more detailed advice, but you have two basic options, revive the DE entity and sell the business or document the transfer of the business to the LLC and have it sell the business. The devil will be in the details. I would recommend you sell the assets of the business as opposed to the entity if you use the DE entity and liquidate it for capital gains purposes. Depending on the facts, there may be more options. I would contact a business attorney to...
More information is needed to give you more detailed advice, but you have two basic options, revive the DE entity and sell the business or document the transfer of the business to the LLC and have it sell the business. The devil will be in the details. I would recommend you sell the assets of the business as opposed to the entity if you use the DE entity and liquidate it for capital gains purposes. Depending on the facts, there may be more options. I would contact a business attorney to...
Q: where do I find USTC case "Hancock (T. C. Memo 2012-31) ?
J Timothy Bender's answer
Go to the website for the US Tax Court (www.ustacourt.gov), click on the Opinion Search tab. Put Hancock in the name box and hit Search. It is the first case listed in the results.
Go to the website for the US Tax Court (www.ustacourt.gov), click on the Opinion Search tab. Put Hancock in the name box and hit Search. It is the first case listed in the results.
Q: I am a tenant renting a house for over 2 years now landlord did not pay taxes on property for 3 years and house is up
1 Answer
| Asked
in
Civil Rights, Landlord - Tenant, Real Estate Law and Tax Law
for
Georgia
on
Answered on Aug 13, 2017
Answered on Aug 13, 2017
William Head's answer
Wow, what a mess. The answer is that you will need to deal with the new owner, which may be the bank. But, whoever buys the home has the right to evict you, so try to locate and speak to that person about your dilemma. You may be permitted, at least in the short term, to pay rent and stay a while. Go to the auction, so that you know immediately who the owner is.
Wow, what a mess. The answer is that you will need to deal with the new owner, which may be the bank. But, whoever buys the home has the right to evict you, so try to locate and speak to that person about your dilemma. You may be permitted, at least in the short term, to pay rent and stay a while. Go to the auction, so that you know immediately who the owner is.
Q: Restaurant manager here. I just had a customer come in and say that they're tax-exempt. Can that be?
Terrence H Thorgaard's answer
As a restaurant manager, you don't have to worry if someone claims to be exempt from property tax; you don't collect that. What taxes are you responsible to collect? As I recall, food prepared in restaurants is not subject to sales tax, right? In any event, if is a tax you are responsible to collect, ask to see their exemption certificate and, when in doubt, contact the taxing agency to determine if the certificate is legitimate.
As a restaurant manager, you don't have to worry if someone claims to be exempt from property tax; you don't collect that. What taxes are you responsible to collect? As I recall, food prepared in restaurants is not subject to sales tax, right? In any event, if is a tax you are responsible to collect, ask to see their exemption certificate and, when in doubt, contact the taxing agency to determine if the certificate is legitimate.
Q: i just found out my home has been sold for unpaid taxes, and i didnt know anything about it what can i do?
1 Answer
| Asked
in
Tax Law, Consumer Law and Real Estate Law
for
Kansas
on
Answered on Aug 11, 2017
Answered on Aug 11, 2017
Scott C. Stockwell's answer
The initial sale of the house is to the county for the back taxes. There is a period of time in which the owner of the property may redeem the property. You should contact an attorney immediately to determine (a) when the sale took place; (b) the exact period of redemption you have; (c) the procedure for paying the amount owing for the judgment, interest and costs; and (d) the procedure for making that payment before the period of redemption passes. The period of time could be one to three...
The initial sale of the house is to the county for the back taxes. There is a period of time in which the owner of the property may redeem the property. You should contact an attorney immediately to determine (a) when the sale took place; (b) the exact period of redemption you have; (c) the procedure for paying the amount owing for the judgment, interest and costs; and (d) the procedure for making that payment before the period of redemption passes. The period of time could be one to three...
Q: Is it illegal for me to start an LLC with one other partner if I don't intend on participating in the business?
1 Answer
| Asked
in
Criminal Law, Tax Law, Business Formation and Business Law
for
North Dakota
on
Answered on Aug 11, 2017
Answered on Aug 11, 2017
Lucas Wynne's answer
The bigger issue here is addressing why you feel pressured to enter into this arrangement. The only issue that would arise is if you agreed to a certain level of participation in the LLC or voided some other contract.
The bigger issue here is addressing why you feel pressured to enter into this arrangement. The only issue that would arise is if you agreed to a certain level of participation in the LLC or voided some other contract.
Q: Florida Real Estate Law. I am looking to purchase an abandond home through paying of back taxes. What is the process?
Andy Wayne Williamson's answer
You are diving into deep water with this endeavor. There are many hazards with this type of transaction and often very stiff competition statewide by folks that buy up properties.
You really need to consult with a real estate attorney who is familiar with tax deed purchases who can help you navigate the treacherous waters.
You are diving into deep water with this endeavor. There are many hazards with this type of transaction and often very stiff competition statewide by folks that buy up properties.
You really need to consult with a real estate attorney who is familiar with tax deed purchases who can help you navigate the treacherous waters.
Q: Do I need to give a copy of my LLC 1065 to ex-spouse or just my K-1, re exchange of tax return docs annually
1 Answer
| Asked
in
Civil Litigation, Tax Law and Divorce
for
Massachusetts
on
Answered on Aug 8, 2017
Answered on Aug 8, 2017
Lillian J. LaRosa's answer
You should review your Separation Agreement with your divorce attorney as soon as possible to make sure that you haven't obligated yourself to include this form in the exchange process.
You should review your Separation Agreement with your divorce attorney as soon as possible to make sure that you haven't obligated yourself to include this form in the exchange process.
Q: I have been levied by the state and all funds taken. This has happened a year ago and I can't get any answers
Michelle D. Wynn's answer
You posted this question in Indiana although Justia has tagged your location as Minnesota. If this is about Indiana levying your accounts, you may want to try setting up an Online Services account to see what liabilities the state is showing that you owe. http://www.in.gov/dor/4331.htm
It appears the Minnesota Department of Revenue offers similar services and information through its E-Services accounts. http://www.revenue.state.mn.us/individuals/individ_income/Pages/eServices.aspx
You posted this question in Indiana although Justia has tagged your location as Minnesota. If this is about Indiana levying your accounts, you may want to try setting up an Online Services account to see what liabilities the state is showing that you owe. http://www.in.gov/dor/4331.htm
It appears the Minnesota Department of Revenue offers similar services and information through its E-Services accounts. http://www.revenue.state.mn.us/individuals/individ_income/Pages/eServices.aspx
Q: A couple is resident in Saudi Arabia.There childerns are born in Saudi Arabia.Will expacts tax will be impose on them.
Michelle D. Wynn's answer
There are not enough facts here to answer that question. Whether or not someone is subject to taxes upon giving up US citizenship or permanent resident (Green Card) status is a very fact-intensive question that does not lend itself to being answered in a message board. If the couple is considering renouncing their citizenship or residency status, I strongly suggest that they contact an experienced tax attorney and discuss their exact situation. You can find some basic information on this at the...
There are not enough facts here to answer that question. Whether or not someone is subject to taxes upon giving up US citizenship or permanent resident (Green Card) status is a very fact-intensive question that does not lend itself to being answered in a message board. If the couple is considering renouncing their citizenship or residency status, I strongly suggest that they contact an experienced tax attorney and discuss their exact situation. You can find some basic information on this at the...
Q: Is it possible to obtain a work permit & temporary residence card for work in Poland with a US federal tax lien?
1 Answer
| Asked
in
Employment Law, Immigration Law and Tax Law
for
Nevada
on
Answered on Aug 8, 2017
Answered on Aug 8, 2017
Michelle D. Wynn's answer
I cannot address whether Poland will issue you a work permit, but as far as the IRS goes, it will not prohibit you from living and working in Poland. You should be aware, however, that for as long as you live outside the United States, the statute of limitations on collecting your tax debt stops running. So, while your tax debt would expire at the end of approximately 10 years if you were living here in the US, while you are in Poland it will never expire. There are also special filing...
I cannot address whether Poland will issue you a work permit, but as far as the IRS goes, it will not prohibit you from living and working in Poland. You should be aware, however, that for as long as you live outside the United States, the statute of limitations on collecting your tax debt stops running. So, while your tax debt would expire at the end of approximately 10 years if you were living here in the US, while you are in Poland it will never expire. There are also special filing...
Q: What does etal mean after a persons name on property tax bill
1 Answer
| Asked
in
Intellectual Property, Real Estate Law and Tax Law
for
Maryland
on
Answered on Aug 7, 2017
Answered on Aug 7, 2017
Benton R Patterson III's answer
It usually refers to additional owners other than the first named owner. For example, if a property was owned jointly by Abe, Bill, and Charles, the bill may say Abe, et al.
It usually refers to additional owners other than the first named owner. For example, if a property was owned jointly by Abe, Bill, and Charles, the bill may say Abe, et al.
Q: Claiming another child on my taxes will Dhs take the money I get for him/her for back child support for my other kids?
Gary Johnston Dean's answer
Claiming an additional child will lower your taxes, and create greater refund, helping get more back support paid.
Not claiming means you pay more taxes. Best bet is to claim the child. Good Luck!
Please visit my website at https://GaryJDean.com, and Subscribe on Home Page, to get law updates. Thanks
Claiming an additional child will lower your taxes, and create greater refund, helping get more back support paid.
Not claiming means you pay more taxes. Best bet is to claim the child. Good Luck!
Please visit my website at https://GaryJDean.com, and Subscribe on Home Page, to get law updates. Thanks
Q: How can me and husband obtain title to home his mother left to us
1 Answer
| Asked
in
Estate Planning, Foreclosure, Real Estate Law and Tax Law
for
Michigan
on
Answered on Aug 7, 2017
Answered on Aug 7, 2017
Dr Kenneth V Zichi J.D.'s answer
If the deed (not what is on the taxes, but what is on the deed as recorded in the register of deeds office) is in your mother in law's name alone and there is not a beneficiary or co-owner, then you have to go through probate. There is NOTHING stopping you from paying the taxes that are in arrears and you should do that ASAP if the property is worth saving.
If nobody had started things yet, you need to begin now. You technically needed to begin that probate 4 years ago, so don't delay...
If the deed (not what is on the taxes, but what is on the deed as recorded in the register of deeds office) is in your mother in law's name alone and there is not a beneficiary or co-owner, then you have to go through probate. There is NOTHING stopping you from paying the taxes that are in arrears and you should do that ASAP if the property is worth saving.
If nobody had started things yet, you need to begin now. You technically needed to begin that probate 4 years ago, so don't delay...
Q: My father left his house to my sibling - but it's a part of the whole estate - do I have to pay taxes on it?
Tristan Kenyon Schultz's answer
Taxes due on the property should be paid by your father's estate. Once title (deed) is passed to the beneficiaries, the beneficiaries assume the tax responsibility. If you are the PR (executor) you may need to "pay" the taxes, but this is paid from the estate, not from your personal accounts.
If you are referring to the estate tax (which means the estate is worth several million dollars), the estate assumes the responsibility for paying the estate taxes. However, the executor should...
Taxes due on the property should be paid by your father's estate. Once title (deed) is passed to the beneficiaries, the beneficiaries assume the tax responsibility. If you are the PR (executor) you may need to "pay" the taxes, but this is paid from the estate, not from your personal accounts.
If you are referring to the estate tax (which means the estate is worth several million dollars), the estate assumes the responsibility for paying the estate taxes. However, the executor should...
Q: What are the tax benefits of setting up a trust?
J Timothy Bender's answer
For most people, there is no income tax advantage to establishing a trust. Under certain circumstances there may be gift or estate tax benefits. You need to have a tax expert look at your particular circumstances to determine if there is a benefit for you before you consider setting up a trust. Most trusts are established for estate tax purposes and/or for non-tax reasons.
For most people, there is no income tax advantage to establishing a trust. Under certain circumstances there may be gift or estate tax benefits. You need to have a tax expert look at your particular circumstances to determine if there is a benefit for you before you consider setting up a trust. Most trusts are established for estate tax purposes and/or for non-tax reasons.
Q: How can I safely get my money into my bank account without being reported or red flagged by the IRS?
Michelle D. Wynn's answer
I strongly suggest talking with a tax professional with experience addressing foreign income and assets for US tax purposes. The general answers to these questions do not take into account many of the nuances that can apply in the US tax and reporting rules.
Generally, if you are not treated as an "owner" of the funds that were held in trust for you since your grandfather's passing (and questions of who is treated as the "owner" can get very nuanced and does not just include people who...
I strongly suggest talking with a tax professional with experience addressing foreign income and assets for US tax purposes. The general answers to these questions do not take into account many of the nuances that can apply in the US tax and reporting rules.
Generally, if you are not treated as an "owner" of the funds that were held in trust for you since your grandfather's passing (and questions of who is treated as the "owner" can get very nuanced and does not just include people who...
Q: How a B1/B2 visa holder will get taxpayer ID as soon as possible?
Robert Philip Cogan's answer
A person who does not have a United States Social Security Number generally needs an ITIN before applying for an EIN. The EIN is the tax number that the commercial concerns are generally looking for.
You apply for an ITIN by filing an IRS Form W-7.
See the disclaimer at the bottom of the page.
A person who does not have a United States Social Security Number generally needs an ITIN before applying for an EIN. The EIN is the tax number that the commercial concerns are generally looking for.
You apply for an ITIN by filing an IRS Form W-7.
See the disclaimer at the bottom of the page.
Q: Are heirs responsible for the taxes on upside down property going to foreclosure? Estate has no assets.
1 Answer
| Asked
in
Estate Planning, Foreclosure and Tax Law
for
North Carolina
on
Answered on Aug 1, 2017
Answered on Aug 1, 2017
Dr Kenneth V Zichi J.D.'s answer
You need a local attorney to explain to you why you do NOT want to be involved in the probate of this estate. If your name is not already on the property you do NOT have any responsibility for this, and it seems rather odd to me that a tax bill would be addressed to 'heirs' rather than the estate of ... have you already done something without benefit of counsel?
PLEASE talk with a local probate attorney to determine what is going on here!
-- This answer is offered for...
You need a local attorney to explain to you why you do NOT want to be involved in the probate of this estate. If your name is not already on the property you do NOT have any responsibility for this, and it seems rather odd to me that a tax bill would be addressed to 'heirs' rather than the estate of ... have you already done something without benefit of counsel?
PLEASE talk with a local probate attorney to determine what is going on here!
-- This answer is offered for...
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